Automotive Interior Materials Market Size, Share, Growth Analysis, By Product type(Leather, Composite, Plastic, Metals), By Application(Dashboard, Seats, Airbags & Seat belts, Door panel & Trims), By Vehicle(Passenger vehicle, Light commercial vehicle, Heavy commercial vehicle), By Region - Industry Forecast 2024-2031

Automotive Interior Materials Market Drivers

Changing Regulatory Landscape, Combined With Weight Reduction Driving Market Growth

• The automotive industry's primary goal is to improve fuel efficiency and reduce emissions by reducing vehicle weight. As a result, consumers are adopting various lightweight materials, which are expected to drive market growth. With the imposition of stringent standards such as CAFE (Corporate Average Fuel Economy), automakers are aiming for high consumption of lightweight materials in vehicles such as plastics, composites, and fabrics. In North America, for example, the 2025 CAFE standards require automakers to deliver a fleet average of at least 54.5 mpg. Furthermore, automakers will have more freedom to change the design in order to maximize performance by using materials such as plastics and composites.

Automotive Interior Materials Market Restraint

Uncertainty in the Global Automotive Industry to Restrict Market Expansion

• In recent years, the expansion of the automotive interior materials market has been hampered by the slow or flat growth of the world's major automotive markets. According to OICA (Organisation Internationale des Constructeurs d'Automobiles) statistics, countries such as China, Spain, Turkey, Canada, South Korea, and others experienced negative growth rates in the automotive industry in 2018. In 2019, countries such as India experienced negative growth, which had a significant impact on regional market revenue. The Coronavirus outbreak in China has hampered the growth of the country's and several other regions' automotive industries.