Automotive Fabrics Market Projected to Reach 34.35 Billion USD by 2021

From: MarketsandMarkets
Published: Thu Apr 06 2017

The report "Automotive Fabric Market by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses & Coaches) & Application (Floor Covering, Upholstery, Pre-assembled Interior Components, Tires, Safety-Belts, Airbags) - Global Forecast to 2021",The Automotive Fabrics Market size was USD 28.81 Billion in 2015 and is projected to reach USD 34.35 Billion by 2021, registering a CAGR of 3.3% between 2016 and 2021.

Browse 118 market data tables and 46 figures spread through 170 pages and in-depth TOC on "Automotive Fabric Market - Global Forecast to 2021"
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The increased demand for automotive fabrics from floor covering; upholstery; pre-assembled interior components; tires; safety-belts; airbags; and other applications is driving the market.

"Floor covering is the largest application segment for automotive fabrics"

Floor covering accounts for the largest share of the global Automotive Fabrics Market and is projected to grow at a CAGR of 3.4% between 2016 and 2021, in terms of value. The floor covering segment is projected to drive the Automotive Fabrics Market between 2016 and 2021 due to the increasing usage of carpets in automobiles. Automotive fabrics are used in carpets because they have noise and vibration absorption properties. These fabrics offers savings both in cost and weight.

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"Automotive Fabrics Market is expected to witness significant growth in the passenger cars segment"

Automotive Fabrics Market is expected to witness significant growth in the passenger cars segment between 2016 and 2021. This is owing to the rising demand of passenger cars in countries such as China, India, Japan, the U.S., Canada, Mexico, South Korea, Spain, France, Indonesia, the U.K., Brazil, and Russia, among others. The increasing demand for passenger cars can also be attributed to the rising middle class income in countries such as China, India, and Brazil, which in turn is expected to boost the demand for automotive fabrics in the passenger cars segment.

"Asia-Pacific is the largest market for automotive fabrics"

Asia-Pacific dominated the global Automotive Fabrics Market in 2015. Population growth and rapid urbanization in key countries, such as China and India, accompanied by the rising demand for automobiles contribute towards the growth of 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 which drives the demand for automotive fabrics in the region.

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Key players profiled in the report include 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), Acme Mills Company (U.S.), Martur Automotive Seating Systems (Turkey), Glen Raven Inc. (U.S.), Haartz Corporation (U.S.), and Tenowo GmbH (Germany).

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