Interior innovations favouring the automotive load floor market
The global automotive load floor market was valued at two billion dollars in 2018 and is projected to increase at a CAGR of five percent during the forecast period of 2019 to 2029.
As per the findings of the report, the global automotive load floor market is expected to experience considerable growth during the forecast period due to multiple driving factors such as, multiple features of the automotive load floor, which are estimated to create traction in the forecast period.
Asia’s automotive load floor market rising
Regions such as South Asia and East Asia are estimated to represent the considerable growth opportunities over the forecast period owing to the increasing urban population, rise in the number of vehicle customers, vehicle parc, and trades of automobile in these regions.
China is estimated to hold prominent share in the East Asia automotive load floor market, in terms of volume and value due to the presence of several automotive vehicle manufacturers in the country. The China market is estimated to increase the growth of the East Asia automotive load floor market.
ASEAN countries and India in South Asia & Pacific is likely to propel the demand for automotive load floors owing to the increasing per capita income among large population and prominent factors such as introduction of the BS6 emission norms on automotive vehicles by the end of April 2020.
The Europe market is projected to have a prominent share in the global automotive load floor market due to the increasing vehicle production in the region and demand for automotive load floors by automobile customers improving the interior look and increasing the load capacity of the vehicle. Moreover, regions such as Middle East and Africa and Latin America, are also expected to witness significant CAGR over the forecast period. All relevant forecast factors and macroeconomic are considered while studying the automotive load floor market size.
The substitution for traditional heavy metal
The global automotive load floor market has been segmented based on different types of materials used for manufacturing automotive load floors, their multiple applications, by vehicle type and regions such as North America, Latin America, Europe, South Asia & Pacific, East Asia, and Middle East and Africa.
The material-wise analysis of the automotive load floor market reveals that the composites material of automotive load floor segment is estimated to hold a significant share in the global automotive load floor market, in terms of value.
The government’s strict rules and regulations pertaining to the reduction of CO2 emission from automotive vehicles by the end of the next decade in various regions, such as Europe and European Union Commission (EU) have implemented new emission norms to reduce the carbon percentage from automotive vehicles, resulting in up surging the demand for lightweight automotive, which in turn, leads to the increased demand for components such as polypropylene (PP) and composites material.
Manufacturers are focusing on increasing the production of compact and mid-size vehicles due to the features such as low budget cost and the requirement for less parking space, etc., which leads in fuelling the demand for compact and mid-size vehicles. Compact and mid-size vehicle type segments are estimated to capture 50% of the automotive load floor market, cumulatively in terms of value and volume.
Automotive load floor market: vendor insights
The report provides insights about the prominent market players, who have proven themselves as leaders in the global automotive load floor market. Some key players in the market are DS Smith, Nagase America, IDEAL Automotive, and Huntsman International, among others.
The global automotive load floor market is a fragmented market owing to the presence of several local and international market players in the global automotive load floor market. Furthermore, manufactures are adopting strategies such as acquisitions, joint ventures, collaborations, and others, to establish their footprints across the globe.
For instance, in 2018, Huntsman International acquired Demilec, one of the North America’s prominent manufacturers and distributors of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of Sun Capital Partners.