Automotive textiles market to reach $31.75bn by 2024

These textiles find major applications in the interiors of automobiles. Increasing safety norms such as standard No. 208 of Federal Motor Vehicle Safety Standards has prompted the automobile manufacturers to install seat belts and airbags in the vehicles which have driven the demand for these technical textiles in the recent past. In addition, Introduction of Euro VI by the EU and EEA member states to govern light and commercial passenger vehicles emissions has prompted the demand for automotive filters which has had a positive impact on automotive textiles demand.

The increasing disposable income levels and rising living standards in emerging economies such as China and India has an immense contribution toward the development of the modern market. In addition, these countries along with growing Middle East market have created new avenues for major manufacturers.

Woven fabrics emerged as the leading product segment and accounted for 43.6% of total market volume in 2015. Composites are expected to witness the highest growth of 3.9% from 2016 to 2024. Increasing demand for high performance materials in the automotive industry is expected to drive this segment over the forecast period.

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 CAGR of 3.3% from 2016 to 2024; and
• Upholstery was the leading application segment and accounted for 55.7% of total market volume in 2015. Increasing automotive seat covers demand is expected to lead this segment over the forecast period. Safety devices are expected to witness the highest growth of 3.9% from 2016 to 2024.

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