Automotive Fabric Market to Reach US$ 250 Mn by 2022
According to Future Market Insights’ (FMI) latest analysis report, the global automotive fabrics market is projected to register an impressive 6% CAGR throughout the forecast period, 2017 to 2022. The global market for automotive fabrics is estimated to reach roughly US$ 250 Mn in revenues by 2022-end.
Shifting Focus towards Composite Materials
Demand for safety measures in vehicles have 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 play an imperative role in these advancements and improvements, and have gained significant traction across the globe. Leading manufacturers in the market are shifting their focus toward utilisation of light-weight composite materials with properties such as light-weight, 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, along with rapid urbanisation will further influence growth of the market in the near future. A major hindrance for the market expansion is 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. Dominance of Europe in the market can be attributed to advanced technological developments, higher presence of leading market players, increasing launch of novel products, and development of research centres.
Automotive fabric market has huge potential for expansion in Middle East & Africa (MEA) and Asia-Pacific excluding Japan (APEJ) on the back of huge population base, soaring demand for passenger cars owing to increasing disposable incomes, and robust rate of urbanisation. The markets in Japan and Latin America are projected to register the highest CAGR through 2022.
On the basis of applications, airbags and floor covering will continue to account for largest revenue shares of the global automotive fabric market during 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 roof, tires, and safety belts will register the highest CAGRs through 2022.
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Woven fabric is expected to remain sought-after among products in the market, with sales projected to account for nearly three-fourth revenue share of the market in 2017. However, 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 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 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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Key companies identified by FMI’s report, who are actively contributing to expansion of global automotive fabric market, include Adient Plc, HYOSUNG, Delcotex Delius Techtex GmbH & Co. KG, SETEX-Textil-GmbH, ACME, and Lear Corporation.