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Global Automotive Fabric Market to Grow at a CAGR of 5% in the Forecast Period, Aided by the Surge in Automobile Sales

According to a new report by EMR titled, ‘Global Automotive Fabric Market Report and Forecast 2022-2027’, the global automotive fabric market reached a value of USD 28.1 billion in 2020. The industry is further expected to grow at a CAGR of 5% in the forecast period of 2022-2027.

Consumers are becoming increasingly averse to travelling by public transit, which is likely to drive up personal vehicle sales. This is expected to help the automotive fabric sector expand. Automotive fabrics are widely in demand for airbags and safety belts, aided by safety measures imposed by governments around the world, and are projected to continue enhancing the market growth. The increased demand for environmentally friendly fabric materials, such as recycled polyester and lightweight automotive fabrics, will likely propel the market forward. Various initiatives are being taken to ensure that sustainable materials derived using renewable sources are used in vehicle interiors, augmenting the industry's growth. Recycled polyethylene terephthalate (RPET) is also progressively becoming a preferred material choice to reduce carbon emissions, boosting the market for automotive fabric. The growing need for more efficient and cost-effective automotive fabrics creates high product demand in countries. The rapid adoption of new and more technologically advanced materials for manufacturing lightweight vehicles is expected to drive revenue growth.

Increased demand for car accessories that provide greater comfort and high-quality materials is likely to fuel the market expansion. These fabrics provide comfort, safety, and security when driving. For example, In January 2022, Toyota Boshoku Corporation (TYO: 3116) introduced new development on seats and interior components featured in the new LEXUS NX, which was released in October 2021. The seats have improved cushioning by distributing body pressure across the buttocks area and have remote operations switch areas for the luggage compartment.

Market Analysis by Fabric Types, Applications, Vehicle Types, and Regions:

  • The different types of fabric are polyester, vinyl, leather, and nylon, among others.
  • The significant applications include carpets/floor covering, upholstery, pre-assembled interior components, tyres, safety belts, and airbags, among others.
  • The various types of vehicles include passenger vehicles and commercial vehicles.
  • The regional markets for automotive fabric include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • Rapid urbanisation and industrialisation are boosting market growth globally.
  • Increased demand for automotive fabrics has been fuelled by rising disposable income levels and improving living standards, which are expected to drive market expansion in the coming years.
  • Technological innovations for environmentally friendly and lightweight fabric materials to reduce pollution are accelerating the growth of the market.
  • Automotive fabrics are commonly used in public and commercial transportation like trains, buses, and aeroplanes, which require more attractive and relaxing interiors. This favours the market's expansion even more.

Key Offerings of the Report:

  • The EMR report gives an overview of the automotive fabric industry for the periods (2017-2021) and (2022-2027).   
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for fabric types, applications, vehicle types, and major regions of automotive fabrics. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive fabric industry are Acme Mills Company, Grupo Antolin Irausa, S.A., Heathcoat Fabrics Limited, Lear Corporation, and Seiren Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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