Global Automotive Carpeting and Roofing Material Market: Lucrative Prospects on the Cards with Rising Application of Green Technologies
Albany, NY -- (SBWire) -- 03/28/2018 --In order to protect the interior of an automobile from corrosion, dirt, and water, consumers use carpets, floor mats and roof among other materials. As a result of recent advancements, nano materials are increasingly used as automotive fabric. This is expected to have a positive impact on the global automotive carpeting and roofing market, considering the escalating demand for eco-friendly alternatives worldwide.
Automotive carpets, floor mats, and roofing materials are required in all types of vehicles. However, their demand in passenger vehicles is comparatively higher as customers expect more comfort from their private cars. Also with the rising preference toward green technology in automotive leather materials, the market for automotive carpeting and roofing will slowly transition towards eco-friendly technologies. This in future will gain much traction for the market. Besides this, the rising investment of private equity is likely to bolster the overall operations in the market.
The global market for automotive carpeting and roofing stood at US$13.51 bn in 2016. Rising at a healthy CAGR of 5.9% from 2017 to 2025, this market is likely to reach US$22.66 bn by the end of 2025.
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Asia Pacific to Continue Leading Global Automotive Carpeting and Roofing Market
On the basis of the geography, the worldwide automotive carpeting and roofing market has been categorized into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions Asia Pacific and Europe have been reporting the most lucrative prospects. The regions cumulatively held over 60% of the global automotive carpeting and roofing material market in 2016. Asia Pacific reports a greater consumption of foam compared to other regions and is expected to grow at the highest pace during the forecasted period from 2017 to 2025. The increasing demand of passenger cars, hybrid-electric vehicles, multipurpose vehicles, and sports utility vehicles (SUV) in India, Japan, and China is expected to boost the Asia Pacific automotive carpeting and roofing market.
The Europe market for automotive carpeting and roofing is driven by the increasing demand for passenger vehicles in Germany, France, the U.K, Italy, and rest of Europe. Investments by private equity firms in automobile OEM companies in Germany, the U.K among others is expected to increase demand in automotive carpeting and roofing market in this region. Furthermore, the rising production of light vehicles is also expected to increase the demand in for advanced automotive carpeting and roofing materials in Europe.
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Passenger Vehicles to Exhibit Highest Demand for Advanced Automotive Carpeting and Roofing Materials
Passenger vehicles, light commercial vehicles, and heavy commercial vehicles exhibit high consumption of automotive carpeting, floor mats, and roof among others. Passenger vehicles is the largest consumer of automotive carpeting and roofing products and its market size is more than the combined market size of light commercial vehicles and heavy commercial vehicles. Holding over 56% of the overall market, the passenger vehicle segment emerged dominant in 2016.
Among the components of automotive carpeting and roofing, floor carpets held the largest share followed by headliners/ sunshades, and truck trim. The increasing application of floor carpets and the variety in materials used for the manufacturing of floor carpets is influencing the growth of segment in this market.
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Some of the major companies operating in the automotive carpeting and roofing market are IAC Group, Feltex Automotive, Low and Bonar, AGM Automotive, Inc., Lear Corporation, Faurecia, Autoneum Holding Ltd., Magna International, Inc. and UGN, Inc. among others.
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