Automotive Interior Materials Market to Garner $80.2 Billion, Globally, By 2030 at 3.9% CAGR, Says Allied Market Research

Rise in focus on overall weight reduction of automobiles to optimize fuel efficiency and surge in consumption of plastics in automotive production have boosted the growth of the global automotive interior materials market.

PORTLAND, Ore, May 17, 2022 /PRNewswire/ -- 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". As per the report, the global automotive interior materials industry was accounted for $55.0 billion in 2020, and is anticipated to garner $80.2 billion by 2030, growing at a CAGR of 3.9% from 2021 to 2030.

Drivers, restraints, and opportunities

Rise in focus on overall weight reduction of automobiles to optimize fuel efficiency and surge in consumption of plastics in automotive production have boosted the growth of the global automotive interior materials market. However, high volatility in the prices of raw materials hinders the market growth. On the contrary, surge in adoption of green technology to produce automotive leather would open new opportunities in the future.

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Covid-19 scenario:

• The Covid-19 pandemic severely affected the supply chain across the automotive sector. Governments across the world imposed strict restrictions on transportation and cross-border import-export of non-essential goods.
• The shutdown of manufacturing plants in major industries such as automotive industry negative affected the international trade of automotive interior materials.
• However, as vaccination programs have gained momentum and government declared relaxation on the lockdown norms, the market is expected to get back on track.

The composites segment dominated the market

By type, the composites segment held the largest share in 2020, accounting for more than one-thirds of the global automotive interior materials market. Moreover, the segment is estimated to register the highest CAGR of 4.8% during the forecast period, due to the fact that composites are used to make vehicles lighter, safer, and more fuel-efficient. The report includes an analysis of other segments such as plastics, metals, fabric, leather, others.

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The door panel segment to portray the highest CAGR through 2030

By application, the door panel segment is projected to manifest the highest CAGR of 4.3% during the forecast period. In addition, the segment dominated the market in terms of revenue, contributing to nearly two-fifths of the global automotive interior materials market. This is because it serves as an interface between the interior of the car and inner workings of the door. The report includes an analysis of the other segments including dashboard, seats, floor carpets, others.

Asia-Pacific to hold the largest share

By region, the market across Asia-Pacific held the largest share in 2020, accounting for nearly half of the market. In addition, region would register the highest CAGR of 4.3% from 2021 to 2030, due to rise in urbanization and increase in demand for automotives across the region. The report includes analysis of the global automotive interior materials market across North America, Europe, and LAMEA.

Major Market Players

• 3M
• ARKEMA Group
• BASF SE
• Covestro AG
• Dow
• Evonik Industries AG
• Hexcel Corporation
• Huntsman International LLC
• Stahl Holdings B.V.
• Wacker Chemie AG

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