As per the report published by FMI, the global automotive plastic interior trims market is projected to have a moderate-paced CAGR varying between 6%-8% during the forecast period. The current valuation of the market is USD 26 Billion in 2022. The market value of automotive plastic interior trims is anticipated to reach a high of USD 44 Billion by the year 2032.
Automotive plastic interior trims are gaining rapid traction as manufacturers in the automotive industry are continually innovating the components to be used in the interiors of vehicles. Consumers are having a tilt of preference toward more convenience, advanced safety features, and premium aspects. Therefore, it is anticipated that the automotive plastic interior trims market is likely to gain momentum over the estimated period of study.
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According to the findings of Future Market Insights, an unprecedented surge in the demand for automotive plastic interior trims has been witnessed and the market is primarily driven by the use of multiple lightweight and advanced materials with a unique finish for the vehicle interiors.
Since light interior solutions and overall weight reduction have become an important factor for vehicle manufacturers, coupled with greater comfort, the automotive plastic interior trims market is projected to have a substantial rise in sales over the period 2022-2032.
However, it is anticipated by the expert analysts at FMI that the high cost of advanced interior components and the increase in automotive import tariffs, and the longer production cycle time is likely to curb the growth of the market. For instance, earlier, the share of the electronic system in a vehicle was just 1–2% of vehicle cost, but due to the rising trend for enhanced user experience and convenience features, the share of such systems has now increased to 8–12% of the total vehicle cost.
FMI has analyzed that the rising adoption of autonomous and semi-autonomous vehicles is likely to fuel the demand for automotive plastic interior solutions as the need for integrating advanced technologies would be higher than in traditional vehicles. Automotive plastic trims are anticipated to play a greater role in concept cars having concept cars with radical designs and the latest technologies, which will further accelerate the demand for cockpit electronic systems in cars.
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Key Takeaways from the Automotive Plastic Interior Trims Market
- Asia Pacific region is projected to dominate the global automotive plastic interior trims market and advance at a CAGR of 3.45% during the period 2022-2032.
- Asia Pacific/APAC has accounted for a dominant revenue share of over 45.0% during the base year.
- The Polypropylene segment for automotive plastic interior trims accounted for a revenue share of more than 30% in the base year.
- The Injection Molding segment led the market and accounted for the highest revenue share of more than 55.0% in 2021.
“The use of lightweight carbon fibers and different polymers in the production of automotive trim components are likely to create lucrative growth opportunities for the manufacturers and provide them the ability to produce high specific strength, intricate shapes, and high energy absorption features for the vehicles.” – Says an FMI Analyst
Competition Landscape in the Automotive Plastic Interior Trims Market
The market is found to be significantly fragmented owing to the presence of a large number of manufacturers across the globe. The global players are facing intense competition from each other along with the regional players who have strong distribution networks, coupled with incredible knowledge of regulations and suppliers.
The companies in the automotive plastic interior trim market are competing on the basis of product quality offered and the technology being used for the production of automotive plastics. The manufacturers are continually innovating and getting themselves indulged in mergers & acquisitions to gain a competitive advantage and curate high-end automotive interiors with maximum finesse.
Trinseo, Dassault Systèmes, CIE Automotive, Doughlas Corporation, TS TECH Co., Ltd., Neaton Auto Products Manufacturing, Inc., Sage Automotive Interior Trim, and ITG Company are some of the key players in the market.
Key Segments Profiled in the Automotive Plastic Interior Trims Market
Vehicle Type:
- Commercial Vehicles
- Passenger Cars
Application:
- Pillar Trims
- Door Trims
- Instruments Panels
- Armrest
- Seat Backs
- Roof Handles
- Central Consoles
- Luggage Trims
- Seat Belt Guides
Sales Channel:
- OEM
- After Market
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
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Recent Developments in the Automotive Plastic Interior Trims Market:
- In February 2022, Faurecia acquired 79.5% of Hella shares, including 60% of Hella shares from a pool of family shareholders, for approximately 52.1% in cash, 7.9% in newly issued Faurecia shares, and 19.5% as part of the settlement of the public takeover offer, which ended on November 11, 2021. This transaction implies a total investment of USD 6 billion (cash and shares).
- In November 2021, Continental developed an innovative display solution called ShyTech Display that intelligently supports drivers in keeping an eye on all the important information at all times.
- In September 2021, Continental AG and Horizon Robotics formed a joint venture to focus on delivering better solutions for the Advanced Driver Assistance System (ADAS), which will be done by integrating new hardware, including antennas, radars, and sensors.
- In June 2021, HDT Automotive Solutions LLC has agreed to purchase Veritas AG. The alliance would broaden HDT’s inventive material science and connection expertise in metal fluid, plastics, and rubber connecting devices for various automotive applications.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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