Portland, OR, Feb. 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive fabric market was pegged at $32.13 billion in 2019, and is anticipated to reach $39.14 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in number of accidents and stringent safety standards by government for usage of airbags, safety-belts, and others drive the growth of the global automotive fabric market. On the other hand, high cost of raw materials and surge in opposition for the use of leather curtail the market growth to some extent. However, increase in demand for environment-friendly fabric material and low weight automotive fabric to reduce vehicle pollution is expected to create lucrative opportunities in the future.
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Covid-19 scenario-
- The covid-19 outbreak resulted in significant decline in automobile sales, shortage of raw material, and others.
- The automotive fabric market has also been impacted due to the loss of vehicle production across the globe.
- Manufacturers have initiated with their alternate business such as the production of PPE kits and face masks & protection shields. However, the government bodies have eased up the regulations and the industry is on its way to revitalize.
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The global automotive fabric market is segmented based on fabric type, application, vehicle type, and region. Based on fabric type, the polyester segment accounted for more than two-fifths of the total market share in 2019, and is expected to dominate by 2027. In addition, the segment would garner the fastest CAGR of 4.9% during the forecast period.
Based on application, the carpet/floor covering segment contributed to one-fourth of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. On the other hand, the airbags segment would showcase the fastest CAGR of 6.6% from 2020 to 2027.
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Based on region, Asia-Pacific generated the major share in 2019, holding around two-fifths of the global market. Furthermore, the region would cite the fastest CAGR of 5.7% from 2020 to 2027. The other provinces covered in the report include Europe, North America and LAMEA.
The key market players analyzed in the global automotive fabric market report include cme Mills Company, Adient plc., Aunde, Grupo Antolin, Heathcoat Fabrics Limited, Lear Corporation, Martur Automotive Seating System, Sage, Seiren Co., Ltd., SRF Limited, Suminoe Textile Co., Ltd., Tesca, Toyota Boshoku Corporation, Krishna, Arvind Limited, Navbharat Textile Processors, Parishudh Fibres, Shandong Exceeding Auto Interior Parts Co., Ltd., DongGuan Cigno Leather Co., Ltd., and Changzhou JLON Composite Co., Ltd.
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