Selbyville, Delaware, Aug. 31, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on automotive interior materials market which estimates the global market valuation for automotive interior materials will cross US$ 27 billion by 2026. The rising demand for passenger cars coupled with emphasis on optimization of fuel efficiency by virtue of overall weight reduction will prosper the product adoption.
The rising passenger vehicles sales will support the product demand in the near future. It can be ascribed to robust economic development, rising urbanization, and increasing disposable income of middle-class population in developing and developed economies. Moreover, government initiatives in major Asian countries have attracted significant investments and traction from major automotive manufacturers across the globe, that will strengthen the automotive manufacturing capabilities.
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Leather upholstery will witness over 3.5% CAGR and is extensively used in premium vehicles. Various kinds of hide combinations provide manufacturers with a variety of options. Vehicle customization is going to enhance material sales as manufacturers provide customizable leather options in their portfolios. Consumers are more inclined to personalization with customized interior and leather modification. Leather upholstery is also more expensive than fabric and therefore provides materials with associated status, which affects certain buying behavior.
Automotive steering wheels will foresee around 4.5% CAGR in automotive interior materials market size. Increasing number of amenities mounted on the steering wheel coupled with slew of aftermarket offerings in steering wheels in form of covers and grips will support segment penetration. HCVs are experiencing growth in the demand for interior materials. Increasing number of amenities and operational capabilities will increase the demand for interior materials from commercial vehicles.
North America will hold over 15% share in automotive interior materials market size and can be attributed to the presence of the well-established automotive industry. The presence of major automotive manufacturers and world-class manufacturing facilities is primarily prospering the regional automotive industry. The rising demand for luxury and sports cars and increasing vehicle modification activities in the region will further boost the product demand.
Browse key industry insights spread across 200 pages with 303 market data tables & 20 figures & charts from the report, “Automotive Interior Materials Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-interior-material-market
Some major findings of the automotive interior materials market report include:
- Plastics will be the most popular material owing to its lightness, excellent performance, and ease of availability.
- Passenger cars will dominate the vehicle segment.
- Automotive OEMs will be the major end-users.
- Asia Pacific will be the most lucrative region.
Acquisitions, focused research & development activities, new product development, and production capacity expansion are some of the key strategies incorporated by major product manufacturers to maintain their sustainability. In April 2019, Evonik Industries announced expansion in the production capacity of its transparent polyamides in Marl facility, situated in Germany. The company aims to serve the growing needs of high-performance polymers in the automotive industry. In October 2018, Huntsman Corporation announced expansion in production capacity of its PU manufacturing plant in Hungary by over 20%. The catalysts produced in this facility are used in automobile seats, mattresses, and spray insulation.
Prominent industry participants include Evonik Industries AG, UFP Technologies, Saudi Basic Industries Corporation (SABIC), BASF SE, Arkema, Hexcel Corporation, Stahl Holdings B.V., Sumitomo Chemical Company, Continental AG, Borealis AG Toray Industries, Inc., Trinseo S.A., Dow Chemical Company, Huntsman International, Covestro AG, etc.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/automotive-interior-material-market
Partial chapters of report table of contents (TOC):
Chapter 3. Automotive Interior Materials Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016-2026
3.3. Industry ecosystem analysis
3.3.1. Value addition at each stage
3.3.2. Distribution channel analysis
3.3.3. COVID-19 based supply chain disruption
3.3.4. Vendor matrix
3.4. Future trends
3.5. Raw material analysis
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Regulatory landscape
3.8. Patent analysis
3.9. Growth potential analysis, 2019
3.10. Competitive landscape, 2019
3.10.1. Top players overview, 2019
3.10.2. Strategy dashboard
3.11. Price trends
3.12. Cost structure analysis
3.13. Porter’s analysis
3.14. PESTEL analysis
Browse related report:
Automotive Flooring Market Size By Material (Polyurethane, Polypropylene, Rubber, Nylon), By Product (Carpet, Mat), By Vehicle (PCV, LCV, HCV), By Distribution Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026
https://www.gminsights.com/industry-analysis/automotive-flooring-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.