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Automotive Fabric Global Market Report 2022: Ukraine-Russia War Impact
Major players in the automotive fabric market are Acme Mills Company, Suminoe Textile Co Ltd, Arvind Limited, Grupo Antolin Irausa S. A, Heathcoat Fabrics Limited, Lear Corporation, Martur Automotive Seating Systems, Navbharat Textile Industries, Seiren Co Ltd, Sage Automotive Interiors Inc, Toyota Boshoku Corporation, Sage Automotive Interiors Inc, Haartz Corporation, Tenowo GmbH, Krishna, and Shandong Exceeding Auto Interior Parts Co Ltd.
New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Fabric Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371411/?utm_source=GNW
The global automotive fabric market is expected to grow from $ 31.16 billion in 2021 to $ 33.60 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automotive fabric market is expected to reach $ 39.67 billion in 2026 at a CAGR of 4.2%.
The automotive fabric market consists of sales of automotive fabrics by entities (organizations, sole traders, and partnerships) that refer to textiles used in the automotive industry to manufacture upholstery and interiors of vehicles.These automotive fabrics are woven or nonwoven, coated or composite in nature.
The primary goal of these fabrics is to provide maximum comfort, safety, and security to passengers while driving. It includes a wide range of product lines, emphasizing the importance of lowering operational costs.
The main types of automotive fabric are polyester, vinyl, leather, nylon, and others.Polyester refers to the automotive fabric made out of polyester.
The polyester fabrics are used in car upholstery, automotive carpets, and seat covers. The different vehicle types include passenger vehicles and commercial vehicles and are applied in automobile carpets or floor coverings, upholstery, pre-assembled interior components, tires, safety-belts, airbags, and other applications.
Asia-Pacific was the largest region in the automotive fabric market in 2021. The regions covered in the automotive fabric market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in automobile demand is expected to propel the automotive fabric market going forward.Economies worldwide have been steadily increasing, which has increased the standard of living, further increasing the purchasing power.
The advent of the COVID-19 pandemic also resulted in individuals preferring a safer mode of transportation that promoted social distancing and thus boosted the growth of automobiles.The increasing demand for automobiles will increase the demand for automobile fabrics as they offer passengers the maximum comfort, safety, and security during the drive.
For instance, according to a report from OICA (International Organization of Motor Vehicle Manufacturers), global passenger car sales increased from 53 million in 2020 to 56 million in 2021.Similarly, commercial vehicle sales increased from 24 million in 2020 to 26 million in 2021.
Therefore, the increased demand for passenger and commercial vehicles drives the growth of the automotive fabric market.
The emergence of recycled fabrics has emerged as a key trend gaining popularity in the automotive fabric market.The recycled fabrics are made from waste material, reprocessed into new fibers and spun into fabric material.
The growing environmental concerns about the negative impact of waste incineration, heavy industrial discharges from textile mills, and raw material depletion have transformed the market towards sustainable materials.For instance, in November 2020, Autoneum Holding AG, a Europe-based manufacturer of in-vehicle acoustic and thermal insulation for vehicles, introduced Relive-1.
This innovative tufted carpet meets the most stringent requirements for sustainable mobility.These Relive-1 carpets sustainably make use of raw materials.
The carpet yarns are made entirely of recycled PET bottles. Autoneum recycles this raw material to produce high-quality carpet systems from recycled PET bottles for upcoming vehicle generations, preserving natural resources and lowering plastic waste.
In October 2020, Sage Automotive Interior, a US-based manufacturer of technical textiles for the automotive industry, acquired Adient’s Automotive Fabric for $ 175 million.With this acquisition, Sage Automotive Interior will expand its business units and strengthen its European portfolio.
This will also help achieve optimum global manufacturing of the whole product lineup. Adient’s Automotive fabric is a US-based automotive seat manufacturer.
The countries covered in the automotive fabric market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The automotive fabric market research report is one of a series of new reports that provides automotive fabric market statistics, including automotive fabric industry global market size, regional shares, competitors with an automotive fabric market share, detailed automotive fabric market segments, market trends and opportunities, and any further data you may need to thrive in the automotive fabric industry. This automotive fabric market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371411/?utm_source=GNW
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