Automotive Interior Materials Market CAGR Of 3.9%

Automotive Interior Materials
Automotive Interior Materials

Allied Market Research recently published a report titled “Automotive Interior Materials Market By Type (Plastics, Metals, Fabric, Leather, Composites, Others), By Vehicle Type (PV, LCV, HCV), By Application (Dashboard, Door Panel, Seats, Floor Carpets, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global automotive interior materials industry was valued at $55.0 billion in 2020 and is expected to reach $80.2 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.

Key Drivers, Restraints, and Opportunities

The rise in the focus on reducing the overall weight of automobiles to enhance fuel efficiency and the increased use of plastics in automotive production have been major factors driving the growth of the global automotive interior materials market. However, the high volatility in the prices of raw materials has been a significant restraint. On the other hand, the growing adoption of green technology for producing automotive leather presents new opportunities for the market.

Covid-19 Impact

The Covid-19 pandemic had a severe impact on the global automotive sector, with strict restrictions on transportation and cross-border trade. Manufacturing plants in the automotive industry were shut down, which negatively affected the international trade of automotive interior materials. However, with the rollout of vaccination programs and relaxation of lockdown norms, the market is expected to recover.

Segment Analysis

The composites segment accounted for the largest share in 2020, contributing to more than one-third of the global automotive interior materials market. The segment is expected to witness the highest CAGR of 4.8% during the forecast period due to its use in making vehicles lighter, safer, and more fuel-efficient. Other segments include plastics, metals, fabric, leather, and others.

The door panel segment is projected to exhibit the highest CAGR of 4.3% during the forecast period, while also dominating the market in terms of revenue, contributing to nearly two-fifths of the global automotive interior materials market. This is attributed to the segment’s role as an interface between the car’s interior and the door’s inner workings. Other segments analyzed in the report include dashboard, seats, floor carpets, and others.

Regional Analysis

Asia-Pacific held the largest share in 2020, accounting for almost half of the global market. The region is expected to register the highest CAGR of 4.3% from 2021 to 2030, driven by urbanization and increasing demand for automobiles. The report also covers North America, Europe, and LAMEA.

Major Players

Key players in the market include 3M, ARKEMA Group, BASF SE, Covestro AG, Dow, Evonik Industries AG, Hexcel Corporation, Huntsman International LLC, Stahl Holdings B.V., and Wacker Chemie AG.

Leave a Comment

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in News

Chiron Super Sport Draws Inspiration From Bugatti Type 50S v2

Chiron Super Sport Draws Inspiration From Bugatti Type 50S

In 1937, Bugatti won the 24 Hours of Le Mans ...
McLaren Artura Spider

The new McLaren Artura Spider: Next-generation Supercar Exhilaration

McLaren has today revealed the new Artura Spider, its first-ever ...
How Many Lamborghini Veneno Were Made

How Many Lamborghini Veneno Were Made?

Lamborghini produced a very limited number of Veneno models. In ...
Bentayga EWB Two-Tone - 1

Bentayga EWB Azure V8 – Handcrafted By Mulliner

A striking, highly personalised duo-tone Bentayga EWB Azure V8 – ...

Trending on Gridiron Chronicle

Airstream, REI Expand Basecamp Travel Trailer to 20 Feet, Making More Space

Extending last year's collaborative model to fit more people makes ...
Jaguar Land Rover

Jaguar Land Rover: Semiconductor shortage continues to constrain sales and profitability in Q2 despite strong demand

Jaguar Land Rover Automotive plc today reported its financial results ...

Honda And Acura To Follow GM And Adopt Tesla’s NACS

But initially the newly unveiled Acura ZDX will get the ...
Wards 10 Best Interiors

All-New Mitsubishi Outlander Honored as 2021 Wards 10 Best Interiors Winner

Mitsubishi Motors North America, Inc. (MMNA) announced today that its all-new ...