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The automotive interior materials industry will experience intense competition in the coming years owing to the implementation of aggressive strategies, such as focused research & development activities, new product developments, acquisitions, etc., by major product manufacturers to gain a competitive advantage in the market. In October 2017, Stahl acquired BASF’s leather chemical business, thus acquiring chemical expertise for its leather chemical business and enabling significant expansion in its offerings. In May 2018, SABIC launched its PP compounds portfolio, especially for automotive interior applications, strengthening its market position.
Key automotive interior materials market participants are
Major automotive manufacturers enter long-term supply agreements with these players to ensure the continuous supply of interior materials.
In 2019, automotive interior materials industry size was worth USD 27.13 billion and it is expected to depict 5% CAGR through 2026.
Global automotive interior materials market size from passenger cars segment may record 5.5% CAGR through 2026.
Automotive interior materials market size from aftermarket end user segment may record 6.5% CAGR through 2026, driven by the huge presence of small as well as large-scale suppliers.
Seats application segment may hold 30% of the industry share by 2026, driven by the increasing importance attributed to seats given that they mitigate driver discomfort.
Plastic material segment may cross USD 20 billion by 2026 on account of huge chemical know-how of the material and its favorable capabilities, owing to which it has gained precedence in automotive sector.
Asia Pacific may account for 45% of global automotive interior materials market share by 2026, propelled by rapid urbanization and increasing economic development.