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(MoneyNewsWire.Net, May 09, 2018 ) The global automotive interior materials market size, in terms of value, is projected to reach USD 98.76 Billion by 2021, at a CAGR of 11.8% between 2016 and 2021. The market growth is attributed to the growing automotive industry globally. Players in this market are adopting various organic and inorganic strategies to expand their presence in the emerging economies in regions such as Asia-Pacific, Middle East & Africa, and Latin America.
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Synthetic leather is the most-widely used type of automotive interior material. Synthetic leather has various advantages in comparison to genuine leather, such as easy availability, inexpensive, and easy to use and clean. It can also be customized according to the customer requirements.
Passenger vehicles is expected to be the largest vehicle type segment incorporating the automotive interior materials. Due to the growing demand for safe and comfortable travel, the demand for passenger vehicles is expected to grow. The variety of passenger vehicles and growing demand for the same globally is expected to drive the demand for automotive interior materials.
Asia-Pacific is the global forerunner in the automotive interior material market, in terms of both value and volume, and the trend is expected to continue till 2021. Countries in this region such as China, India, Japan, and South Korea are witnessing significant increase in the use of automotive interior material in various vehicle types. South America is also expected to show significant growth in this market due to the improving economic conditions. Various players are also expanding their reach to South America. The market in Europe is mature and is expected to witness a comparatively slow growth.
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Though the automotive interior material market is growing at a fast pace, a few factors are hampering its growth. Improper disposal of effluents from the tanning industry affecting the market of genuine leather is a major restraint toward the growth of the automotive interior material market. Leather is the most expensive material currently in use as automotive upholstery. However, its use in developed markets is stagnating due to the adverse effects of leather processing on the environment. Volume of wastewater (effluent) and its characteristics are specific to a particular tannery. They may also vary within the same tannery from time to time.
Johnson Controls (U.S.), Toyota Boshoku Corporation (Japan), Lear Corporation (U.S.), Toyoda Gosei Co., Ltd. (Japan), and Faurecia S.A. (France) are the dominant participants in the global automotive interior material market. These companies have been adopting various organic and inorganic growth strategies such as expansions, mergers & acquisitions, collaborations/partnerships/agreements, and new product launches to enhance their share in the automotive interior material market.
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