Optimizing fuel efficiency by reducing the overall weight of vehicle driving the Automotive Interior Materials Market

(MENAFN – GetNews) Automotive Interior Materials Market by Type (Synthetic Leather (PU & PVC), Genuine Leather, Polymers, Fabric), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Region

The global automotive interior materials market is estimated to be USD 46.63 in 2018 and is projected to grow at a CAGR of 3.5% to reach USD 55.41 billion by 2023. The increasing demand is attributed to the growing automotive industry in emerging regions. Players in this market are adopting various organic and inorganic strategies to expand their presence in emerging markets, such as India, China, Thailand, and Brazil.

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The introduction of government regulations for vehicle safety, reduction of carbon emission, and lightweight of vehicles is forcing OEMs to provide enhanced safety features in vehicles and use materials that will help in an overall weight reduction of the vehicle. According to EPA, every 100 pounds taken out of the vehicle increases the fuel economy by 12%. This is achieved by making the upholstery flexible and light yet tough to replace with the similar volume of plastic, as plastic components have a higher mass compared to the textile. Thus, replacing plastic with lighter interior materials results in an overall reduction in vehicle weight and at the same time maintaining the safety standards of the vehicle. Hence, manufacturers are encouraged to use automotive interior materials.

Polymers are the most widely used type of automotive interior material

The polymers segment accounts for the largest share of the overall automotive interior material. Automotive interior polymers are used in the manufacture of lightweight and durable interior components. The use of components manufactured with these lightweight polymers helps reduce the overall weight of the vehicle and makes it fuel-efficient.

Passenger vehicles are projected to be the fastest-growing segment in the overall market

The automotive interior materials market in the passenger vehicles segment is projected to witness the highest growth during the period between 2018 and 2023. This vehicle type is also estimated to account for the largest share of the overall interior materials market. This high growth is attributed to the rapidly increasing demand for passenger vehicles. Improving living standards, rising economic conditions, and higher incomes are leading to the increasing demand for passenger vehicles.

APAC is the global leader in the automotive interior materials market. China, India, and Southeast Asian countries are witnessing a significant increase in the use of automotive interior materials for different vehicle types. The production of an automobile is increasing in the region with the growing demand for vehicles. With improving standards of living, the demand for fuel-efficient automobiles is rapidly growing.

The automotive interior materials industry has several global players competing for a share of the market. These companies are actively investing in various strategies, such as expansions, new product developments, mergers & acquisitions, and joint ventures projects, to increase their market shares. Adient plc (Ireland), Toyota Boshoku Corporation (Japan), Lear Corporation (US), Toyoda Gosei Co., Ltd. (Japan), Faurecia S.A.

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White House says reducing record debt will be ‘big second-term priority’ for Trump

The White House on Wednesday said that reducing the nation’s record debt will be a second-term priority for President Trump.

a woman in a blue shirt: White House says reducing record debt will be 'big second-term priority' for Trump

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White House says reducing record debt will be ‘big second-term priority’ for Trump

Asked about Congressional Budget Office projections that the annual deficit will reach $3.3 trillion by the end of the fiscal year this month, White House press secretary Kayleigh McEnany said Wednesday “the debt is a big second-term priority” for President Trump.


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“We believe unprecedented growth will go a long way in solving the problem but it is certainly a second-term priority,” she said, echoing promises Trump made in 2016 and in the early days of his presidency.

The annual deficit this year is projected to reach an unprecedented level that dwarfs the record $1.4 trillion deficit from 2009.

The accumulated debt is on track to surpass the size of the entire economy next year for the first time since World War II, and breach its all-time record in the coming years.

On the 2016 campaign trail, Trump promised to wipe out the nation’s debt altogether over the course of his presidency.

The primary tool for doing that, he said, would be to juice the economy, producing unprecedented, consistent annual growth rates upwards of 3, 4, 5, even 6 percent to bring revenues up and dwarf the debt, which is frequently measured in comparison to the size of the economy.

But the unprecedented growth failed to materialize, never reaching 3 percent over the course of a full calendar year.

Instead, the GOP’s unfunded tax cuts added a projected $1.9 trillion to deficits over the course of a decade, even after accounting for their effects on economic growth.

At the same time, Trump insisted on supercharging the level of defense spending, and agreed to Democratic demands for similarly large increases in domestic spending.

Annual deficits jumped from $587 billion in 2016 to just shy of $1 trillion in 2019, an increase of two-thirds. Economists say periods of economic growth should be used to pay down debts and prepare for a rainy day.

The precipitous increase in the deficit since last year, however, is largely due to the COVID-19 pandemic and the unprecedented level of fiscal response that kept the economy from collapsing during a period of lockdowns.

Top economic officials including Federal Reserve Chairman Jerome Powell say that a strong fiscal response is key to supporting a robust economic recovery.

Many fiscal hawks acknowledge that the debt should be tackled only after the crisis abates, but warn that it will be a serious and difficult undertaking when it does, involving some combination of tax increases and spending cuts.

Morgan Chalfant contributed.

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Kitchen Remodeling – Reducing Costs

One way to reduce costs on kitchen remodeling is to make a budget and stick to it but that is not always easy. It is possible that you budgeted too low on some things or you may have seen something that you like better for your kitchen but it was over your budget. Budget and planning are the two logical ways to cut the cost of kitchen remodeling. If you are hiring a home remodeling contractor get at least two or three estimates and request that they give you a breakdown of costs so you can see how your money will be spent. Some of the products that can run the cost of the project up are countertops, flooring, and cabinets. If you are purchasing these items instead of the contractor look for the best deals, which means that you may have to go to several home improvement stores. You can also substitute lower price items to help reduce your costs but do not settle for something that you do not like or would not look right in your newly remodeled kitchen just to save money.

Determine budget

Sit down, figure out all your monthly expenses, and see how much money you have left. Figure a portion of it toward your kitchen remodeling project. You can save this much money each month for several months until you have the amount that you want to spend on your project. Once the amount is set, stick to it. Draw out what you want your kitchen to look like after the remodeling and make notes of what type of products you will need. If you would like stainless steel appliances, which are expensive, you may have to spend less on the flooring, countertops, and cabinets.

If you do not want to have a fixed budget, which makes it hard to add to if you have no extra funds to add to the budget. You should instead determine a budget range, which is many times more appropriate for a kitchen remodel. The reason this works better is that most projects are based on estimates and the actual costs can vary.

Most expensive items

The next step after figuring the budget is to determine what type of products you want to have in your finished kitchen remodeling project. The majority of the remodeling costs are usually taken up by countertops, cabinets, and flooring. Look for lower cost options that will not compromise your desired appearance of the kitchen. If you are using a home remodeling contractor, make sure that you ask what they charge for installation of these products.

Remember, draw out a plan of what you want your dream kitchen remodel to look like and figure the budget around it

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