Automotive textiles market worth $31.75 billion by 2024

July 11th, 2016 / By: / In the Industry

The global automotive textiles market is expected to reach $31.75 billion by 2024, according to a new report by San Francisco-based Grand View Research Inc. Increasing automobile production, particularly in the Asia Pacific region, and a favorable regulatory scenario is expected to drive the market over the forecast period.

The textiles are used in auto interiors, the report notes. Safety concerns, such as for more seat belts and airbags, have driven the demand. In addition, calls in Europe for better emission control in vehicles has prompted higher demand for automotive filters.

The report also cites increasing disposable income levels and living standards in emerging economies such as China and India as contributing to market development. These countries, along with a growing Middle East market, have created new avenues for manufacturers.

Woven fabrics emerged as the leading product segment and accounted for 43.6 percent of total market volume in 2015, the report says. Composites are expected to see the highest growth (3.9 percent) from 2016 to 2024.

Among the report’s key findings:

● The global automotive textiles market demand was 3.81 million tons in 2015 and is expected to reach 5.14 million tons by 2024, growing at a Compound Annual Growth Rate of 3.3 percent from 2016 to 2024

● Upholstery was the leading application segment and accounted for 55.7 percent of total market volume in 2015. Increasing demand for automotive seat covers is expected to lead this segment over the forecast period. Safety devices are expected to witness the highest growth of 3.9 percent from 2016 to 2024.