The global automotive textiles market is
expected to reach USD 31.75 billion by 2024, according to a new report by Grand
View Research, Inc. Increasing automobiles production, particularly in Asia
Pacific coupled with the favorable regulatory scenario, is expected to drive
the global automotive textiles market over the forecast period.
These
textiles find major applications in the interiors of automobiles. Increasing
safety norms such as standard No. 208 of Federal Motor Vehicle Safety Standards
has prompted the automobile manufacturers to install seat belts and airbags in
the vehicles which have driven the demand for these technical textiles in the
recent past. In addition, Introduction of Euro VI by the EU and EEA member
states to govern light and commercial passenger vehicles emissions has prompted
the demand for automotive filters which has had a positive impact on automotive
textiles demand.
The
increasing disposable income levels and rising living standards in emerging
economies such as China and India has an immense contribution toward the
development of the modern market. In addition, these countries along with
growing Middle East market has created new avenues for major manufacturers.
Woven
fabrics emerged as the leading product segment and accounted for 43.6% of total
market volume in 2015. Composites are expected to witness the highest growth of
3.9% from 2016 to 2024. Increasing demand for high performance materials in the
automotive industry is expected to drive this segment over the forecast period.
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Further key findings from the study suggest:
- The global automotive textiles market demand was 3.81 million tons in 2015 and is expected to reach 5.14 million tons by 2024, growing at a CAGR of 3.3% from 2016 to 2024
- Upholstery was the leading application segment and accounted for 55.7% of total market volume in 2015. Increasing automotive seat covers demand is expected to lead this segment over the forecast period. Safety devices are expected to witness the highest growth of 3.9% from 2016 to 2024. Increasing safety regulations has prompted demand for air bags and seat belts which are expected to drive this segment.
- Asia Pacific was the leading regional market and accounted for 48.7% of total market volume in 2015. Increasing automotive production in China, India, Thailand and Indonesia on account of increasing demand is expected to drive the regional market over the forecast period.
- Key market players include DuPont, Trevira, Sage Automotive Interiors, Reliance, Baltex, Global Safety Textiles, Auto Textile S.A, SMS Auto Fabrics, Lear Corporation, Autoliv, Johnson Controls, Aunde, Acme Mills, Borgers, International Textile Group, Toyota Boshoku, Autotech Nonwovens, ASGLAWO Technofibre, Suminoe Textile Co. Ltd, and CMI-Enterprises.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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