August 10,2022/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the AUTOMOTIVE INTERIOR MATERIALS Market.
Automotive Interior Materials Market is likely to witness an impressive CAGR of 5.0% during the forecast period.
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Key Players
Some of the major AUTOMOTIVE INTERIOR MATERIALS manufacturers are-
Arkema
BASF SE
Continental AG
Evonik Industries AG
Hexcel Corporation
RPM International Inc.
Saudi Basic Industries Corporation
Stahl Holdings B.V.
Toray Industries, Inc.
UFP Technologies.
Segment Analysis
By Material Type
Based on the material type, the market is segmented as plastics, composites, fabrics, leathers, and others. Plastic material is estimated to account for a major part of market share during the forecast period. The growth of the segment is attributed to its favorable abilities and the vast chemical properties of the material. It is one of the most researched materials and has gained mutual adoption in the automotive industry owing to its favorable mechanical features accompanied by excellent aesthetical appearance. Plastics have witnessed high growth rate in the market by being the second-most common class of material used in the manufacturing of vehicles after ferrous metals.
By Application Type
Based on the application type, the market is segmented as consoles & dashboards, doors, seats, steering wheels, floor carpets, and others. The seats application is estimated to hold more than 30% market share in the upcoming years. Seats provide ease to the driver for being comfortable in a long drive or in any bad driving condition. A variety of materials are used to manufacture seats as a resultant of various psychological & physiological studies on the perception of human, posture and adjustability, and weight distribution. Furthermore, seat cushions are manufactured with high-performance polyurethane foams along with covering materials such as fabric or leather.
By Vehicle Type
Based on the vehicle type, the automotive interior materials market is segmented as passenger cars, lightweight commercial vehicles, and heavy commercial vehicles. Passenger cars are estimated to account for the largest share of the market and witness significant growth rate during the forecast period. Factors such as the initiatives made by the government to decrease the environmental and material pollution, growing demand for individual vehicles in emerging countries, growing requirements for safety and comfortable levels, increasing usage of thermoplastics owing to their recyclability are expected to fuel the growth of the market during the forecast period.
By End-User Type
Based on the end-user type, the market is segmented as automotive OEMs and aftermarkets. The aftermarket segment is estimated to be the faster-growing end-user type during the forecast period. The grow is attributed to the large presence of small & large-scale suppliers. Types of components such as floor carpets, steering covers, and replacement seat covers, and also E-commerce platforms are expected to play an important role and contribute to the product demand in the market during the forecast period.
By Region
In terms of regions, Asia-Pacific is estimated to account for more than 45% revenue share of the market in the upcoming years, attributed to the growth and development in the regional automotive industry. Factors such as increasing urbanization, healthy economic growth, growing spending power of middle-class populace, supportive initiates made by the government, and the growing demand for passenger cars along with increasing aftermarket activities are expected to fuel the growth of the regional market in the upcoming years. Europe and North-America are also expected to offer substantial growth opportunities during the forecast period.
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