How Automotive Fabrics are Revolutionizing the Interior Design Industry Worth Around US$ 50.95 Billion by 2032

The global automotive fabrics market is anticipated to witness a stagnant growth of 3.6% CAGR over the projection period from 2022 to 2032. The market is predicted to reach a valuation of US$ 35,775.63 Million in 2022 and will surpass US$ 50,954.8 Million in revenue by the end of 2032.

Demand for safety measures in vehicles has surged significantly over the past few years. Various advancements have been made in the design of airbags, seats, and belts of automobiles, along with improvements in their weight and aesthetic appearance. Automotive fabric plays an imperative role in these advancements and improvements and has gained significant traction across the globe.

Leading manufacturers in the market are shifting their focus toward the utilization of lightweight composite materials with properties such as lightweight, advanced adhesive technology, and low moisture content. Composite materials require lesser non-renewable sources for their production and help in lowering greenhouse gas emissions and petroleum consumption. 

Expanding sales of automobiles, increasing purchasing power of people in developed and developing economies, and rapid urbanization will further influence market growth in the near future. A major hindrance to the market expansion is the increasing existence of alternative products such as natural leather, PVC, and synthetic leather. 

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Key Takeaways from FMI’s Report on Global Automotive Fabric Market 

• Europe is anticipated to remain the most lucrative market for automotive fabric, with sales estimated to reach nearly US$ 70 Mn by 2022-end. The dominance of Europe in the market can be attributed to advanced technological developments, the higher presence of leading market players, the increasing launch of novel products, and the development of research centers. 
• The automotive fabric market has huge potential for expansion in the Middle East & Africa (MEA) and Asia-Pacific excluding Japan (APEJ) on the back of a huge population base, soaring demand for passenger cars owing to increasing disposable incomes, and robust rate of urbanization. The markets in Japan and Latin America are projected to register the highest CAGR through 2022. 
• Based on applications, airbags, and floor covering will continue to account for the largest revenue shares of the global automotive fabric market from 2017 to 2022. Floor covering is expected to remain the dominant application of automotive fabric, closely followed by airbags. These applications of automotive fabric will register the lowest CAGRs through 2022. In addition, applications of automotive fabric in car roofs, tires, and safety belts will register the highest CAGRs through 2022. 
• Woven fabric is expected to remain sought-after among products in the market, with sales projected to account for a nearly three-fourth revenue share of the market in 2017. However, the woven fabric will witness a decline in its market share by 2022-end. Knitted fabric is projected to remain the fastest expanding product in the market, with sales poised to surpass US$ 30 Mn in revenues by 2022-end. In addition, sales of non-woven fabric will also witness an impressive expansion through 2022. 
• OEM is anticipated to hold its position as the most lucrative sales channel for automotive fabric throughout the forecast period. Revenues from automotive fabric sales in OEM will account for approximately a four-fifth share of the market in 2017, and will further experience a slight decline in its market share by 2022-end. Aftermarket will register a relatively faster expansion than OEM in the global automotive fabric market through 2022. 
• Based on vehicle type, compact passenger cars will account for the largest share of the global automotive fabric market, in terms of revenues in 2017. By 2022, revenues from sales of automotive fabric in compact passenger cars will gain an uptick in their market share. Light commercial vehicles and mid-sized passenger cars are also expected to remain lucrative among vehicles in the market. Luxury passenger cars are expected to account for relatively lower revenues in the market, however, automotive fabric sales in these cars will register an impressive expansion through 2022. 

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Competitive Landscape

Key manufacturers of automotive fabrics are rapidly engaging in the expansion of their geographic and market presence to efficiently cater to the ever-increasing demand for the product. Prominent manufacturers in the market are focusing on the expansion of their geographic presence through acquisitions and mergers of regional small or medium-level players to remain dominant in the automotive fabrics market.

In addition to that, various other vital manufacturers are concentrating on collaborations and mergers to get an edge over the market. Key companies identified by FMI’s report, who are actively contributing to the expansion of the global automotive fabric market, include Adient Plc, HYOSUNG, Delcotex Delius Techtex GmbH & Co. KG, SETEX-Textil-GmbH, ACME, and Lear Corporation. 

Automotive Fabrics Market Outlook by Category

By Product Type:

• Woven Fabric
• Non – woven Fabric
• Knitted Fabric

By Sales Channel:

• OEM
• Aftermarket

By Application:

• Airbags
• Floor Covering
• Belts & Hoses
• Tires
• Car Roof
• Safety-Belts
• Pre-Assembled Interior Component (PRIC)
• Upholstery
• Others

By Vehicle Type:

• Compact Passenger Cars
• Mid-Sized Passenger Cars
• Premium Passenger Cars
• Luxury Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

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More Insights into the Automotive Fabrics Market

The U.S. is expected to dominate the global automotive fabrics market by accounting for the largest consumers in the global landscape. The growth is attributed to high disposable income and the rising per capita expenditure of Americans would create a surging demand for automobiles across the country. As per FMI analysis, the U.S. is projected to share about 14.8% of the global automotive fabric market share.