Automotive Fabric Coated Airbag Market: Introduction
- Airbags are passive automotive safety systems designed to work best in combination with seat belts, thus making them an occupant-restraint system. They consists of gas-inflated cushions built into the steering wheel, dashboard, door, roof, between seats, or inside seats of the vehicle. These airbags use a crash sensor to trigger a rapid expansion, which protects vehicle occupants from the impact of an accident.
- Airbags are designed to save lives and limit the severity of injuries during a vehicle crash; hence, the fabric used in making the airbags needs to perform with optimal efficiency without tearing or exploding. Consequently, airbags fabric is coated with materials such as silicone or neoprene to enhance the performance characteristics of airbag fabric and the level of safety it offers.
Key Drivers of Automotive Fabric Coated Airbag Market
- Consistent rise in the number on-road vehicles and congestion in urban areas has led to a significant increase in road-traffic accidents globally. According to statistics of the European Union, more than 23,400 people lost their lives in road accidents on roads in Europe, out of which 45% were vehicle occupants. These concerns regarding the severity of a potential vehicle occupant injury during a vehicle accident has led to the adoption of passive safety systems that reduce the impact of accidents. Automotive airbags have proven their efficacy in reducing fatalities in vehicle accidents. For instance, the U.S. Department of Transportation stated that in 2017, airbags saved lives of 2,790 people on the streets of the U.S. The fabric from which airbags are made needs to possess high strength, heat stability, good aging characteristics, energy absorption, and other characteristics. Therefore, airbag fabrics are coated with chemicals that enhance their performance. Thus, the ability of coated fabric airbags to reduce on-road accident fatality is driving the automotive fabric coated airbag market across the globe.
- Automakers are increasingly focusing on vehicle on-road safety to achieve higher rating from transportation regulatory agencies. High safety ratings better places the vehicle model in the market, and it is considered a highly important factor by customers when purchasing vehicles. For instance, in August 2020, HYUNDAI MOTOR GROUP unveiled a roof-mounted airbag that is coated with silicone to maintain its shape for 6 seconds. These on-going developments of additional airbag mounting locations are increasing the number of airbag units integrated per vehicle, thus boosting the automotive fabric coated airbag market.
Challenges in Automotive Fabric Coated Airbag Market
- Rise in number of processes performed on airbag fabrics fuels the price of these safety systems, thus inflating the overall vehicle price, which in turn restrains the automotive fabric coated airbag market
Impact of COVID-19 pandemic on Automotive Fabric Coated Airbag Market
- The recent pandemic of COVID-19 has disrupted automotive supply chains, thus creating a shortage of raw materials and components. However, demand for automotive fabric coated airbags is expected to increase in the near future, as governments have lifted restrictions imposed and companies have restarted operations with precautionary measures.
Europe and North America to hold significant share of automotive fabric coated airbag market
- Transportation regulatory agencies such as the U.S. National Highway Traffic Safety Administration and the European Union have mandated airbag technologies in all the vehicles sold in their respective jurisdictions. Furthermore, the populations of these regions have high per capita income, which enables them to afford vehicles with advanced safety systems and multiple airbags. These favorable regulations coupled with high demand for advanced safety systems from consumers are driving the share held by Europe and North America in the global automotive fabric coated airbag market.
Key Players Operating in Automotive Fabric Coated Airbag Market
The global automotive fabric coated airbag market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive fabric coated airbag market are:
- Ascend Performance Materials
- Autoliv Inc.
- Elkem ASA
- HYOSUNG ADVANCED MATERIALS
- Joyson Safety Systems
- Kolon Industries, Inc.
- Mid-Mountain Materials, Inc.
- Milliken & Company
- Teijin Aramid B.V.
- TORAY INDUSTRIES, INC.
- TOYOBO CO., LTD.
- Wacker Chemie AG
- ZF Friedrichshafen AG
Global Automotive Fabric Coated Airbag Market: Research Scope
Global Automotive Fabric Coated Airbag Market, by Coating Type
- Silicone Coating
- Neoprene Coating
Global Automotive Fabric Coated Airbag Market, by Fabric Material
- Nylon (Polyamide)
- Others (Aramid, etc.)
Global Automotive Fabric Coated Airbag Market, by Position
Global Automotive Fabric Coated Airbag Market, by Vehicle Type
- Passenger Vehicle
- Luxury/ Premium Vehicles
- Mid-segment Vehicles
- Entry-class Vehicles
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Buses and Coaches
Global Automotive Fabric Coated Airbag Market, by Sales Channel
Global Automotive Fabric Coated Airbag Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.