The automotive fabrics market is anticipated to thrive at an average CAGR of 3.6% between 2023 and 2033. The market is expected to have a market share of US$ 52.78 billion by 2033 while it is likely to be valued at US$ 37.06 billion in 2023.
· The rising businesses producing upholstery for automobiles, the increased scope of technical textiles, and the application of different materials and their grades are likely to transform the market during the forecast period. Furthermore, the high sales of premium vehicles and high third-party sales and installation also garner the market’s success.
· Companies launching new trending designs with vibrant colors and packaging along with multi-layer designs for extra comfort are also in high demand. Alongside this, the price point, comfort, design, texture, and material are some factors that make all the difference.
· From bike seat cover to car seat fabric and other fabrics, the products are focused on texture and color. New car businesses and local shop vendors are also promoting new brands with smart and small details that are expected to increase market sales.
· The advanced knitting technology, computerized designs, curves, and model-based product delivery is also enriching the supply chain management and pushing product performance in the marketing funnel as well.
· Different types of material grades and prices go hand in hand while selecting the pricing and representation of the product. The restoration of the automotive market is the first milestone that the market has crossed lately.
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Key Takeaways
1. The United States market leads North America’s automotive fabrics market in terms of market share in North America. The United States held a market share of 14.8% in 2022. Factors attributed to the new products and designs, high sales of cars and other vehicles, the advent of electric vehicles, and new businesses launching innovative ideas like sustainable seat covers, etc.
2. Germany’s automotive fabrics market held a healthy market share of 9.7% in 2022. The market growth is caused by Germany being the center point for automotive manufacturing including premium car-making brands like Volkswagen, BMW, Audi etc.
3. India’s market thrives at an average CAGR of 4.5% between 2023 and 2033. The growth is attributed to the increased per capita income, and growing third-party fabric installation businesses.
4. China thrives at a CAGR of 4.2% between 2023 and 2033.
5. Based on product type, the woven fabric segment held the leading market share of 43.0% in 2022.
6. Based on sales channel, the OEM segment leads as it held a market share of 82.0% in 2022
Competitive Landscape
The key suppliers focus on affordable, premium quality, texture, and material. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
· Sage Automotive Interiors, an Ashi Kasei Company has acquired Adient’s fabric business for US$ 175 million. The decision is anticipated to affect the sales of the majority part of the world.
· Adler Pelzer has announced to further strengthen their collaboration with Hyashi Telemp Corporation. The collaboration is expected to be focusing on OEM, autonomous driving, and enhanced automotive textiles.
Key Players Profiled in the Global Market
HHenkel AG & Co. KGaA
Namics Corporation
ASE Group
MacDermid Alpha Electronic Solutions
Parker LORD Corporation
H.B. Fuller Company
Dow Inc.
ELANTAS GmbH
Zymet
Hitachi Chemical Co., Ltd.
Panasonic Corporation
AI Technology, Inc
Indium Corporation
Sanyu Rec Co., Ltd.
Dymax Corporation
Epoxy Technology, Inc.
Protavic International
YINCAE Advanced Materials, LLC
Key Segments Covered
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