(EMAILWIRE.COM, October 06, 2021 ) The global automotive interior materials market is estimated to be USD 46.63 billion in 2018 and is projected to register a CAGR of 3.5% between 2018 and 2023. Asia Pacific is the leading market for automotive interior materials, in terms of value and volume. Countries in this region, such as China, India, and other Southeast Asian countries are witnessing a rapid increase in manufacturing activities and thus driving the demand for commercial vehicles which require various types of automotive interior materials.

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North America is the second largest automotive interior materials market. The automotive industry in North America is influenced by demand for high end and luxurious cars which require customized automotive interior materials. The high living standards in this region are further facilitating the growth of the automotive industry. This is expected to drive the automotive interior materials market during the forecast period.

China leads the APAC automotive interior materials market due to the rise in the population and the rising economy. Though, India is projected to be the fastest-growing market in the APAC automotive interior materials market. Rapid development in the living standards and incomes, in economies, namely, China, India, and Thailand, is leading to the high demand from the automotive industry. The growth of the automotive industry in this region is further expected to facilitate the growth of the automotive interior materials market during the forecast period.

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Polymers are the largest as well as fastest-growing type of automotive interior materials, globally. Some of the high-performance polymers used in automotive interiors are PP, PU, PVC, and others. These polymers are lightweight, making the vehicles more fuel efficient. Automotive interior polymers are extensively used for the manufacture of dashboards, door panels, and center consoles.

Among vehicle types, passenger vehicles are the largest and fastest-growing vehicle type using automotive interior materials. The passenger vehicles market is expected to grow exponentially during the forecast period, 2018 to 2023, due to the growing need for comfortable and safe travel. Also, factors, such as growing incomes, rising living standards, and improving choices are further expected to drive the market for passenger vehicles. This is expected to facilitate the growth of the automotive interior materials market during the forecast period.

Some of the key players operating in the automotive interior materials market are Toyota Boshoku Corporation (Japan), Lear Corporation (US), Toyoda Gosei Co., Ltd. (Japan), Adient plc (Ireland), Faurecia S.A. (France), Grupo Antolin (Spain), and Sage Automotive Interiors Inc. (US). Most of these companies have adopted the expansions, mergers & acquisitions, partnerships & agreements, and joint ventures strategies to strengthen their positions in the automotive interior materials market.

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