Automotive Airbag Silicone Market worth $534 million by 2025 - Exclusive Report by MarketsandMarkets™
13 Nov, 2020, 12:30 GMT
CHICAGO, Nov. 13, 2020 /PRNewswire/ -- According to the new market research report "Automotive Airbag Silicone Market by Airbag Position (Front, Knee, Curtain/Side), Airbag Type (Cut-&-Sew Seam Sealed & One-piece-woven), ICE & Electric Vehicle (Passenger Car, LCV, HCV, BEV & PHEV/FCEV), Autonomy Level and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Airbag Silicone Market is projected to grow from USD 239 million in 2020 to USD 534 million by 2025 in terms of value, at a CAGR of 17.5%.
Stringent safety regulations, along with increasing installations and growing demand for frontal, curtain/side, and knee airbags, are expected to fuel the Automotive Airbag Silicone Market in the coming years. The growing demand for electric vehicles and increasing penetration of airbags in commercial vehicles are expected to offer growth opportunities to players in the market during the forecast period.
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One-Piece-Woven (OPW) segment by airbag type is expected to have the largest market during the forecast period from 2020 to 2025.
OPW airbags are widely used to mitigate the effects of side collisions, while CSSS airbags are used in frontal positions to minimize injury due to the first impact. The increasing focus on minimizing rollover fatalities is expected to drive the market for OPW airbags. Moreover, curtain/side airbags need to be inflated for a longer time, which can efficiently be achieved using the OPW type of airbag. Thus, OPWs are used widely in curtain/side airbag applications.
The Battery Electric Vehicle (BEV) segment by electric vehicle is expected to register the highest growth rate during the forecast period.
BEVs use chemical energy stored in rechargeable battery packs for power. Increasing levels of automobile emissions and their impact on human health and the environment are leading regulatory bodies and OEMs towards undertaking initiatives to promote electric vehicles. BEVs are zero-emission vehicles (ZEVs). Government rebates on ZEV purchases can help increase the sales of BEVs, which will drive BEV demand. Presently, most BEVs are fitted with two frontal and two side airbags. This high penetration of airbags in BEVs is driving the need for automotive airbag silicone.
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North America is estimated to be the second largest market.
The North America region includes the US and Mexico. The presence of leading airbag fabric manufacturing companies—including Toray Industries Inc, Porcher Industries, Mid Mountain Materials (US), Global Safety Textiles, UTT Technische Textilien GmbH & Co kg, and TOYOBO Co. Ltd.—is currently driving the demand for automotive airbag silicone in the region. Several airbag fabric and silicone supplier companies are concentrated in Mexico to achieve cost-efficient manufacturing, making the country the largest North America market for automotive airbag silicone. The North American Free Trade Agreement (NAFTA) between the US and Mexico enables the Mexican airbag fabric and silicone provider companies to cater to the US airbag and automotive markets while achieving the economic advantages of manufacturing in Mexico.
Dow (US), Elkem Silicones (France), Shin-Etsu Chemical Co., Ltd. (Japan), Wacker Chemie AG (Germany), and Momentive (US) are the major companies operating in the global Automotive Airbag Silicone Market. These companies adopted expansion strategies and used mergers & acquisitions to gain traction in the Automotive Airbag Silicone Market.
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