Automotive Airbag Fabric Market size will shoot up to US$ 2,311.5 million by 2024, as estimated by Stratview Research

Stratview Research in its recent report has offered an overlook of the current Automotive Airbag Fabric Market scenarios and has also estimated the Automotive Airbag Fabric Market size to reach US$ 2,311.5 million by 2024. The insights highlighted in the report are based on data that is carefully collected from reliable sources and is then scrutinized to have a proper analysis.

Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2019 – 2024, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.

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The automotive industry has been witnessing the most potentially disruptive decade with the advancements in several fronts including autonomous driving, connected vehicles, alternative fuel vehicles, lightweight vehicles, and blockchain. Passenger safety has been the focused area of the industry as several countries are implementing the stringent government regulations by mandating the airbags, especially in driver and passenger side. These trends are imprinting an overall positive sign on the demand for airbag fabrics.

Among all types of fabrics used in automobile, airbag fabrics represent the highest growth opportunities. Stratview Research estimates suggest that the next five years for the automotive airbag fabrics market are going to be vigorous with high-growth opportunities for the market participants. The market for airbag fabrics is estimated to reach an estimated US$ 2,311.5 million in 2024. The demand for airbags is proportional to the demand for vehicles; hence, influencing the demand for airbag fabrics as well. Increasing production of automobiles fueled by rising disposable income, increasing installation of airbags per car, the introduction of more stringent safety standards, and demand for low-cost fabrics are driving the airbag fabrics market in the automotive industry.

A significant increase in the demand for airbags in vehicles has led to capacity expansions by major airbag fabric players. For instance, in 2018, Toray Industries opened an airbag nylon fiber and fabric manufacturing and distribution plant at its Mexican subsidiary: Toray Advanced Textile Mexico, S.A.de C.V. Similarly, in 2017, Hyosung Corporation (Global Safety Textiles) opened an airbag fabric manufacturing facility in Torreon, Mexico, which will make enough fabrics to manufacture 30 million units of airbags annually.

The market is slowly heading towards a greater market consolidation as the industry recorded a fair number of acquisitions in recent years. In March 2019, UTT Beteiligungsgesellschaft GmbH, one of the leading manufacturers of airbag fabrics with manufacturing facilities in Germany and Mexico, was acquired by Indorama Ventures PCL, a leading chemical producing company. The acquisition strengthened the position of Indorama Ventures PCL as a global leader and integrated supplier of airbag yarns and fabrics.

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The market is slowly heading towards a greater market consolidation as the industry recorded a fair number of acquisitions in recent years. In March 2019, UTT Beteiligungsgesellschaft GmbH, one of the leading manufacturers of airbag fabrics with manufacturing facilities in Germany and Mexico, was acquired by Indorama Ventures PCL, a leading chemical producing company. The acquisition strengthened the position of Indorama Ventures PCL as a global leader and integrated supplier of airbag yarns and fabrics.

The market is segmented based on the vehicle type as Car, C/SUV, Pickup, Van, MPV, and Sports Car. C/SUV is expected to remain the largest airbag fabric market over the next five years. The vehicle type (C/SUV) is also likely to witness the highest growth during the same period, fueled by the trend of the shift from sedans and hatchbacks towards SUVs. Spacious interiors and comfortable and satisfying driving experience have generated a sheer interest for SUVs in the past few years.

The market is segmented based on the airbag type as Driver Airbag, Passenger Airbag, Side Airbag, Curtain Airbag, and Others. Curtain airbag has been the largest consumer of airbag fabrics in the automotive industry. This airbag type is also likely to witness the highest growth during the forecast period. An increase in penetration of curtain airbags in vehicles coupled with the increasing share of SUVs in light vehicles production is leading to the higher growth of curtain airbags in the market. There have been developments in airbags, another factor stimulating the demand for it int the market. For instance, in June 2019, ZF Friedrichshafen AG, a leading vehicle safety technology company, developed the world’s first pre-crash occupant safety system with an external side airbag, which has a capacity between 280 and 400 liters (five to eight times the volume of a driver airbag).

Based on the yarn type, the market is segmented as Polyamide Yarn and Polyester Yarn. Polyamide 6.6 is the most widely used yarn for making airbag fabrics and is likely to remain the most dominant yarn type in the market. However, polyester yarn is expected to grow at a faster rate over the next five years, owing to its lower cost and increasing adoption in the knee and curtain airbags, mainly in the USA and Europe.

Check out the Table of Contents here:
https://www.stratviewresearch.com/toc/125/automotive-airbag-fabric-market.html

Highlights of the Report:

As per Stratview Research, Asia-Pacific has been the largest market for airbag fabrics, primarily propelled by China, Japan, South Korea, and India. China and India are the growth engines of the Asia-Pacific market due to a continuous increase in the demand for vehicles and the introduction of stringent safety standards.

North America and Europe are also the major markets and are anticipated to generate considerable demand for airbag fabrics in the coming five years. The USA and Mexico are the major markets in North America, whereas Germany, France, the UK, and Russia are the major markets in Europe. The fitment rate of airbags in Europe is higher than in North America and Asia-Pacific.
The report also throws light on the Automotive Airbag Fabric Market share percentage, captured by specific key players in the industry; along with important mergers and acquisitions which have taken place till date.

Some of the key players mentioned the Automotive Airbag Fabric Market are Indorama Ventures Public Company Limited, Global Safety Textiles (Hyosung), Toyobo Co., Ltd., Toray Industries, Inc., Kolon Industries, HMT (Xiamen) New Technical Materials Co. Ltd., Elevate Textiles Inc., and Milliken & Company.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The automotive airbag fabric market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

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