Airbag yarn market in auto sector to reach $1.3 bn by 2023
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The global automotive airbag yarn market is projected to experience a healthy growth beginning 2018 with favourable opportunities in all the four regions around the world and is estimated to reach $1,274.3 billion by 2023, offering an opportunity to players in the value chain to align themselves with the market growth, according to a new research report.
This report, by Detroit-based global market intelligence firm Stratview Research, studies the airbag yarn market in the global automotive industry between 2012 and 2017 and forecasts trends between 2018 and 2023.
It offers detailed insights on the market dynamics and offers statistics by vehicle type, airbag type, yarn type and region, according to a company press release.
Factors bolstering the growth of the airbag yarn market include organic growth of automobile production, especially in Asia, introduction of more bags per vehicle, high focus on passenger safety and introduction of more stringent safety standards across the globe.
Among vehicles, compact cars, sport utility vehicles (SUVs), multi-purpose vehicles and light commercial vehicles are expected to offer healthy growth opportunities for this sector in future. There is a rising demand for hatchbacks and SUVs in the major Asian countries like China and India and highly congested cities of the developed economies.
Polyamide is expected to stay the most dominant material type in the market during the forecast period. Polyamide 6.6 yarn is mainly used in airbags with little usage of polyamide 6 yarn. Polyester yarns are more preferred for making side and curtain airbags and are rapidly gaining share in the market, according to the report.
Asia-Pacific is likely to remain the most dominant market Most major airbag yarn producers are forming strategic alliances with Asian companies to set up a plant in Asia, mainly in China, to tap the market potential.
The key airbag yarn suppliers for the automotive industry are Invista S.a.r.l., Toyobo Co., Ltd. (PHP Fibers), Toray Industries, Hyosung Corporation and Asahi Kasei Fibers. (DS)
Fibre2Fashion News Desk – India