The Global Automotive Airbag Silicone Market is poised for substantial growth, projected to reach a size of USD 536 million by 2027, up from an estimated value of USD 239 million in 2020, boasting a robust Compound Annual Growth Rate (CAGR) of 17.8%.
Initially, the demand for airbags was primarily focused on frontal airbags in most regions. However, a pivotal shift occurred in 2012 when the EU mandated the introduction of head-protecting airbags and side airbags alongside frontal airbags. This regulatory push propelled the market for curtain/side and other airbag styles. The industry’s growth trajectory is expected to be driven by the increasing sales of premium cars equipped with enhanced safety features, including 5–8 airbags per vehicle. Moreover, there is a growing demand and penetration of various airbag styles in passenger vehicles.
In the upcoming years, stringent safety regulations are anticipated to be a major driver for the Vehicle Airbag Silicone Market. The increasing installation rates and demand for frontal, curtain/side, and knee airbags will further fuel market growth. Additionally, the rise in demand for electric vehicles and the increasing adoption of airbags in commercial vehicles present growth opportunities for market players during the forecast period.
The Asia Pacific region is poised to lead the market during the forecast period from 2021 to 2027. Countries like China, Japan, South Korea, and Thailand are experiencing heightened demand due to international development and the cost-effectiveness of regional airbag firms optimizing their presence to minimize supply chain costs. Conversely, countries such as India heavily rely on outsourcing to meet the demand for fabric and automotive airbag silicone due to the lack of supplier involvement.
One of the key drivers of demand in the Asia Pacific region for automobile airbags is the high number of road crashes and associated fatalities. This has led to increasing public safety concerns, prompting stricter rules and regulations in Asia Pacific countries to mitigate road fatalities.
Overall, the Global Automotive Airbag Silicone Market is poised for significant growth driven by regulatory mandates, increased safety awareness, and the expanding presence of airbags in various types of vehicles. The Asia Pacific region, with its burgeoning automotive industry and growing safety concerns, is expected to play a pivotal role in this market’s growth trajectory.
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