Automotive Airbag Yarn Market Study with Competitive Landscape, Market Insights, and Growth Prospects to 2027
Stratview Research delivers key insights on the global Automotive Airbag Yarn Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Automotive Airbag Yarn Market:
• Elevate Textiles, Inc.
• Highland Industries, Inc.
• HMT (Xiamen) New Technical Materials Co., Ltd
• Hyosung Corporation
• Indorama Ventures Public Company Limited
• Kolon Industries, Inc.
• Milliken & Company
• N.I. Teijin Airbag Fabric (Nantong) Co., Ltd.
• Porcher Industries SA
• Toray Industries, Inc.
• Toyobo Co., Ltd.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Airbag Yarn market value and growth drivers over the trend period of 2019-24. According to the report -
The growth prospects of the automotive airbag yarns market seem promising with favorable opportunities in all four regions. All the major automakers are increasingly introducing more airbags per vehicle in order to make their vehicle safer for passengers as well as for meeting the stringent passenger safety standards of different countries. Increasing numbers of road accidents are compelling the governments of many countries to introduce more stringent passenger safety regulations in which making airbags compulsory in all types of vehicles are amongst the most common regulation.
Segment Analysis:
Based on by Vehicle Type:
The automotive airbag yarn market is segmented based on the vehicle type as Small Car, Mid-size Car, Large Car, MPV & LCV, SUV, and Others. Compact cars, SUVs, and MPVs & LCVs are expected to offer healthy growth opportunities for airbag yarns in the automotive industry in the coming years. Increasing demand for hatchbacks and SUVs in the major Asian countries, such as China and India, and highly congested cities of the developed economies are the major drivers of the demand for yarns for airbags in these vehicle types. The introduction of more stringent passenger safety standards further elevates the demand for airbag yarns in these vehicle types.
Based on Regional:
In terms of regions, North America and Asia-Pacific are the two largest markets for airbag yarns. North America’s airbag fitment rate is higher than that of Asia-Pacific and Europe. However, Asia-Pacific is expected to remain the dominant market for airbag yarns during the forecast period. Asia-Pacific is set to experience the highest growth in the coming years with most of the growth coming from developing economies including India and China. Most of the 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.
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FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Automotive Airbag Yarn Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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