Report : Asia Pacific Automotive Fabric Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Covering Material and Seating Component), Covering Material Type (Textiles, Artificial Leather, Genuine Leather, and Artificial Suede)
Textiles Segment to Dominate Asia Pacific Automotive Fabric Market during 2020–2027
According to a new market research study on “Asia Pacific Automotive Fabric Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast – by, Application, Covering Material Type and Country,” is expected to reach US$ 25,806.09 million by 2027 from US$ 18,262.57 million in 2019. The market is estimated to grow at a CAGR of 4.6% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific automotive fabric market along with the drivers and restraints pertaining to the market growth. Shift in the focus towards safety, quality, and better automotive aesthetics and increase in the sales of vehicles are the major factors driving the growth of the Asia Pacific automotive fabric market. However, the existence of alternative materials may hinder the growth of Asia Pacific automotive fabric market.
In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of automotive manufacturing activities; other automotive components manufacturing sector has subsequently impacted the demand for automotive fabric during the early months of 2020. Moreover, decline in the overall manufacturing activities has led to discontinuation of automotive equipment manufacturing projects, thereby reducing the demand for automotive fabric. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China, Australia and South Korea. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The market for Asia Pacific automotive fabric is segmented into application, covering material type and country. Based on covering material type, the market is segmented into textiles, artificial leather, genuine leather and artificial suede. In 2019, the textiles segment held the largest share in Asia Pacific automotive fabric market. Based on application, the Asia Pacific automotive fabric is divided into covering material and seating component. The covering material segment is expected to be the fastest growing segment over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific automotive fabric market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for automotive fabric.
Bader Gmbh and Co. KG, Borgstena Gruppen, Boxmark Leather, Classic Soft Trim, DK Leather Corporation Berhad, JBS Couros, Kyowa Leather Cloth, Lear Corporation, Martur, Moriden America, Inc., Sage Automotive Interiors Inc., Seiren Co., Ltd, Shawmut Corporation, Suminoe Textile Co., Ltd. and TB Kawashima Co., Ltd. are some of the leading companies in the Asia Pacific automotive fabric market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The report segments the Asia Pacific Automotive Fabric market as follows:Asia Pacific Automotive Fabric Market – By Application
- Covering Material
- Seating Component
- Artificial Leather
- Genuine Leather
- Artificial Suede
- South Korea
- Rest of Asia Pacific
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