The growth prospects for automotive fabrics market are positive with the market size expected to witness a significant growth between 2016 and 2021, in terms of both value and volume. The global automotive fabrics market is rapidly evolving with the major market players playing a crucial role in the development of the market. Major players such as Toyota Boshoku Corporation (Japan), Adient Plc (Ireland), Lear Corporation (U.S.), Takata Corporation (Japan), and Suminoe Textile Co., Ltd. (Japan) dominate the automotive fabrics market
Toyota Boshoku Corporation and Adient Plc hold a significant share of the global automotive fabrics market. These companies mainly focus on expansion to strengthen their market presence. The demand of automotive fabrics is rising mainly due to their use in various end-use applications and increase in the production of automobiles. Thus, the players are concentrating to expand their presence to meet the growing demand.
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The major players are concentrating on expanding their presence in countries such as China, India, the U.S., Czech Republic, Turkey, Hungary, Mexico, and Indonesia to develop and manufacture new fabrics for the automobile industry. In addition, the companies are also upgrading their manufacturing units for enhanced production of automotive fabrics. All these expansion strategies help the companies to meet the growing demand for automotive fabrics for a variety of end-use applications such as upholstery, floor covering, tires, safety-belts, airbags, and pre-assembled interior components, among others.
Expansions, agreements, and new product launches are the key strategies adopted by the major automotive fabrics manufacturers in the recent past. The top players in the automotive fabrics market adopted these strategies to attain a stronger presence in automotive fabrics market and to enhance their product portfolio.
Toyota Boshoku Corporation is focusing on expansions to meet the growing demand in the market. The company expanded its Toyota Boshoku Illinois, LLC plant, at Illinois, U.S. in March 2016 which manufactures seat, doors, and carpets for several models of automobiles. It also opened a new subsidiary, Toyota Boshoku Lao Co, Ltd., at Japan, in 2014 to manufacture seating fabrics for automobiles. The company is also focusing on agreements to capture emerging markets of India and Switzerland. Thus, the company is concentrating on expansions and agreements to meet the growing demand for automotive fabrics.
Adient Plc is another key player in the automotive fabrics market which is focusing on agreements, expansions, and new product launches to cater to the demand from end-use applications. In 2016, the company entered into an agreement with AB Volvo (Sweden) to supply seat cover material and upholstery for Volvo S90. In 2014, the company launched a new coating for fabrics, FreshPer4mance that keeps automotive seats clean and hygienic. In 2013, the company strengthened its production capability in western China with the opening of a new plant in Chengdu that manufactures complete seating, headliners, floor console carriers, and related services to Volvo.
The leading market players have adopted different strategies to have a competitive advantage over other players. Asia-Pacific is leading in terms of demand for automotive fabrics. This is because of the increased production of automobiles in the country, accompanied by the growing demand for automotive fabrics in airbags, safety-belts, upholstery, floor coverings, and various other applications.
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