The aesthetics, comfort and noise and vibration insulation properties of automotive interiors are becoming increasingly important to consumers. The global automotive interior material market is expected to witness significant growth through 2024, according to a new report from Coherent Market Insights (Seattle), “Automotive Interior Materials Market—Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2016-2024.”
In a growing market, automotive OEMs need to offer high levels of customization to satisfy consumer demand and capitalize on high consumer purchasing power, said Coherent. “Consumers are increasingly inclined toward vehicles with features that were, until now, reserved for premium vehicles,” said the analysis. Increasing demand for vehicle lightweighting is driving manufacturers to focus on appropriate interior materials, as well.
In 2015, global vehicle production was pegged at more than 90 million units, which increased to around 95 million in 2016, said the analysis. “This creates a highly conducive environment for growth of the automotive interior materials market,” said Coherent.
Concerns about leather manufacturing processes and the high price of leather is expected to constrain growth of that material in the automotive market.
A number of U.S. cities have passed procurement policies phasing out the purchase of PVC, which is considered to be a toxic material that can contaminate the environment, said the analysis. “Hence, the use of PVC in automotive interior materials is decreasing.”
The global automotive interior materials market is extremely competitive and consolidated, with large players accounting for major market share. Key players include Sage Automotive Interiors Inc., BASF, Katzkin Leather Interiors Inc., Eagle Ottawa, Borgers A.G., International Textile Group Inc., Faurecia S.A., Johnson Controls Inc., Lear Corp., Dow Chemical, DK Leather Corp. and E.I. DuPont de Nemours.
The complete analysis is available for download from Coherent Market Insights.