Automotive
interiors, including seats, door panels, cockpit modules, steering
wheels, and dashboards offer comfort to the vehicle drivers and also
enhance the aesthetic appeal of the vehicle. Automotive interiors of
superior quality minimize engine vibrations and act as effective
cabin insulators, thereby enhancing the consumer’s riding
experience. Attributed to the growing consumer preference for premium
automotive interior materials and the desire to enhance the aesthetic
appeal of the interiors, the global automotive interior material
market is expected to witness a significant growth during the
forecast period.
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Growth
of the automotive interior materials market is mainly driven by
rapidly growing automotive industry and rising inclination of
consumers towards aesthetic features of the automotive interiors and
also improving driving experience. OEMs offer high customization to
satiate the specific demands of consumers, in order to capitalize
upon high consumer purchasing power. Consumers are increasingly
inclined towards vehicles with features that were until now reserved
for premium vehicles. These include premium seat covers, leather
covered dashboards, and luxury carpeting, among others. This creates
a highly conducive environment for growth of the market.
Furthermore, increasing demand for lightweight vehicles due to
its low carbon emission quality, is also driving the manufacturers to
focus on smart textiles appropriate for the vehicles thereby,
boosting the demand for automotive interior materials. In 2015,
global vehicle production was pegged at over 90 million, which
increased to around 95 million in 2016. This creates a highly
conducive environment for growth of the automotive interior materials
market.
Growing
awareness about waste disposal in the process of leather
manufacturing required for the automotive interiors along with high
prices of leather material are expected to restrain the growth of the
market. Leather manufacturing is affected by a number of factors such
as the use of chemicals such as formaldehyde, coal-tar derivatives,
cyanide based materials and others that result in toxicity of the
environment, usage of animal by-products thereby pressurizing the
animal population, manufacturers who use premium leather to
manufacture automotive interiors. A number of U.S. cities have passed
on procurement policies on phasing out the purchase of PVC which is
considered to a toxic material that can contaminate the environment.
Hence the use of PVC in automotive interior materials is decreasing
thereby hampering the growth of the market.
Automotive
Interior Materials: Market Taxonomy
By
Material Type
The
global market can be segmented on the basis of type of material used
which includes:
-
Synthetic leather
-
Pure leather
-
Fabrics
-
Thermoplastic polymers
By
Vehicle Type
On
the basis of vehicle type, the global market can be segmented into:
-
Passenger vehicles
-
Light commercial vehicles
-
Heavy commercial vehicles
By
Interior Type
Based
on the interior type, the global market can be segmented into:
-
Seat belts
-
Steering wheel belts
-
Seat covers
-
Upholstery
-
Interior roofing
-
Cockpit
-
Others
Global
Automotive Interior Materials Market Outlook: Burgeoning growth of
Automotive Sector in Asia Pacific to Fuel Market Growth
Geographically,
the global automotive interior materials market is segmented into
North America, Europe, Asia Pacific, Middle East and Africa. Booming
automotive industry along with rising middle class population with
high spending power creates highly lucrative opportunities for
players in the automotive interior materials industry. In
Asia-Pacific region, government initiatives in terms of subsidies and
tax concessions across various countries are attracting the
automotive OEMs to build their manufacturing plants in the region.
For instance, in July 2016, the South Korean Ministry of Trade,
Industry and Energy announced plans to make electric car batteries
run longer, build a network of charging stations and make electric
car purchases and ownership more affordable. The government expects
that the current and future policy programs will help increase the
electric car market share in South Korea to 0.5% in 2017, up from
0.2% in 2015, and to achieve 5.3% in 2020. Also, In April 2014, the
Indian government announced a new plan to provide subsidies for
hybrid and electric vehicles. The plan will have subsidies up to US$
2,314 for cars and US$ 463 on two wheelers. This in turn positions
Asia Pacific as a high growth market for automotive interior
materials.
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Global
automotive interior materials market is extremely competitive and
consolidated with the presence of large players accounting for major
share. Key players in the market include Sage Automotive Interiors
Inc., BASF S.E., Katzkin Leather Interiors Inc., Eagle Ottawa,
Borgers A.G., International Textile Group Inc., Faurecia S.A, Johnson
Controls Inc., Lear Corporation, Dow Chemical Company, DK Leather
Corporation Berhad, and E.I.DU Pont De Nemours.
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