Global PVC & PU Leather for Automotive Interior Market Forecast, Trend Analysis & Competition Tracking - Global Industry Insights 2015 to 2031

PVC & PU Leather for Automotive Interior Market: Introduction

Automotive interior materials are used to manufacture automotive interior components, such as steering wheels, roofs and floors, cushions, seat belts, airbags, and interior trim applications. The automotive leather is available in single colour, multi-colour or customized surfaces. The processing technology of automobile leather is different from ordinary furniture leather. The two most common types of synthetic leather used in automobile interiors are - Polyurethane (PU) and Polyvinyl Chloride (PVC). The PVC leather segment is estimated to account for a 36.0% revenue share in 2020 and is expected to register CAGR.

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Global PVC & PU Leather for Automotive Interior Market Revenue Outlook:

The global PVC & PU leather for automotive interior market revenue was valued at US$ 11.08 Bn in 2020, and the market is projected to register а САGR of 6.5% by 2031.

Nonetheless, various industry players in the global PVC & PU leather for the automotive interior market are now increasing their focus towards the establishment of successful collaborations, acquisitions, and joint venture activities as a means to enhance their respective customer bases. In doing so, these players are also increasing their supply capabilities to meet customer requirements on a local and global scale. This factor, paired with promising industrialization prospects in developing economies of the Asia-Pacific region, such as China, India, Taiwan, Indonesia, etc., are expected to create massive business opportunities for key players over the forecast period.

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Factors That Are Increasing The Demand For PVC & PU Leather For Automotive Interior

Increasing demand for innovative, lightweight, high-quality materials for automotive accessories and interior is expected to fuel the revenue growth for automotive industries. In addition, increasing focus by governments towards vehicle safety, reducing carbon emissions, and enabling lightweight vehicles is compelling Original Equipment Manufacturers (OEMs) to offer enhanced safety features in vehicles and to use materials that help in the overall weight reduction of vehicles. This is achieved by replacing genuine leather with upholstery flexible and light. This synthetic material is rigid enough to replace a similar volume of plastic. Plastic components have a higher mass index than textiles and are a significant concern for environmental regulations. Therefore, replacing plastic with more lightweight interior materials is expected to result in the overall reduction of a vehicle’s weight while maintaining its predetermined safety standards. Hence, manufacturers are encouraged to utilize effective automotive interior materials to improve the projected revenues of the PVC & PU leather automotive interior market.

Opportunities For The Global PVC & PU Leather For Automotive Interior Market

Technological development in designing innovative materials for automotive interiors offers several lucrative opportunities for leading players operating in this target industry. The increasing focus on growth strategies such as new product launches, mergers & acquisitions, partnerships, and higher investments for product enhancements, new production plants, among others, is expected to create revenue growth opportunities for small and large scale automotive manufacturers operating in several developing countries to increase their presence in these regions.

Vehicle Production (In Units), By Region 2017-2019

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COVID–19 Impact

The COVID-19 pandemic has resulted in the slowdown of critical trade activities across several countries. The possibility of a pending economic recession is also likely to impact future investments in this sector adversely. The onset of this given pandemic has also affected the respective supply chains of companies across the world. As major economies experienced precautionary manufacturing lockdowns, a considerable gap between market supply and demand was created, making it difficult for manufacturers and distributors to manage their supply operations. This is a primary factor that is expected to negatively influence future revenue growth prospects for the Global PVC & PU leather for the automotive interior market. However, as enforced lockdowns are gradually lifted, and economies begin to re-open, this market is expected to recover.

Market Dynamics

Global PVC & PU leather industry for the automotive interiors market is divided into - leather type, application, and end-use segments. On the basis of leather type, this market is further sub-segmented into PVC leather and PU leather. With respect to application, the market is sub-segmented into seats, door panels, instrument panels, consoles, and other applications. Concerning the end-use, this sector is sub-segmented into passenger vehicles and commercial vehicles.

The PU leather segment is expected to register the highest CAGR over the forecast period among the leather type segments. Among the application, seats hold a significant revenue share, followed by door panels. Further, among the end-use, passenger vehicles have a considerable revenue share, followed by commercial vehicles.

The markets in Asia-Pacific accounted for the highest revenue shares generated by the PVC & PU leather industry for the automotive interiors in 2020. The Asia Pacific region is also expected to register the highest CAGR of 7.1% over the forecast period.

Competitive Landscape

Some of the leading manufacturers operating in PVC & PU leather for the automotive interior market include:

• Continental AG (Benecke-Kaliko AG)
• Scientex Berhad
• Achilles Corporation
• Kyowa Leather Cloth Co., Ltd.
• Vulcaflex S.p.A.
• Mayur Uniquoters Limited.
• Premier Polyfilm Ltd.
• Leo Vinyls
• Marvel Vinyls Limited
• DK Leather Corporation
• Bader GmbH & Co. KG
• Other Key Industry Players

Some notable developments in the market include:

• In June 2021, The European private equity firm PAI Partners (PAI) has acquired, Pasubio, an Italian leather manufacturer and specialized supplier of premium leather for the automotive industry, from CVC Capital Partners VI (CVC).
• According to the United States Federal Reserve, the total vehicle sales were 15.84 Mn Units in June of 2021.
• According to data released by the Australian Bureau of Statistics (ABS), sales of new electric cars surged by 59 % in 2020. The federal government body has revealed that 20,095 electric cars were registered in 2020, compared with 12,651 in 2019.

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered

Global PVC and PU Leather for Automotive Interior Market, By Leather Type

• PVC Leather
• PU Leather

Global PVC and PU Leather for Automotive Interior Market, By Application

• Seats
• Door Panels
• Instrument Panels
• Consoles
• Other Applications

Global PVC and PU Leather for Automotive Interior Market, By End-Use

• Passenger Vehicles
• Commercial Vehicles

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• Continental AG (Benecke-Kaliko AG)
• Scientex Berhad
• Achilles Corporation
• Kyowa Leather Cloth Co., Ltd.
• Vulcaflex S.p.A.
• Mayur Uniquoters Limited.
• Premier Polyfilm Ltd.
• Leo Vinyls
• Marvel Vinyls Limited
• DK Leather Corporation
• Bader GmbH & Co. KG
• Other Key Industry Players