Automotive Interior Materials Market Analysis | 2023-2028

Market Insights

The automotive interior materials market was estimated at USD 49.88 billion in 2022 and is likely to grow at a CAGR of 2.72% during 2023-2028 to reach USD 58.93 billion in 2028.

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Market Dynamics

Introduction

Automotive interior materials are components that are installed in a vehicle and are designed in a way to improve the aesthetic appeal of the vehicle. These decorative automotive interiors are of different types such as polymers, genuine leathers, fabric, synthetic leather, and others, and can be used for the application of dashboards, seats, airbags & seatbelts, and others which can be utilized to improve vehicle's cabin ambiance and comfort.

Market Drivers

The impressive growth of the market is attributable towards:

• The major factors such as growing emphasis on overall weight minimization of vehicles for optimizing the efficiency of fuel.
• Growth in the automotive industry in emerging regions is expected to be the main factor for increased demand.
• Different types of organic and inorganic strategies are adopted by the key players in the market to expand their presence in emerging markets, such as China, India, Thailand, and Brazil.

Key Players

The following are the key players in the automotive interior materials market (arranged alphabetically)

• Arkema
• BASF SE
• Continental AG
• Evonik Industries AG
• Hexcel Corporation
• RPM International Inc.
• Saudi Basic Industries Corporation
• Stahl Holdings B.V.
• Toray Industries, Inc.
• UFP Technologies

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Material Type

"Plastic material share is estimated to account for a major part of the market, with a share of > 40% in 2022."

The market is segmented into plastics, composites, fabrics, leathers, and others. Plastic material share is estimated to account for a major part of the market, with a share of > 40 in 2022. The growth of the segment is attributed to its favorable abilities and the vast chemical properties of the material. It is one of the most researched materials and has gained mutual adoption in the automotive industry owing to its favorable mechanical features accompanied by excellent aesthetic appearance. Plastics have witnessed a high growth rate in the market by being the second-most common class of material used in the manufacturing of vehicles after ferrous metals.

By Application Type

"Seat application is estimated to hold more than 30% market share in the upcoming years."

The market is segmented into consoles & dashboards, doors, seats, steering wheels, floor carpets, and others. The seat application is estimated to hold more than 30% market share in the upcoming years. Seats provide ease to the driver for being comfortable in a long drive or in any bad driving condition. A variety of materials are used to manufacture seats as a result of various psychological & physiological studies on the perception of humans, posture and adjustability, and weight distribution. Furthermore, seat cushions are manufactured with high-performance polyurethane foams along with covering materials such as fabric or leather.

By Vehicle Type

"Passenger cars hold >75% of the market share in 2022."

The automotive interior materials market is segmented as passenger cars, lightweight commercial vehicles, and heavy commercial vehicles. Passenger cars hold >75% of the market share in 2022 and witness a significant growth rate during the forecast period. Factors such as the initiatives made by the government to decrease environmental and material pollution, growing demand for individual vehicles in emerging countries, growing requirements for safety and comfort levels, and increasing usage of thermoplastics owing to their recyclability are expected to fuel the growth of the market during the forecast period.

By End-User Type

"Aftermarket segment is estimated to be the fastest-growing end-user type during the forecast period."

The market is segmented as automotive OEMs and aftermarkets. The aftermarket segment is estimated to be the fastest-growing end-user type during the forecast period. The growth is attributed to the large presence of small & large-scale suppliers. Types of components such as floor carpets, steering covers, and replacement seat covers, as well as e-commerce platforms are expected to play an important role and contribute to the product demand in the market during the forecast period.

Regional Analysis

"Asia-Pacific is estimated to account for more than 45% revenue share of the market in the upcoming years."

Asia-Pacific is estimated to account for more than 45% revenue share of the market in the upcoming years, attributed to the growth and development in the regional automotive industry. Factors such as increasing urbanization, healthy economic growth, the growing spending power of the middle-class populace, supportive initiatives made by the government, and the growing demand for passenger cars along with increasing aftermarket activities are expected to fuel the growth of the regional market in the upcoming years. Europe and North America are also expected to offer substantial growth opportunities during the forecast period. 

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The automotive interior materials market is segmented into the following categories:

By Material Type

• Plastics
  • (Material Type Analysis: Thermoplastics and Thermosets)
• Composites
  • (Material Type Analysis: Glass Fiber, Carbon Fiber, and Natural Fiber)
• Fabrics
• Leathers
• Others

By Application Type

• Consoles & Dashboard
• Doors 
• Seats
• Steering Wheels
• Floor Carpets
• Others

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By End-User Type

• Automotive OEMs 
• Aftermarkets 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive interior materials market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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