Automotive Interior Materials Market Continues to Witness Massive Growth as Sage Automotive Interiors Completes acquisition of Adient’s automotive fabric business for US$ 175 million

 

The various applications of Automotive Interior Materials in the current-day commercial sector can be explained as follows. Thermoplastic and leather are the top two categories in the automobile interior materials industry, as they produce the highest sales across all areas. Leather is used for seats, dashboards, upholstery, headliners, instrument covers, carpets, etc. while Automotive Thermoplastic is used for cabinetry, floor covers, seat covers, etc. There are specialized subcategories which include printed vinyl, soft textile vinyl, synthetic fiber vinyl, leather-covered wood, synthetic leather, fiber-covered wooden boards, etc. which are used to manufacture various types of Automotive Interior Materials according to client requirements.

Technological advancements in the automotive interior are expected to drive growth of the global automotive interior materials market. Key players in the market are laying major emphasis on product development and technological advancements, in order to gain a competitive advantage. Since these companies are launching innovative products, the market for automotive interior materials is expected to gain significant traction in the near future. As a matter of fact, these companies are launching lightweight seats that are significantly thinner and more comfortable than their predecessors. For instance, in December 2019, Xiaomi, a Chinese smartphone marker, launched QBORN 360° Rotating Baby Car Seat on its crowdfunding platform. Furthermore, in October 2017, Dorel Juvenile, a subsidiary of Dorel Industries, launched the world’s first child seat named Maxi-Cosi AxissFix Air with integrated airbags. Thus, such factors are expected to drive growth of the global automotive interior materials market. Furthermore, increasing demand for hybrid and electric vehicles is expected to propel the global automotive interior materials market growth in the near future.

However, the decline in automobile production globally and increasing adoption of inferior and low-cost alternative is expected to hinder the global automotive interior materials market growth. Growing integration of green technology, as well as continuous R&D activities, can offer significant growth opportunities in the global automotive interior materials market. Among regions, Asia Pacific is expected to witness significant growth in the global automotive interior materials market. This is owing to rising government support in terms of ease in regulations to attract automakers across the globe. Furthermore, Europe is expected to register a robust growth rate, owing to growing importance of automotive interiors in the European region.

Key companies involved in the global automotive interior materials market are Yanfeng Automotive Trim Systems Co., Ltd., Faurecia S.A., Toyota Boshoku Corporation, D.K Leather Corporation, Seiren Co., Ltd., Lear Corporation, Sage Automotive Interiors, GST AutoLeather Inc., Johnson Controls, Inc., Grupo Antolin-Irausa, S.A., and Grupo Antolin-Irausa, S.A.

For instance, in October 2020, Sage Automotive Interiors, a subsidiary of Asahi Kasei, acquired Adient’s automotive fabric business for US$ 175 million.