by The Automotive Interior Materials Market is estimated to be valued at US$ 203.4 Mn or 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 materials such as plastics, composites, leather, textiles, and chemicals that are used in the interior components of vehicles. Major interior auto parts include dashboards, seats, door panels, headliners, and trim components. Materials such as leather, vinyl, fabric, and plastic composites are widely used to provide an aesthetic look and feel to vehicle interiors. Interior materials also serve functional purposes such as ensuring safety, comfort, and acoustics quality inside vehicles.
Market Dynamics:
Growing demand for lightweight automotive parts: Interior parts such as door panels, seats, headliners, and dashboards traditionally used heavier materials like steel. However, automakers are replacing them with lightweight materials such as plastics and composites to improve fuel efficiency. Lower vehicle weight enhances mileage and reduces emissions.
Growing consumer preference for comfortable and aesthetically appealing interiors: Consumers today demand comfortable and tech-laden vehicle cabins with attractive interior aesthetics, textures, and designs. Auto interior materials play a critical role in fulfilling expectations of new-age customers. Leather, textiles, vinyl, and other surface materials allow customization of vehicle interiors as per evolving consumer preferences.
Segment Analysis
The automotive interior materials market can be segmented based on material type into leather, fabrics, vinyl and rubber, plastics, wood, glass, metal & Composite. The leather segment dominates the market as it offers premium quality and luxury look & feel in vehicles that is preferred by customers in premium and luxury vehicles. The leather segment accounts for more than 30% of the total automotive interior materials market.
PEST Analysis
Political: Favorable government policies and initiatives to promote sustainable interior materials and cut down emissions are fueling innovations. Economic: Rising disposable incomes and economic growth in developing countries are expanding the automotive sales base thereby propelling materials demand. Social: Customers’ changing preferences towards luxurious, trendy, and high quality interiors are encouraging use of premium materials like leather and alloy trims. Technological: Developments in 3D printing, bioplastics, nanotechnology are enabling lighter, stronger and sustainable materials which are enhancing vehicles’ fuel efficiency.
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 vehicle production driven by rising middle class incomes especially in Asia pacific. The Asia Pacific region dominates the market and is projected to grow at the highest CAGR during the forecast period due to increasing vehicle production and sales in major countries like China, India, Japan and South Korea. 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. Regional analysis: China accounted for the largest share in the Asia Pacific automotive interior materials market in 2023 owing to heavy vehicle production. India is expected to witness fastest growth during the forecast period. Key players: BASF SE offers sustainable thermoplastic composite material named Ultramid that is durable, lightweight and recyclable. Dow Chemical Company provides innovative silicone/plastic solutions to enhance interior ambience.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
