14th February 2020 – According to new research study available with Million Insights, market
report on Automotive Textiles is foretold to provide a robust
support for industry players to lay a solid foundation for their business
growth. It includes a comprehensive evaluation of the market’s growth status
and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
The global Automotive Textiles Market is
expected to value at USD 31.75 billion by 2024. Automotive textiles industry is
subject to witness a substantial growth due to the increasing demand for
advanced safety features in both lightweight and heavyweight vehicles, and
mandatory administrative regulations for incorporation of safety measures,
majorly in the developed economies such as U.S. and the UK. Factors responsible
for sustained market growth, in the recent years, include large number of
production lines in automotive manufacturing from Asia Pacific region and
rising number of vehicles sales each year across the globe.
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Additionally, increasing investment by
leading industry players to promote adoption of automotive textiles is expected
drive the growth of automotive textile market over the forecast period.
Increasing vehicle manufacturing in Asia-Pacific region and growing penetration
of automotive sector in both developing and developed economies are predicted
to foster market expansion in the upcoming years. However, lack of awareness
among users about benefits of automotive textile solutions and higher initial
cost of the products are expected to restrain market growth to a certain
extent.
Increasing demand for advanced textiles
and large number of application in automotive across Asia Pacific region are
expected to favor market growth. Rising awareness regarding large-scale use of
automotive textiles due to its properties such as environmental-friendly and
bio-degradability are estimated to fuel the growth of automotive textile
industry over the forecast period. Other factors responsible for amplifying
market value of automotive textiles are easy availability, and variety of
clothing materials with range of stylish designs, bright colors, and attractive
prints.
Numerous governmental initiatives
promoting use of woven textiles instead of artificial fibers are estimated to
boost the market demand for automotive textiles in near future. Additionally,
stringent governmental laws and regulation prevalent in the respective regions
in regards to the environmental impact of artificial textiles are positively
affecting market performance over the last few years.
However, regulations such as
anti-dumping duties on the large-scale import of automotive textiles and raw
materials are hampering market performance to a certain extent. Furthermore,
variations in prices of raw materials and price suppressions prevailed on
imports of automotive textiles are restraining market growth. The increase in
the overall manufacturing of automotive textiles Asia-Pacific countries such as
China, Taiwan, and India are leasing to an oversupply in these countries.
The automotive textiles market is
broadly categorized into four major segments based on the application type such
as upholstery, tires, safety devices and engine components. The upholstery
devices is considered as one of the fastest growing segment in the automotive
textiles industry with substantial revenue generation in the last few years.
Growing popularity of automotive textiles in the upholstery segment is
attributed to the higher market penetration. The safety devices segment has
also witnessed substantial growth due to the growing user awareness and
stringent government regulation regarding adoption of safety features in the
vehicles.
Automotive textile market is divided by
region as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in automotive sector, increase in the
number of research & development activities in the region and existence of
well-established industrial infrastructure. Asia-Pacific region is predicted to
hold major market share in the automotive textiles with massive growth in
forecast period. Countries such as India, China and Japan are leading the
Asia-Pacific market with rapid industrialization, robust growth of automotive
sector, favorable government laws & regulations, and significant investment
by leading industry players considering potential growth opportunities in the
region.
The key players in the automotive
textile industry are Trevira Co., E. I. du Pont de Nemours and Company, Sage
Automotive Interiors, Inc., Baltex Ltd., Reliance Industries Ltd., Auto Textile
S.A, Global Safety Textiles Co., SMS Auto Fabrics, Inc., Autoliv Co., Lear Co.,
Johnson Controls, Inc., Suminoe Textile Co., Ltd., ASGLAWO Technofibre, Inc.,
and CMI-Enterprises, Inc.
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