Automotive Textiles Market Expected To Witness A Substantial Growth Of $38.47 Billion By 2030: Grand View Research Inc.

 

The global automotive textiles market is expected to reach USD 38.47 billion by 2030, expanding at a compounded annual growth rate (CAGR) of 3.2% from 2022 to 2030, according to a new report by Grand View Research Inc. Growth in automobile production coupled with the increasing focus on safety devices is expected to propel market growth.

The industry observes integration among the raw material manufacturers, producers, and distributors. Distributors assist the automotive industries in effectively using the product across the entire range of their major applications. Distributors act as the key link between the manufacturers and the automotive sectors, which require textiles for car seat covers, for production of airbags, and seat belts, among several others.

Major raw materials for automotive textiles are woven, composite, and various other nonwoven fabrics that are 100% polypropylene. Manufacturers of automotive textile continue to be alert about dealing with the raw materials price fluctuations and invest in research & development for innovative techniques to minimize the risks associated with it.

Growth in automobile production coupled with the increasing focus on safety devices is expected to propel the market growth during the forecast period. The COVID-19 pandemic had a huge influence on the automotive sector, resulting in a considerable drop in automobile sales and a shortfall of raw materials. Furthermore, the loss of automobile manufacturers throughout the world has had an impact on the automotive fabric industry. Manufacturers have begun to diversify their businesses by producing PPE kits, face masks, and protective shields.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/automotive-textiles-market/request/rs1

The market for automotive textiles is reaching pre-COVID levels, with a strong growth rate predicted during the projection period, owing to the economic recovery in most emerging countries. The frequent suspension of public transportation networks, along with the virus's highly infectious nature, fueled demand for passenger automobiles, resulting in a need for automotive textile goods.

Increased consumer preference in the U.S. for more modern automotive textiles that offer an appealing look to automobiles and increasing technical breakthroughs in the automotive sector are likely to boost revenue growth in the area. Furthermore, as the need for more efficient and cost-effective automotive textiles grows in various nations across the globe, the U.S. automotive textile market is predicted to expand on account of the above-mentioned factor.

Automotive Textiles Market Report Highlights

• The woven product segment accounted for a market share of 39.10% in 2021, owing to its significant applications in automotive interiors. Enhancement in the car models along with rising demand for comfort inside the vehicles is expected to fuel the utilization of the product in car seats
• The upholstery application segment dominated the market in 2021 and is estimated to generate revenue of USD 21,471.6 million by 2030, owing to the growing demand for safety devices in the region
• The automotive textiles market in Asia-Pacific is anticipated to expand at a CAGR of 3.6% from 2022 to 2030 on account of increased population, urbanization, and key players extending their operations in this region
• The U.S. automotive textiles market is projected to witness strong growth during the forecast period and reach a market value of USD 5,867.9million in 2030 on account of the presence of major players in the country, increased demand for premium, and luxury textiles in car interiors, and fast urbanization

• The market is competitive owing to the presence of several players that are primarily consolidated in the Asia Pacific and North America, whereas Europe exhibits a limited presence of the established players

Concerns about the environmental effect of toxins emitted during the manufacture of lightweight automotive textiles, as well as vehicle safety, are likely to drive market growth. Furthermore, the presence of major players in the U.S. is expected to increase the demand for premium and luxury textiles in car interiors and fast urbanization.

The market is characterized by the presence of various small- and large-scale players, resulting in a moderate level of concentration in the market. To serve a larger customer base, they are also trying to expand their product portfolio by focusing on developing cost-effective composites with enhanced properties.

A large number of manufacturers are focused on backward integration to keep the product quality under control. The industry participants emphasize expanding their product portfolio by developing innovative solutions and cheaper products with superior properties to cater to the increasing consumer demand.

List of Key Players in the Global Automotive Textiles Market

• Lear Corporation
• Johnson Controls
• Acme Mills
• Aunde SA
• Toyota Boshoku Corporation
• International Textile Group
• Borgers AG
• Dupont
• Autotech Nonwovens
• Suminoe Textile Co. Ltd.
• CMI Enterprises Inc.
• ASGLAWO Technofibre GmbH
• Sage Automotive Interiors, Inc.
• Baltex Inc.
• Reliance Industries Limited
• Auto Textiles S.A.
• Global Safety Textile GmbH
• SMS Auto Fabrics
• Autoliv Inc.