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Automotive Fabric Market To Reach USD 31.3 Billion By 2026
Growing automobile industry coupled with stringent regulations governing fuel emissions and road
safety are likely to stimulate demand.
Market Size – USD 31.3 billion in 2018, Market Growth - CAGR of 4.2%, Market Trends – Increased
adoption across various applications
The global automotive fabric market is expected to reach USD 31.3 billion by 2026, according to a new
report by Reports and Data. Increased adoption of regulations governing fuel emissions in different
countries is likely to stimulate market demand. Growing automotive industry mainly in Europe and Asia
Pacific is also a key factor influencing market growth.
Increasing government focus to reduce car weights and thereby the fuel emissions is anticipated to create
growth opportunities for the market. Thermoplastic materials have witnessed a significant adoption
globally as they help in reducing the weight of the vehicle by almost 10 percent. Additionally, fuel emission
target in various regions such as North America and Europe have led to an increase in the adoption of
automotive fabrics. The EU’s 2020 target for fleet average CO 2 emissions is 95g/km. The region aims at
reducing CO 2 emissions by 40 percent.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is
projected to grow at a CAGR of 4.5% in the forecast period. The region has witnessed a significant increase
in the number of cars and commercial vehicles. While the number of vehicles in 2017 has increased by
3.19% in China, India has experienced a 5.83%. Similarly, the fleet size has increased by 5.31% in Japan
and by 3.3% in Indonesia. Increase in availability of products is also projected to affect market demand.
In September 2018, Asahi Kasei Corp, the Japanese supplier of fiber and textiles announced acquiring Sage
Automotive Interiors, Inc., a key supplier of seat fabric and other automotive interior applications. The
acquisition would help in expanding the product line offered by Asahi Kasei Corp.
To identify the key trends in the industry, click on the link below:
https://www.reportsanddata.com/report-detail/automotive-fabric-market
Further key findings from the report suggest
Upholstery is projected to be the fastest growing application of the automotive fabric market. The
segment is projected to grow at a CAGR of 4.3% in the forecast period. Apart from seat covers,
dashboards, trunk liners, roof-liners are the major applications involved in upholstery.
Asia Pacific market is forecasted to grow at a CAGR of 4.5% in the coming years. Increasing
adoption of regulations to reduce fuel emissions in the region is projected to foster market
demand. For instance: Recently China announced adopting National Phase VI/VIA vehicle fuel
standards. Under this strategy, the sale of motor fuels, which do not meet the National VIA
gasoline standard or National VI gasoil standard will be restricted in the region.
Key participants include Lear Corporation, Toyota Boshoku Corporation, Seiren Co., Ltd., Takata
Corporation, Tenowo GmbH, Sage Automotive Interiors Inc. and SRF Limited. Lear Corporation is
a key player in the automotive fabric market. With a global presence in America, Europe, MEA
and Asia Pacific, the company offers a wide range of automotive seat systems and key individual
seat component. As of 2017, the company’s seating segment accounted for USD 15.87 billion.
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