Global Automotive Interior Materials Market is expected to reach over USD 110 billion by 2022, growing at an estimated CAGR of over 13% over the forecast period. Increasing automotive demand in Asia Pacific and North America is expected to drive the global automotive interior materials market over the forecast period. Increasing disposable income coupled with reduced transportation cost and abundant raw material availability has fueled the growth.
Increasing demand for premium aesthetics and fuel-efficient vehicles has pushed OEMs to concentrate on fine and lightweight interior materials. Consumer preference for luxury vehicles and increased concentration on automotive interior components such as seat, upholstery, seat belts, trunk & floor carpets, leather-covered dashboards, etc. has forced OEMs to focus on quality of materials used in vehicles.
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Growing concern towards waste disposal during leather manufacturing along with increasing leather prices due to tight supply is expected to hamper the demand. Government restrictions on materials such as PVC leather are also anticipated to restrain the market growth.
On the basis of materials, the market can be segmented as genuine leather, PVC leather, PU leather, fabric, synthetic leather, and thermoplastic polymers. Synthetic leather holds maximum share and is expected to hold over 20% of the total market in terms of revenue.
Asia Pacific is the largest synthetic leather consumer and is expected grow at an estimated CAGR of around 13% over the forecast period. Mexico is expected to be the fastest growing synthetic leather market and is expected to grow at a CAGR of more than 18% over the forecast period.
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PU leather is expected to be the fastest growing segment over the forecast period and is expected to register a CAGR of over 14% during next seven years. Superior quality along with lower maintenance cost has increased PU leather demand over the past and the trend is expected to continue over next seven years.
Asia Pacific is the biggest market and holds over 45% of the total share. APAC is expected to grow on account of increasing automotive demand in emerging economies such as China and India. China is the largest interior materials consumer in the region and is expected to retain its position over the forecast period.
Rapid automotive industry growth, high economic growth, and cost competitiveness are expected to favor interior materials manufacturers in APAC countries. Increasing government support in terms of subsidies and other regulations has attracted various automotive OEMs to set up their plants in the region.
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