Global automotive industry to drive industrial textile demand
The airbag market was pioneered in the advanced economies of Europe, North America and Japan. However, airbags are becoming an increasingly essential component in cars even in cost-sensitive emerging economies. Advanced economies have continued to show growth as more complex airbag protection is added, however Asia is currently home to more than 50% of polyamide (PA) airbag yarn capacity.
The early development of the airbag business has relied on PA 66. For many years, polyester (PET) has been seeking a route into the airbag market despite being a more rigid polymer type. Over the past decade, it has started to make serious progress in certain airbag categories and is likely to continue to increase its current 20% share of the global airbag business.
The full report is available from Wood Mackenzie: www.woodmac.com/reports