(MoneyNewsWire.Net, May 09, 2018 ) The automotive fabrics market is projected to reach USD 34.35 Billion by 2021, registering a CAGR of 3.3% between 2016 and 2021. Automotive fabrics are woven, non-woven, knitted, coated, or composite fabrics that are soft, flexible, elastic, lightweight, and durable. In addition, they also possess high strength and are water, fire, and UV resistant. The global automotive fabrics market is mainly driven by the increased demand from end-use applications such as upholstery, floor covering, pre-assembled interior components, tires, airbags, and safety belts, among others.
The passenger cars segment accounts for the largest share of the automotive fabrics market, by vehicle type. The market for automotive fabrics in passenger cars is estimated to witness significant growth owing to the increasing usage in various applications due to its high strength, elongation capability, and resistance to fire, water, and UV.
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Airbags is estimated to be the fastest-growing application segment of the automotive fabrics market. The airbags segment is projected to drive the automotive fabrics market between 2016 and 2021. This is due to the increasing demand for safety devices in automobiles. In addition, the implementation of stringent safety standards for usage of airbags in automobiles is expected to drive the global demand for automotive fabrics. The automotive industry is already growing at a robust pace, which will contribute towards the growth of the automotive fabrics during the forecast period.
Asia-Pacific is the largest market for automotive fabrics, in terms of both value and volume. Population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for automobiles contribute to the growth of the automotive fabrics market in this region. In addition, major companies such as Takata Corporation (Japan) and Haartz Corporation (U.S.) are expanding their automotive fabrics business in the region. The increasing economic growth rate and heavy investments in industries including automobiles is driving the demand for automotive fabrics. The spending by government to boost public infrastructure including buses & coaches in the region is also boosting the demand for automotive fabrics. The major market players are also setting up their plants in Asia-Pacific due to cheap labor, availability of raw materials, and low cost of production.
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North America is estimated to be the fastest growing automotive fabrics market between 2016 and 2021. The strong domestic demand and export dynamism for automobiles, stringent automotive regulations and standards regarding the usage of airbags and safety belts by NHSTA, and strong economy accompanied by technological developments in automotive market boost the demand for automotive fabrics in the region.
The availability of non-fabric products such as natural leather, synthetic leather, artificial leather, and PVC leather act as a restraint for the automotive fabrics market. Availability of substitutes is estimated to affect the automotive fabrics market in the long term as advancements in non-fabric materials are expected.
The competitiveness of the automotive fabrics market is continuously increasing with expansions and new product launches. Strategic developments are undertaken by major players such as are Adient Plc (Ireland), Lear Corporation (U.S.), Toyota Boshoku Corporation (Japan), Seiren Co., Ltd. (Japan), Suminoe Textile Co., Ltd. (Japan), SRF Limited (India), Sage Automotive Interiors Inc. (U.S.), Takata Corporation (Japan), Grupo Antolin Irausa, S.A. (Spain), and Tenowo GmbH (Germany), among others.
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