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Automotive Airbags Silicone Global Market Demand Status, Competitive Landscape, Top Growing Regions, Segmentations, and Leading Key Opportunity Forecast To 2033
Automotive Airbags Silicone Global Market
According to The Business Research Company's, The automotive airbags silicone market size has grown rapidly in recent years. It will grow from $383.22 billion in 2023 to $452.56 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to mandatory safety regulations, automotive industry growth, focus on passenger safety, globalization of automotive supply chains, rise in consumer expectations for safety features.
The automotive airbags silicone market size is expected to see rapidly grown in the next few years. It will grow to $902.83 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to autonomous and electric vehicles adoption, stricter emission standards, integration of advanced sensors, increasing demand for high-performance vehicle, shift towards smart materials. Major trends in the forecast period include r&d in sustainable materials, global collaboration in automotive manufacturing, innovations in silicone materials, technological advancements in airbag systems, digitalization of safety systems.
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Market Drivers and Trends:
Airbags are made mandatory in front seats for vehicles and this factor is expected to drive the automotive airbag silicone market during the forecast period. Airbags are complex devices that work with a vehicle's metal body and seatbelts to protect occupants and therefore it is made mandatory for vehicles to have airbags at least in front seats as occupants and driver seating in the first seats are at high risk of injury when there is any collision or accident. For instance, in India, vehicles manufactured on and after the 1st Day of April 2021, in the case of new models, and the 1st day of June 2021, in the case of existing models, shall be fitted with airbags for the person occupying the front seat, other than the driver. Thus, making airbags compulsory for front seats in vehicles is driving the market.
The increasing development of active safety systems is expected to limit the growth of the automotive airbag silicone market. The active safety system in a car works to prevent an accident. These systems are always active while the car is in driving mode and works continuously to keep the occupants safe from getting into an accident. The active safety systems include automatic emergency braking (AEB), forward collision warning (FCW), active cruise control (ACC), lane departure warning (LDW), lane-keeping assist (LKA), blind-spot monitoring, and rear cross-traffic alert (RCTA). According to Consumer Reports, in 2022, more than 47,000 Cr car owners were surveyed. 72% of the respondents were satisfied with Rear Cross Traffic Warning (RCTW), 64% were satisfied with Blind Spot Warning (BSW), 63% were satisfied with the Adaptive Cruise Control (ACC), and 59% were satisfied with the Automatic Emergency Braking (AEB). The increasing development of active safety systems has a negative impact on the automotive airbag silicone market.
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Major Key Players of the Market:
The Dow Chemical Company; Elkem Silicones LLC; Shin-Etsu Chemical Co. Ltd.; Wacker Chemie AG; Toray Industries Inc.; Toyobo Co. Ltd.; Zodiac Aerospace SAS; Porcher Industries SA; Momentive Performance Materials Inc.; KCC Corporation; Sil-More Industrial Ltd.; NuSil Technology LLC; Specialty Silicone Products Inc.; Quantum Silicones LLC; Reiss Manufacturing Inc.; BlueStar Silicones; Kaneka Corporation; Evonik Industries AG; Shenzhen Polysilicon Technology Co. Ltd.; LSR-Asia Pte Ltd; MESGO S.p.A.; Greco Brothers Inc.; ACC Silicones Ltd.; Rogers Corporation; Kibaru Manufacturing Sdn Bhd; Gelest Inc.; Master Bond Inc.; Ferro Corporation; Hexpol Compounding LLC
Automotive Airbags Silicone Market 2024 Key Insights:
• The automotive airbags silicone market size will grow to $902.83 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Compulsory Front Seat Airbag Regulations Drive Growth In The Automotive Airbag Silicone Market
• Increasing Development Of Active Safety Systems Hinder Growth Of Automotive Airbag Silicone Market
• Asia-Pacific was the largest region in the automotive airbag silicone market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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