Automotive Interior Materials Market Future Demand and Growth 2018-2025

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Automotive Interior Materials Market- Global
Industry Insight, Trends, Outlook, and
Opportunity Analysis 2017-2025

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REPORT DESCRIPTION
Automotive Interior Materials Market Overview
The global automotive interior materials market
was valued at US 61.69 billion in 2016, and is
slated to reach US 117.59 billion by 2025. The
market is expected to exhibit a CAGR of 7.51
over the forecast period. Increase in demand for
premium automotive interiors worldwide has
augmented the growth of automotive interior
materials market. Consumers demand premium grade
interiors with superior aesthetic appeal and
tactile experience, even for non-premium cars. To
meet this increasing demand, counterfeit
products, usually of low-quality, made from
plastic, are introduced in the market by certain
local players. Volvo owns an RD center in
Shanghai, China, which is involved in developing
new designs that exhibit a technological edge
over its competitors. The rising sales of
premium passenger cars is expected to have a
significant impact on the automotive interior
materials market. In China, despite a 10
austerity tax on premium vehicles, automotive
sales have been strong with premium automobile
manufacturers such as Porsche, Ferrari, McLaren,
and Maseratiall reported healthy growth in 2016.
In the U.S., Mercedes Benz alone sold over
340,000 vehicles, followed by Lexus and BMW at
331,000 and 313,000, respectively. This has
augmented the market growth of automotive
interior materials market in the aforementioned
countries.
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REPORT DESCRIPTION
Asia Pacific is a lucrative market for automotive
interior materials, primarily driven by strong
performance of the automobile industry in India
and China. The growth of transportation sector
coupled with rise in need for transit of consumer
goods, people, and raw materials has boosted the
automotive interior materials market growth.
According to China Association of Automobile
Manufacturers (CAAM) and Society of Indian
Automobile Manufacturers (SIAM), sales of cars in
China stood at 28.03 million in 2016 and 3.00
million in India. The CAAM also projected
automobile sales in China to grow by 5 to reach
29.4 million units in 2017. The boom in sales can
be attributed to the favorable sales tax, which
was cut from 10 to 5 in 2015. The Asia Pacific
market was valued at US 24.96 billion in 2016
and is expected to exhibit a CAGR of
8.28. North America and Europe also experienced
strong vehicle sales, with the U.S. positioned as
the second-largest cars market in the world. In
the U.S., the automotive sales in 2016 stood at
17.55 million. High dealer incentives, low
interest rates on automotive loans, and low
gasoline prices have resulted in the growth of
automobile industry in the country. Pickup trucks
and crossover SUVs witnessed maximum growth in
sales. Automakers such as Ford, G.M, and Chrysler
are among the largest customers of automotive
interior materials. The North America automotive
interior materials market was valued at US 11.12
billion in 2016 and is forecasted to exhibit a
CAGR of 7.39. Request sample Copy of this
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REPORT DESCRIPTION
Also, as automotive companies aim to reduce the
weight of vehicles to increase fuel economy,
leather may be replaced with lighter synthetic
fabrics such as wool, silk, carbon fiber, and
faux suede. For instance, Toyota, BMW, Mercedes,
and Volkswagen use faux leathers, which are
similar to leather in both touch and feel.
Leather usage is expected to decline in North
America and Europe, owing to the strict emission
and waste generation regulations prevailing in
these regions. Asia Pacific dominated the global
automotive interior materials market in 2016 and
is expected to retain its dominance throughout
the forecast period. Major Players in the Global
Automotive Interior Materials Market Global
automotive interior materials market is extremely
competitive and consolidated with the presence of
large players accounting for major shares. Key
players in the market include BASF S.E., Eagle
Ottawa, Borgers A.G., Faurecia S.A, Adient Plc.,
Lear Corporation, Dow Chemical Company, and DK
Leather Corporation Berhad, among
others. Request For Customization _at_
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uest-customization/337
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