Airbags are crucial in protecting drivers and passengers in any vehicle during an accident or sudden impact. Most vehicles use airbags as a part of the primary safety mechanism. Airbags expand during a sudden impact assisting in prevention of any direct injury to the passengers. Airbags are made from highly advanced materials, that can endure the rapid expansion of gas without rupturing during the process. Airbags are made of several materials which are gas-impermeable; Nylon 6,6, however is the preferred choice of fabric for airbags. Airbags are also made of aramid fabric; however, the cost of aramid is substantially high and hence, it is reserved for niche applications. The fabric used for airbags needs to exhibit two critical properties- high tensile strength and very low gas permeability. Moreover, it also must possess elasticity, lightweight or low specific density, and fatigue resistance. The airbag fabric market is primarily driven by automotive sales and is largely depends on the f vehicle manufacturing.

Market Scope and Structure Analysis:

COVID-19 Impact Analysis

• The COVID-19 pandemic and the subsequent decline in airbag fabric production have severely impacted the entire automotive airbag industry. This impact has caused a global supply chain disruption in terms of material components. Major airbag fabric manufacturing companies such as Toray Industries Inc, Global Safety System, UTT Technische Textilien GmbH & Co KG, TOYOBO Co. Ltd., Porcher Industries, Autoliv, and ZF TRW s halted the production partially or completely during the lockdown. Furthermore, due to the COVID-19 pandemic, airbag fabric provider companies are expected to reduce financial investments in research & development activities related to the automotive airbag. However, a gradual recovery post-2020 in airbag fabric and airbag production is expected to support the automotive airbag fabric market growth in the coming years.

Top Impacting Factors
Rise in concern about passenger safety, increase in installation of air bags, and growth in demand for electric vehicles drive the growth of the market.
Issues related to cost in price-sensitive markets hinder the growth of the market.
Rise in standard of living, and increase in per capita income act as an opportunity for the market investments.

The Global Airbag Fabric Market Trends are as Follows:
Growth in Demand for Electric Vehicle

• The demand for electric vehicles is driving automakers to invest in electric vehicle technology. Several original equipment manufacturers (OEMs) have declared various investment plans to develop and launch new electric models. For example, Ford announced investments worth USD 11 billion in electric vehicles by 2022. The company plans to line up 40 EVs by 2022, 16 of which will be entirely electric, and 24 would be Plug in hybrid electric vehicles. In 2019, German car giant Volkswagen AG announced investments totaling USD 66.3 billion over the next five years to produce more electric and hybrid vehicles, with a plan to launch 75 completely electric models and 60 hybrid models. MG Motor has intended to invest USD 500 million in 2020 to develop, manufacture, and sell Electric Vehicles in India. The increasing demand for electric vehicles among consumers is expected to create a growth opportunity for the automotive airbag market and thus, the sales of airbag fabric market will propel throughout the forecast period.

Issues Related to Cost in Price-Sensitive Markets

• Safety regulations have led to several advancements in automotive safety technologies. This, however, has resulted in high compliance costs as regulatory bodies, such as the National Highway Traffic Safety Administration (NHTSA) and Euro New Car Assessment Program (NCAP), are promoting the use of passive safety systems to decrease road fatalities. In price-sensitive markets such as India, South Africa, Brazil, and other ASEAN countries, automakers struggle to provide passive safety systems to comply with safety regulations while maintaining a balance between performance and price. The cost of passenger vehicle has increased with the inclusion of new safety features such as airbags, seat belt reminders, and reverse parking sensors. These safety systems are estimated to increase the overall cost of the vehicle by around 8-10%. OEMs in budget-sensitive markets provide just one or two airbags, as more airbags raise the overall price of the vehicle. This is expected to hinder the growth of the automotive airbag fabric market during the forecast period.

 
Key Segments Covered:

Key Benefits of the Report:

• This study presents the analytical depiction of the global airbag fabric market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the global airbag fabric market.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the global airbag fabric market.
• The report provides a detailed global airbag fabric market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Global Airbag Fabric Market Research Report:

• Who are the leading market players active in the global airbag fabric market?
• What would be the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global airbag fabric market?
• What are the future projections that would help in taking further strategic steps?