The global automotive interior materials market is estimated to be valued at US$ 203.4 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Automotive interior materials are used in various interior components such as dashboard, seats, door panels, and others.These materials provide comfort, safety, and durability to vehicle occupants.
Market key trends:
One of the key trends in the automotive interior materials market is the increasing focus on developing bio-based and recyclable materials. With stringent regulations regarding carbon emissions and use of petroleum-based materials, automakers are actively engaging in research & development of interior components made from renewable and sustainable resources without compromising on functionality and aesthetics. Bio-padded material, natural fiber composites, recycled plastics, and plant-based leather are some such examples gaining traction in the industry.
The global automotive interior materials market is segmented by material type, vehicle type, and region. Based on material type, plastics, composites, and metals are key segments in the market. The plastics segment dominates the market and is expected to continue its dominance over the forecast period. Plastics are the most widely used interior materials in automotive as they are inexpensive, durable, and easy to mold into complex shapes.
The global Automotive Interior Materials Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing automobile production globally.
Regional analysis: Asia Pacific dominates the global automotive interior materials market and is expected to continue its dominance over the forecast period. China, India, and Japan are the fastest growing countries in the region. The availability of low-cost raw materials and labor supports the growth of the automotive interior materials market in Asia Pacific.
North America is another major market for automotive interior materials. Strict regulations regarding fuel-efficiency and vehicular emissions are boosting the demand for lightweight materials in the region.
The global automotive interior materials market size is expected to reach US$ 203.4 Mn in 2023.
Key players: Key players operating in the automotive interior materials market are BASF SE, Dow Chemical Company, Borgers A.G., Faurecia S.A., Adient Plc, Lear Corporation, Eagle Ottawa, D.K. Leather Corporation Berhad. These players are focusing on new product development and mergers & acquisitions to strengthen their market position.