Selbyville, Delaware, Dec. 14, 2022 (GLOBE NEWSWIRE) --
The automotive flooring market is expected to record a valuation of USD 2 billion by 2032, according to a new research report by Global Market Insights Inc.
Rising strong presence of premium car manufacturers will proliferate the adoption of automotive flooring materials, especially in the UK, Italy, and other European nations. The region is also home to major automobile manufacturers including Volkswagen, Audi, BMW, and Mercedes-Benz. Automotive OEMs have also been leveraging high-class technical and engineering expertise and advanced technologies. These factors, along with the mounting production of passenger vehicles, will propel product development.
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Automotive flooring market from the polyurethane material segment is poised to witness more than 2% gains through 2032, due to its lightweight, accuracy in complex designs, and other attributes. In addition, PU components can support the even distribution of raw materials owing to their high flowability in reaction injection molding, thereby resulting in superior product finishing. The report cites that the capability to cater to increased cabin insulation and corrosion resistance demand will further contribute to the use of polyurethane material in auto flooring applications.
Automotive flooring market from the mat product segment recorded for USD 950 million in 2022, considering its ability to prevent the vehicle’s floor against wear, corrosion, and dirt. Several aftermarket players have also been offering various floor mats to enhance floor protection from high cargo loads during transportation. A range of raw materials, including rubber, leather, and nylon, are utilized to develop flooring solutions designed to suit varying consumer needs, further bolstering the installation of automotive mats.
The aftermarket distribution channel segment in the automotive flooring market accounted more than USD 390 million in 2022. A rapid shift in consumer preference for product replacement to enhance the visual appearance of car cabins is expected to stimulate flooring aftermarket material usage. Aftermarket players are also focusing on customizations and design alternations in mats, carpets, and other flooring solutions to suit customer requirements, thereby escalating product sales through aftermarket channels.
Latin America automotive flooring market is predicted to observe nearly 1.5% growth rate through 2032, as a result of the growing foreign direct investments from government authorities. Several Latin American nations have also been introducing favorable trade policies for automakers. With the expansion of car distribution channels, product penetration is likely to rise. Furthermore, the strong presence of automotive aftermarket companies will boost the supply of automotive flooring products in the region.
Leading players operating in the automotive flooring market are DuPont de Nemours, Inc., Apache Mills, Inc., Hyosung Corporation, Conform Automotive, GAHH, LLC., Borgers SE & Co. KgaA, WALSER GmbH, Auria Solutions, Foss Performance Materials, and Freudenberg SE, among others. These leaders are focusing on strategies such as mergers and acquisitions. For instance, in April 2022, Auria Solutions entered a joint venture deal with Feltex Automotive to address the requirement of selected automotive OEMs. This initiative was meant to enable the company to drive its presence in the industry.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Automotive Flooring Market Insights
3.1 Industry segmentation
3.2 Impact of covid-19 on world economy
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Industry impact forces
3.5.1 Growth drivers by region
3.5.1.1 North America
3.5.1.1.1 Increasing automotive e-commerce influencing consumer buying behavior
3.5.1.2 Europe
3.5.1.2.1 Presence of major premium car manufacturers and component suppliers
3.5.1.3 Asia Pacific
3.5.1.3.1 Strong automotive aftermarket and preference for superior interiors
3.5.1.4 Latin America
3.5.1.4.1 Recovering economies along with increasing demand for commercial vehicles
3.5.1.5 MEA
3.5.1.5.1 Rising consumer inclination for high-end & luxury vehicles and increasing presence of distributors
3.5.2 Industry pitfall & challenges
3.5.2.1 Fluctuating vehicle sales in major regions
3.6 Regulatory landscape
3.7 Growth potential analysis, 2021
3.8 Porter’s analysis
3.9 Porter’s analysis
3.10 Russia-Ukraine war impact on precision gearbox market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
