Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Automotive Interior Materials Market By Type (Plastics, Metals, Fabric, Leather, Composites, Others), By Vehicle Type (PV, LCV, HCV), By Application (Dashboard, Door Panel, Seats, Floor Carpets, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". The report indicates that the global market for automotive interior materials is anticipated to generate $80.2 billion by 2030. The market was valued at $55.0 billion in 2020 and is expected to display a notable CAGR of 3.9% from 2021 to 2030.
Factors influencing the growth of the market:
The global automotive interior market is expanding rapidly due to factors such as an increase in incorporation of plastics in automotive production and surge in focus on total weight reduction of automobiles to raise fuel efficiency. However, fluctuations in the cost of raw materials restrain market growth to some extent. Nevertheless, an increase in adoption of green technology to manufacture automotive leather will offer remunerative growth opportunities in the upcoming future.
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The composites segment grabbed the largest market share in 2020
By type, the composites segment grabbed the highest market share in 2020, contributing to more than one-third of the global market revenue and is projected to rule the roost from 2021 to 2030. Also, the same segment would display the fastest CAGR of 4.8% during the forecast period. Composites are utilized to design fuel-efficient, safer, and lighter vehicles. The report also discusses plastics, metals, fabric, leather, and others segment.
The door panel segment to witness the fastest growth by 2030
On the basis of application, the door panel segment is anticipated to manifest the fastest CAGR of 4.3% throughout the forecast timeframe. Additionally, the same segment grabbed the largest market share of nearly two-fifths of the global market revenue. This is due to the fact that it serves as a bridge between the inner workings of the door and the interior of the car. The report also discusses floor carpets, seats, dashboard, and others segments.
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Asia-Pacific to grab the lion’s share
The regional analysis in the report indicates that, the Asia-Pacific region gained the highest market share of nearly half of the overall market revenue and is expected to manifest the fastest growth with a 4.3% CAGR throughout the forecast timeframe. The growth is attributed to surge in urbanization and rise in demand for automotives from the region. The report also studies LAMEA, Europe, and North America regions.
Leading Market Players:
- Wacker Chemie AG
- Stahl Holdings B.V.
- Huntsman International LLC
- Hexcel Corporation
- Evonik Industries AG
- Dow
- Covestro AG
- BASF SE
- ARKEMA Group
- 3M
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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