Automotive Fabric Market to Reach US$ 250 Mn by 2022
Verfasser: pradnya_86 on Friday, 13 October 2017According to Future Market Insights’ (FMI) latest analysis report, the global automotive fabrics market is projected to register an impressive 6% CAGR throughout the forecast period, 2017 to 2022. The global market for automotive fabrics is estimated to reach roughly US$ 250 Mn in revenues by 2022-end.
Shifting Focus towards Composite Materials
Demand for safety measures in vehicles have surged significantly over the past few years. Various advancements have been made in the design of airbags, seats, and belts of automobiles, along with improvements in their weight and aesthetic appearance. Automotive fabric play an imperative role in these advancements and improvements, and have gained significant traction across the globe. Leading manufacturers in the market are shifting their focus toward utilisation of light-weight composite materials with properties such as light-weight, advanced adhesive technology, and low moisture content. Composite materials require lesser non-renewable sources for their production, and help in lowering greenhouse gas emissions and petroleum consumption.
Expanding sales of automobiles, increasing purchasing power of people in developed and developing economies, along with rapid urbanisation will further influence growth of the market in the near future. A major hindrance for the market expansion is increasing existence of alternative products such as natural leather, PVC and synthetic leather.