Published By : 16 May 2016 | Published By : QYRESEARCH
The surging demand for advanced and hybrid vehicles has encouraged manufacturers to focus on the overall design and comfort of the vehicles as well. This creates lucrative opportunities for the global automotive materials market that is expected to exhibit a slow yet steady CAGR of 2.7% between 2015.
Global Automotive Interior Materials Market to reach US$137.06 bn by 2023
As per a new report published by Transparency Market Research, the global automotive materials market stood at US$111.61 bn in 2014. The market is expected to reach US$137.06 bn. Some of the most commonly used automotive interior materials include thermoplastic polymers, wood, leather, fabric, and vinyl. Of these leathers account of the largest share in the market. With the launch of new categories of vehicles such as hybrid and electric cars, the demand for better comfort and design is automobile is also expected to increase. The enterprises operating in the automotive interior materials market are therefore encouraged to invest on technologies such as dirt repellent antimicrobial textile, nano-filters, anti-glare coated mirrors, and others. Also very soon climate controlled automotive seats based on thermo-electric technology will be introduced in the market.
Investments by PE Firms to Boost Market’s Growth
In the last couple of years, the private equity firms have become very active in the market for automotive interior materials. These firms are engaged in buying and creating strategies for smaller manufacturers and start-ups operating in the market. The PE firms in the U.S., U.K., and Germany have already significantly invested in the market. This is expected to boost the global market for automotive interior materials significantly. Furthermore, the market will also gain impetus from the increasing research and development activities. The application of green technology and the rising use of nano materials in fabric will also fuel demand from the market.
Europe Dominates Global Automotive Interior Materials Market
Regionally, Europe leads the global market for automotive interior materials, followed by North America. The enterprises operating in the market also witnesses lucrative demand from emerging economies of Asia Pacific and Rest of the World such as India, Japan, China, Russia, Brazil, Saudi Arabia, Australia, and South Africa.