Airbag Fabrics Market Forecast & CAGR
According to latest research, the market is anticipated to witness growth between 4.5% and 5.5% during the tenure of 2021-2031. The demand will witness steady growth, owing to increasing demand from the automotive industry. The market is primarily driven by automotive production and increasing incorporation of active safety systems across various vehicle segments.
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What is Driving Demand for Airbag Fabrics Market?
Rising consumer demand for automobiles and vehicles as a result of readily available financing options and rising disposable income is indirectly driving demand for automotive airbag safety features in automotive.
Stringent safety standards are fueling the market’s growth by ensuring greater safety for passengers and drivers. Furthermore, rising passenger safety concerns are expected to drive airbag fabrics demand higher in the forecasting period. This factor is imprinting an overall positive growth on the demand. Aerospace is a small market compared to automotive, however can provide new growing application areas. Airbags used in aircrafts, unlike automobile airbags, are located near the seatbelts as a safety measure to protect passengers in the event of a crash landing. Furthermore, evacuation slides, which use a similar technology, are installed in aircraft.
US and Europe Airbag Fabrics Market Outlook
The market is expected to be dominated by North America and Europe. The high emphasis on passenger and pedestrian safety, combined with stringent automotive safety standards in these regions, makes Europe and North America important markets for airbag fabrics.
Demand for airbag fabrics in US and Europe will be helped by aerospace sector. However Commercial aerospace will account for muted demand until 2024, as air travel continues to be impacted and production of new aircraft is delayed. Major markets in these regions are the United States, Germany, France, the United Kingdom, and Russia. The rate of airbag installation in Europe is higher than in North America and Asia-Pacific, thus providing attractive opportunities for suppliers.
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East Europe & South Asia & Pacific Demand Outlook for Airbag Fabrics
Asia Pacific present significant market opportunity, as the region has high automobile production & sales, resulting in increased demand. Japan, China, and India are prominent countries with significant automobile sales. Furthermore, several major automotive manufacturers, including Toyota, Hyundai, Maruti Suzuki, SAIC, and Tata, have manufacturing plants in the region. Moreover, airbags are shifting from a luxury feature in premium cars to being the standard offering in entry level car models. Thus the increasing penetration of airbags in car variants would positively impact the Airbag Fabrics market in the region.
Who are the Key Manufacturers and Suppliers of Airbag Fabrics Market?
Some of the leading manufacturers and suppliers include
- Milliken & Company
- Elevate Textiles Inc.
- Kolon Industries
- HMT (Xiamen) New Technical Materials Co. Ltd.
- Toray Industries Inc.
- Indorama Ventures Public Company Limited
- Global Safety Textiles (Hyosung)
- Toyobo Co. Ltd.
- Trw Automotive
- Delphi Automotive PLC
- Takata Corporation
- Toyoda Gosei Co.
- Autoliv Inc.
Owing to the significant increase in demand for vehicle airbags, major market players have increased its production capacity. The major players’ key strategies for gaining a competitive edge in the market are new product development, advancement in automotive airbag safety features, mergers and acquisitions, and collaboration with OEMs.
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