Global Automotive Interior Materials Market to Reach US$137.06 bn by 2023, Driven by Positive Investor Sentiment

According to a new market report published by Transparency Market Research “Automotive Interior Materials Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the automotive interior materials market was valued at US$111.61 bn in 2014, and exhibiting a CAGR of 2.7% from 2015 to 2023, will account for US$137.06 bn by 2023.

Private Equity (PE) firms across the globe are becoming increasingly active in the automotive interior materials sector. Such firms are pursuing the buy and build strategy for small manufacturers or new start ups. In recent years, PE firms in U.S., UK. and Germany had invested heavily in automotive interior material manufacturing companies due to the huge success of original equipment manufacturers (OEMs) in these countries.

Currently, increasing research and development in the automotive sector has brought a transition in the mature automotive interior materials market. Application of green technology in automotive leather materials and use of nano materials in fabrics used in the interior of vehicles are expected to drive the market of automotive interior materials. However, in past few years there has been a declining trend in the production of overall vehicles, which in turn affected the growth of automotive interior materials market globally. Fluctuating percentage change in the production of vehicles is influencing the demand for automotive interior materials across the globe.

By material, market is divided into five segments: leather, thermoplastic polymers, fabric, vinyl and wood. In 2014, leather was the largest contributor in global automotive interior materials market, accounting for a market share of 30%. The leather segment includes: artificial or PU leather, PVC leather, synthetic leather and genuine leather.

By application, market is divided into three segments: heavy commercial vehicle, light commercial vehicle and passenger vehicle. In 2014, passenger vehicle segment was the largest contributor in automotive interior materials market, accounting for a market share of around 60% because of the increasing demand for passenger vehicles across the globe.

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In 2014, Europe was the largest market of automotive interior materials in the world, followed by North America. However, automotive interior materials market has huge scope and opportunity in the emerging markets of Asia Pacific and Rest of the world (RoW). Countries such as India, China, Japan, Russia, Brazil, Saudi Arabia, South Africa and Australia among others are the major users of these materials. Increasing demand of automotives in emerging markets and rising production is helping the market to grow at a considerable rate in coming years.