Automotive soft trim interior material market has witnessed extensive acceptance in emerging economies, where manufacturers are concentrating on offering a whole variety of products for automotive soft trim interiors with light weight. This market is marked by presence of a huge number of players. Continuous product innovation is the key strategy of major players to enhance customer base and market share. Well-structured and efficient supply chain network are major growth strategies for reaching out to customers.
A major factor driving the evolution of global automotive interior soft trim materials market, in present scenario is the increasing number of investments by firms worldwide. These firms are constantly seeking investment opportunities in global automotive interior materials market by following the buy-and-build concept. Rising focus on automotive companies based in Germany and the U.K. has been witnessed where both major automotive companies as well as startups are being pursued. This is owing to the high growth prospects of OEMs in these countries. Many automakers have started the positioning and re-branding of their respective car models with aesthetic and stylish interior features that demand for an increased adoption of leather and high-quality fabrics. Consumers prefer affordable interior materials that are easy to maintain without compromising on aesthetics. This is a key factor supporting the development of automotive soft trim interior materials market.
Growth of the global automotive soft trim interior materials market is likely to be hampered by the rising prices of raw materials. Due to rise in prices there has been a substitution effect that is causing high-end materials to be replaced by low-end materials. Moreover, rising raw material prices are also projected to hamper sustainability and profitability of interior material manufacturers. The reason behind it is increase in production cost that would directly be conveyed to overall vehicle production cost. Slow growth of automobile industry is another factor which is restraining the progress of the market. Along with automotive production slowdown, the economy is also facing slow growth after financial crisis, which will lead to lesser investments in end use industries, such as electronics and furnishing. Consequently, this is expected to result in a slowdown in the automotive soft trim interior material.
APAC is expected to be an opportunistic market with respect to demand. Companies are expanding their footprint to cater to the demand of luxury and premium automobiles in the APAC region. With respect to value, APAC has been estimated to account for the largest share in global automotive soft trim interior materials market. The Asia Pacific automotive interior materials market is projected to be highly lucrative due to increasing production of automotive coupled with rising demand for commercial vehicles and passenger cars in India, China, and other Asia-Pacific countries including Japan.
NHK Spring Co., Ltd., Faurecia S.A., Guelph Manufacturing Group, Lear Corporation, Aisin Seiki Co., Ltd., PLC, Seiren Co. Ltd., Grupo-Antolin Irausa, S.A., Magna International Inc., Toyota Boshoku Corporation, TS Tech Co., Ltd., Adient PLC, Benecke-Kaliko AG,., GST AutoLeather, Inc., Mayur Uniquoters Ltd., and DK Leather Corporation, are few of the key vendors that are functioning in the automotive soft trim interior material market.