South America Automotive Fabric Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Application, Covering Material Type

The South America automotive fabric market is expected to grow from US$ 1,268.42 million in 2019 to US$ 1,671.24 million by 2027; it is estimated to grow at a CAGR of 3.7% from 2020 to 2027. The focus on developing enhanced automotive interior and exterior aesthetics and properties has been increased owing to a shift in consumer lifestyle. The use of advanced and functional textiles and fabrics is not restricted to promote vehicle appearance but is also used to promote safety and performance of vehicle. Hence, the demand for automotive fabric has been driven by rising consumer focus toward safety, quality, and aesthetic properties. The evolution of advanced textile materials with multifunctional properties coupled with the rising instance of accidents and mishaps associated with vehicle’s inefficiency are among the other factors proliferating the market growth. The market for automotive fabric is positively influenced by the stringent safety regulations formulated and incorporated by the governments in various economies across South America. The mandatory installation and use of seat belts, airbags, and anti-lock braking systems (ABS) to promote in-vehicle safety is expected to increase the demand for high performing fabric material. The initiatives undertaken by government is strongly contributing toward spreading awareness about the safety features to be deployed in vehicles; thereby, driving the growth of the South America automotive fabric market.

Further, in case of COVID-19 outbreak, in South America, especially Brazil, witnessed an unprecedented rise in the number of COVID-19 positive cases, which led to the discontinuation of automation manufacturing activities. In addition, other automotive components and parts manufacturing sector has negatively 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 South American countries such as Argentina, Colombia, Peru, Chile and Ecuador. However, the countries are likely to overcome the drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on covering material type, the textiles segment led the South America automotive fabric market in 2019. Automotive textiles are often categorized as non-apparel textiles that significantly find applications in cars, trains, buses, and other vehicle forms. Automotive textiles are composed of different types of textile components such as yarns fibers, filaments, and the fabrics. These textiles are counted as an essential aspect of technical textile and are extensively used in in-vehicle applications to promote aesthetic and ensure safety and quality. It is estimated that approximately 50 square yards of textile material are explicitly required on an average for various applications, such as coverings for seating areas headliners, tires, belts hoses, side panels, carpets and trunk, and airbags. Other than the interior trim applications, these textiles are also ideal to be used to reinforce tires, hoses, safety belts, and other such parts. Textile materials are used in the preparation of covering material to ensure interior trim and promote comfort, and for reinforcement. Technical textiles are one of the fastest growing segments owing to its properties and diversified use in automotive parts and components. With the growing automotive industry and rising vehicles sales, the demand for textiles is expected to rise during the forecast period.

The overall South America automotive fabric market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South America automotive fabric market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South America automotive fabric market. A few of the key companies operating in the market are Bader Gmbh and Co. KG; Borgstena Gruppen; Boxmark Leather; Grupo Copo; JBS Couros; Lear Corporation; Sage Automotive Interiors Inc.; Seiren Co., Ltd; Suminoe Textile Co., Ltd.; and TB Kawashima Co., Ltd.

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