Growing automobile industry coupled with stringent regulations governing fuel emissions and road safety are likely to stimulate demand.
Market Size – USD 31.3 billion in 2018, Market Growth - CAGR of 4.2%, Market Trends – Increased adoption across various applications
NEW YORK, Feb. 25, 2019 (GLOBE NEWSWIRE) -- The global automotive fabric market is expected to reach USD 31.3 billion by 2026, according to a new report by Reports and Data. Increased adoption of regulations governing fuel emissions in different countries is likely to stimulate market demand. Growing automotive industry mainly in Europe and Asia Pacific is also a key factor influencing market growth.
Increasing government focus to reduce car weights and thereby the fuel emissions is anticipated to create growth opportunities for the market. Thermoplastic materials have witnessed a significant adoption globally as they help in reducing the weight of the vehicle by almost 10 percent. Additionally, fuel emission target in various regions such as North America and Europe have led to an increase in the adoption of automotive fabrics. The EU’s 2020 target for fleet average CO2 emissions is 95g/km. The region aims at reducing CO2emissions by 40 percent.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is projected to grow at a CAGR of 4.5% in the forecast period. The region has witnessed a significant increase in the number of cars and commercial vehicles. While the number of vehicles in 2017 has increased by 3.19% in China, India has experienced a 5.83%. Similarly, the fleet size has increased by 5.31% in Japan and by 3.3% in Indonesia. Increase in availability of products is also projected to affect market demand. In September 2018, Asahi Kasei Corp, the Japanese supplier of fiber and textiles announced acquiring Sage Automotive Interiors, Inc., a key supplier of seat fabric and other automotive interior applications. The acquisition would help in expanding the product line offered by Asahi Kasei Corp.
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Further key findings from the report suggest
- Upholstery is projected to be the fastest growing application of the automotive fabric market. The segment is projected to grow at a CAGR of 4.3% in the forecast period. Apart from seat covers, dashboards, trunk liners, roof-liners are the major applications involved in upholstery.
- Asia Pacific market is forecasted to grow at a CAGR of 4.5% in the coming years. Increasing adoption of regulations to reduce fuel emissions in the region is projected to foster market demand. For instance: Recently China announced adopting National Phase VI/VIA vehicle fuel standards. Under this strategy, the sale of motor fuels, which do not meet the National VIA gasoline standard or National VI gasoil standard will be restricted in the region.
- Key participants include Lear Corporation, Toyota Boshoku Corporation, Seiren Co., Ltd., Takata Corporation, Tenowo GmbH, Sage Automotive Interiors Inc. and SRF Limited. Lear Corporation is a key player in the automotive fabric market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range of automotive seat systems and key individual seat component. As of 2017, the company’s seating segment accounted for USD 15.87 billion.
Read more at: https://www.reportsanddata.com/report-detail/automotive-fabric-market
For the purpose of this report, Reports and Data have segmented global automotive fabric on the basis of material, vehicle type, application and region:
- Material Outlook (Revenue, USD Billion, 2018-2026)
○ Fabric
1. Suede
2. Nylon
3. Velvet
4. Velour
5. Tweed
○ Thermoplastic Material
○ Leather
1. Natural Leather
2. Synthetic Leather
○ Others - Vehicle Type Outlook (Revenue, USD Billion, 2018-2026)
○ Passenger Cars
○ Light Commercial Vehicles
○ Heavy trucks
○ Buses & Coaches - Application Outlook (Revenue, USD Million, 2015-2026)
○ Floor Covering
○ Upholstery
○ Pre-Assembled Interior Component
○ Tires
○ Safety Belts
○ Airbags
○ Others - Regional Outlook (Revenue, USD Billion, 2018-2026)
○ North America
1. U.S
○ Europe
1. Germany
2. UK
○ Asia Pacific
1. China
2. India
○ Latin America
1. Brazil
○ MEA
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