Global Automotive textile market to grow 5.75% by 2023

According to Fibre2Fashion’s market insight tool TexPro, global market of automotive textiles was 2.502 million ton in 2018. It means that the market will grow by 8.08 lakh ton. The market was 2.015 million ton in 2015, 2.169 million ton in 2016 and 2.313 million ton in 2017. Therefore, it added a volume of 4.87 lakh ton in the last three years. Economic disruption in the world due to COVID-19 dampened auto sector’s growth but it witnessed a V-shaped recovery after the pandemic. 

China’s market size was 7.17 lakh ton in 2018, 6.62 lakh ton in 2017, 6.22 lakh ton in 6.22 in 2016 and 5.29 lakh ton in 2015, as per TexPro. After China, US, Japan, Rest of Europe (excluding Germany, Spain, France, Turkey and UK) and India are among the top five countries in terms of market volume. 

The US market will grow to 3.27 lakh ton in 2023 from 2.72 lakh ton in 2015. Therefore, the country will have a growth of 2.32 per cent. Japanese market will grow by 3.58 per cent to reach 2.33 lakh ton in 2023 from 1.66 lakh ton of 2015. The market of rest of Europe will reach 2.33 lakh ton with a growth of 3.01 per cent. 

The Indian market will have the fastest growth of 12.28 per cent but in terms of volume, it ranks fifth in the world. Indian automotive textile market will reach at 2.26 lakh ton in 2023. The market size was 0.88 lakh ton in 2015, 0.99 lakh ton in 2016, 1.11 lakh ton in 2017 and 1.26 lakh ton in 2018. India’s market size of automotive textile is still very limited when compared to China. 

Fibre2Fashion News Desk (KUL)