LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive interior materials market to grow at a CAGR of almost 3% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive interior materials market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The growth of the global automotive interior materials is correlated with the volume of each vehicle segment as interior materials are used in all type of automobiles. Passenger cars form the largest market segment for interior materials compared to other vehicle types. This segment is also the largest in terms of volume and value in the automotive industry.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive interior materials market:
- Rise in improved passenger car sales due to financing flexibility
- Growing priority for comfort and safety in automobiles
- Use of composite materials for weight reduction
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Rise in improved passenger car sales due to financing flexibility
Car loans are an integral component of the automotive industry and form the biggest driving factor for car sales. This subsequently leads to an increase in automotive glove box sales. General Motors was the first company in the automotive industry to establish a non-banking institution that would support potential buyers to buy cars and indirectly assist OEMs in improving their car sales.
Siddharth Jaiswal, a lead automotive components research analyst at Technavio, says, “Auto financing options account for a significant percentage of all new car sales. New car sales have a direct relationship with car financing options. With the improving credit environment, finance companies have more access to funds that could be made available to consumers. This has raised the competition among car financing and leasing companies, pushing them to introduce various incentive measures such as zero percent interest financing and flexible payment options.”
Growing priority for comfort and safety in automobiles
The automobiles sector is constantly evolving with the introduction of new products in the market. Among the prominent buying criteria, vehicle comfort is ranked among the top three for automobiles. Cost, style, features, and engine capacity are the other key factors that influence the purchasing decision of consumers.
“Customer satisfaction is inherently linked to comfort and safety. Materials play a critical role in minimizing NVH, which would enhance the driving comfort. With the growing competition among vendors, the need for product differentiation through value additions, such as the provision of enhanced comfort in low-priced cars, will contribute to the market growth. The use of tough materials with superior acoustic damping properties will also improve the safety of automobiles,” adds Siddharth.
Use of composite materials for weight reduction
There is a huge amount of industry interest and research for the use of composites as interior materials in economic passenger vehicles, which was previously limited to the low-volume, high-end sports cars due to the price and repair costs. It is anticipated that composite carbon fiber will have three times the demand in automotive applications by the end of 2017 than in 2012 with the reduction of cost.
Composite or hybrid materials, such as glass or natural fiber reinforced polymers, are also finding application in non-safety parts of the vehicle, such as the dashboard, which will help in weight reduction. Composites are anisotropic, a property that is defined as a function of variables such as the orientation of the fiber and direction of lamination. This helps in the structural design of the interior modules.
Top vendors:
- 3M
- BASF
- Dow Chemical
- Du Pont
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