Global Automotive Interior Leather Market is expected to Exhibit a CAGR Of 5.2% by 2027, Says CMI
SEATTLE, April 01, 2020 (GLOBE NEWSWIRE) -- Automotive interior leather refers to a special type of leather, which is used to augment the ambiance and aesthetics of the vehicle interior. The quality of leather is different from ordinary furniture leather as its driver and passenger can feel its unique texture during their time inside the vehicle. Automotive interior leather is not limited to upholstery only and can cover controllers, steering wheel, and infotainment systems. Apart from being aesthetic in appearance, automotive interior leather is required to be durable and should sustain constant abrasions of scratches and wear & tear.
The global automotive interior leather market is estimated to account for US$ 29,441.6Mn in 2019 and expected to grow at a CAGR of 5.2% over the forecasted period 2019-27.
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Market Drivers:
- Advancements in technology are expected to boost the global automotive interior leather market during the forecast period
- Growing use of smart fabrics in mature market is expected to support growth of the global automotive interior leather market over the forecast period
Market Opportunities
- Use of fabrics with nanomaterial can offer major business opportunities
- Adoption of green technology in automotive leather manufacturing can present lucrative growth opportunities
Market Restraint
Inappropriate disposal of effluents from the tanning industry is expected to restrict growth of the global automotive interior leather market during the forecast period
Genuine leather is the most expensive material used in automotive industry for upholstery. However, its use has stagnated in the recent past, owing to adverse effects of leather processing on the environment. Developed markets have the most stringent regulatory policies regarding environment, which has made it difficult for leather manufacturers to remain profitable. Moreover, inappropriate disposal of effluents from beam house processes is expected to hamper the market growth in the near future.
Key Takeaways
- APAC holds the dominant position in the global automotive interior leather market and is expected to witness significant growth over the forecast period 2019-27. This is owing to the high production of automotive products in developing economies such as China and India. For instance, according to the International Trade Administration (ITA), U.S. Department of Commerce, China will reach 30 Mn automobile units by 2020 and 35 Mn by 2025 Which is highest in all over the glob
- Among the material segment, the Synthetic Leather sub-segment is expected to dominate the global automotive interior leather market over the forecasted period 2019-27. This is owing to the wide application of synthetic leather in the low price segment vehicles. Low price segment car manufactures are focusing on reducing the overall cost of the vehicles to remain profitable the business. This can be done by reducing the cost of non-essential components such as seat cover. Moreover, these seat covers are also made available various leather proving companies. For instance, Mayur Uniquoters Ltd. an India based synthetic leather manufacturing company offers synthetic leather for automotive industries.
- Among the application segment, the airbag sub-segment is expected to provide lucrative opportunities to the key players. This is due to changing rules and regulations about passenger safety. Government organizations of various countries around the globe are making car manufactures implement airbags as basic safety measures. For instance, in July 2017, according to the Government of India, all car manufacturers need to provide at least one airbag to the basic model vehicles as safety measures from July 2019.
Competitive Section
Key players operating in the global automotive interior leather market are Bader GmbH & Co. KG., Faurecia S.A., Elmo Sweden AB, Leather Resource of America Inc., Scottish Leather Group Limited, GST AutoLeather Inc., Eagle Ottawa LLC, D.K Leather Corporation, and WOLLSDORF LEDER SCHMIDT & Co. Get.m.b.H.
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Key Developments
- Key players in the marker are involved in business expansion, in order to strengthen the market presence. For instance, in April 2019, GST AutoLeather Inc. inaugurated its new leather-finishing facility Jiaxing, China.
- Major market players are focused on capacity expansion, in order to gain a competitive edge in the market. For instance, in June 2017, Faurecia S.A. inaugurated its new production line in Huejotzingo, Puebla, Mexico.
Segmentation
Market Taxonomy:
- By Material Type
- Genuine Leather
- Synthetic Leather
- PU Leather
- PVC Leather
- By Vehicle Type
- Passenger Vehicles
- Compact
- Sub-compact
- Mid-size
- Sedan
- Luxury
- Van
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- By Application
- Upholstery
- Dashboard
- Seat belts
- Air-bags
- Floor & trunk carpets
- Headliners
- Others
- By Region
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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