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| Automotive Interior Materials Market |
The Automotive Interior Materials Market is estimated to be valued at US$ 203.4 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive interior materials refer to the materials that are used inside an
automobile to provide comfort and protection to driver and passengers. Key
automotive interior materials used include leather, vinyl, fabric, composite
and plastic materials. These materials ensure safety, provide aesthetics as
well as improve the driving experience. With rising income levels in emerging
markets, demand for premium and luxurious vehicles is increasing rapidly
thereby driving the automotive interior materials market growth.
Market key trends:
One of the key trends witnessed in the global automotive interior materials
market is increased demand for sustainable and eco-friendly materials. With
growing environmental concerns, automakers are focusing on developing lighter
weight and recyclable materials for vehicle interiors with low carbon footprint.
Material producers are investing in R&D to introduce bio-based and recycled
materials for automotive applications. For instance, BASF has developed
sustainable ultra-wear resistant interior materials made from recycled nylon.
Also, increasing popularity of electric vehicles is spurring the demand for
lighter weight and sustainable composites in place of leather and plastics.
This trend is expected to continue over the forecast period thereby propelling
the automotive interior materials market expansion.
Porter's Analysis
Threat of new entrants: The automotive interior materials market requires high
capital investments for R&D and production facilities which acts as a
barrier for new companies.
Bargaining power of buyers: Large automotive manufacturers have significant
bargaining power over suppliers due to their scale of operations and
requirements.
Bargaining power of suppliers: Leading material manufacturers have some pricing
power due to their technological expertise and intellectual property.
Threat of new substitutes: Continuous innovation has increased application of
new durable, lightweight and sustainable materials as substitutes.
Competitive rivalry: Intense competition exists among existing players to
capture more market share through product innovation.
SWOT Analysis
Strengths: Leading players have well-established brands, facilities and
technical expertise.
Weaknesses: Capacity expansion requires huge capital investments and compliance
with stringent regulations increases costs.
Opportunities: Growing demand for lightweight and sustainable materials from
OEMs provides new opportunities.
Threats: Shift towards electric vehicles may reduce demand for certain
conventional materials over long-term.
Key Takeaways
The global Automotive
Interior Materials Market Share is expected to witness high growth,
exhibiting CAGR of 4.0% over the
forecast period, due to increasing production of passenger and commercial
vehicles. Asia Pacific dominates the market currently due to presence of major
automotive manufacturing hubs in China, India, Japan and South Korea. The
regional market is estimated to grow at fastest pace during the forecast
period.
Key players operating in the Automotive Interior Materials market are BASF SE,
Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear
Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. These players are
focused on developing innovative and sustainable materials to meet stringent
emission regulations and consumer demand for luxury interiors.
Read More,
https://www.newsstatix.com/automotive-interior-materials-market-trends-size-and-share-analysis/
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