Last year, the global automotive flooring market was estimated at USD 608 million. One of the key drivers for the growth in this sector is increasing automobile production across the globe. Passenger safety and comfort in cars is also becoming increasingly important, which is leading to more attention being paid to the flooring in vehicles.
The automotive flooring industry is highly competitive because of the presence of several large manufacturers, integrated across the most significant components of the value chain. Furthermore, the threat of new entrants in the industry is low, says analysis by Grand View Research. Some of the challenges posed to new entrants include high initial capital investment, the presence of several product manufacturers in key regions across the globe, and stringent regulations regarding fuel efficiency, safety, noise emissions, vehicles safety and fuel economy.
The automotive flooring market is dominated by nylon, followed by materials such as polyurethane, polypropylene and rubber. According to a report by Grand View Research entitled Automotive Flooring Market Analysis By Material (Polyurethane, Polypropylene, Nylon, Rubber, Others), Product (Carpets, Mats), Application (Passenger cars, LCV, HCV) And Segment Forecasts, 2014 – 2025, the market for polyurethane materials is expected to witness substantial growth over the forecast period. The growth in this material is due to increasing use of PU for the manufacture of insulating carpets and PU foam for sound deadeners in passenger cars and commercial vehicles.
The largest share of industry revenue in 2016 went to nylon, with nylon fibre, thanks to its light weight, strength, flexibility and affordability. Grand View Research predicts that the nylon segment will grow by 4.6% during the forecast period. Rubber is also expected to experience substantial growth during the period since it offers better oil resistance, noise and vibration insulation and absorption in automobiles.
North America accounted for a substantial share of the overall industry revenues, with the European region recording the second-largest share of the industry in 2016. The Asia Pacific region is expected to witness the highest growth during the forecast period on account of automotive production in China, India, and South Korea, combined with a growing need for enhanced passenger comfort and safety in cars.
The full report can be purchased at: http://tiny.cc/udkbny
Full thanks and acknowledgement are given to www.grandviewresarch.com for the information contained in this article.