According to Future Market Insights’ most recent market study, the global market for Airbag Propellant Chemicals is expected to reach US$ 11,273.1 Million in 2032 growing at a CAGR of 5.4% between 2022 and 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 6,537.4 Million |
| Market Size 2032 | US$ 11,273.1 Million |
| Value CAGR (2022 to 2032) | 5.6% |
| Collective Value Share: Top 3 Countries (2022E) | 35% to 40% |
The development of safe automobiles has led to an increase in chemicals used in airbag propellants during the past few years. The creation of cutting-edge airbags has benefited greatly from technological advancements. Airbags improve safety and protection in contemporary vehicles.
When it comes to how airbags function, airbag propellant is crucial since it helps the airbag inflate at the precise moment. After a car accident, the propellant is burned to produce gas, which fills the airbag.
The four main propellant types used in airbags are sodium azide, potassium nitrate, ammonium perchlorate, and tetrazoles. The type of propellant that should be utilized depends on the desired opening speed and airbag size. The propellant is frequently administered as tablets that are airtight combustion changers.
The demand for airbag propellant chemicals is expected to be primarily driven by the increase in automobile production. The increased use of airbags in automobiles, particularly in developing economies throughout the world, is also predicted to result in an increase in the global market for airbag propellant chemicals during the course of the forecast period.
In addition, it's projected that during the projection period, rising demand for airbags from maritime applications, such as those in bigger ships and smaller boats, would gradually fuel the market for airbag propellant chemicals.
The market for airbag propellant chemicals grew at a CAGR of 5.1% between 2017 and 2021. In the 2017 to 2021 timeframe, significant shifts in the end-use sectors were seen in the global market for airbag propellant chemicals. As a result of the supply chain disruption, suspension of transportation, and global lockdown, production and demand in the automobile industry have decreased.
As a result, several sectors have been somewhat impacted by the global halt in industrial production and distribution, as well as the demand for and consumption of chemicals used in airbag propellants.
The International Organization of Motor Vehicle Manufacturers estimates that the number of automobiles produced in 2020 dropped by 16% to 78 million, approximately the same number of vehicles sold in 2010. Which is the very least production compared to current demand.
As per the latest survey conducted by FMI, the airbag propellant chemicals market is expected to progress at a CAGR of 5.6% between 2022 and 2032. The market for airbag propellant chemicals is expanding as a result of the major development and rise in demand for electric automobiles.
The need for technologically improved automobiles and consumer inclination toward safety measures are driving the growth of the airbag propellant chemicals market.
Surging levels of investment in electric automobiles
The demand for fuel-efficient and cutting-edge automobiles raised as urbanization, disposable income, and lifestyle changes occurred. Global digitization and electric mobility are expected to change how the automotive industry develops in the upcoming years.
It is also anticipated that reducing CO2 emissions from the vehicle and transportation sectors will strike a balance between industrial and environmental policy. Electric mobility is a viable alternative to internal combustion engines.
According to the International Energy Agency (IEA), 2.1 million electric cars were sold globally in 2019, representing 2.6% of total automobile sales. Due to technology improvements and the availability of a wide variety of recently announced car models, many customers have been enticed to buy electric vehicles.
Due to increased demand and manufacturing, airbags are becoming more and more necessary in the creation of new electric vehicles. Consequently, it is anticipated that as electric car production and demand increase, so will the market for airbag propellant chemicals.
Consumer Awareness about safety
Over time, customers have become more knowledgeable about and willing to adhere to several safety procedures while buying a new automobile. The driver's actions, the vehicle's design, and the road conditions all had a role in the car crash. Consumer awareness of the safety of automotive systems has compelled manufacturers to design cars with several safety measures, which in turn boosts the installation of airbags in them.
Customers can access safety information and measures in a variety of ways, including evaluation programs, manufacturer advertisements highlighting safety features, and information on specific vehicle safety attributes. As a result, the market for airbag propellant chemicals is expanding due to consumer preference for safety measures and the development of new automobiles with sophisticated safety systems.
Stringent government regulations to constraint the market growth for Airbag Propellant Chemicals
Airbag manufacture and installation in automobiles must abide by a variety of laws to ensure public safety. It has been noted that the installation of ruptured airbags has frequently caused harm to drivers and passengers. The type of propellant used in airbags is subject to government controls since it degrades over time, particularly after coming into contact with moisture in humid environments.
As a result, there is a significant propellant burn following airbag deployment. Therefore, the rigorous government restrictions governing the manufacture and use of airbags may reduce the market demand for airbag propellant chemicals.
In terms of type, sodium azide has the largest market share in the chemicals industry for airbag propellants. Sodium azide, which is solid, has quick-acting properties and no odor. It combines with acids, water, and solid metals to produce a toxic gas that has a pungent stench.
The main application for sodium azide is in automotive airbags, where it explodes and changes into nitrogen gas as a result of the impact of the vehicle creating an electrical charge.
In addition to being explosive, sodium azide can be employed as a pesticide in agriculture, a chemical preservative in labs and hospitals, and as an explosive. Due to the strong demand for sodium azide in vehicle airbags, the global market for airbag propellant chemicals is growing.
The Asia Pacific has dominated the market for airbag propellant chemicals. The increase in demand for airbag propellant chemicals across a variety of regional industries, including the automotive, aerospace, and marine sectors, is the primary driver of this expansion.
Due to the presence of a sizable amount of the world's population as well as developing countries like China and India, the demand for effective transportation and automobiles is growing in this region. The growing urbanization, rising disposable income, and shifting lifestyles in this area are all contributing to the increased demand for vehicles.
The International Organization of Motor Vehicle Manufacturers (OICA) estimates that in 2021, China sold 2,62,74,820 units of new cars, India sold 37,59,398 units, and Japan sold 44,48,340 units. As a result, the market for airbag propellant chemicals grew as a result of the region's increasing automotive demand.
Market participants are spending globally to develop their capacity to create airbag propellant chemicals to meet the growing demands of end customers. The various technological developments and the competitors' increasing efforts to grow through strategic alliances and agreements have opened up a wide range of market prospects.
Additionally, players are working extremely hard to create and implement cutting-edge technology innovations to stay one step ahead of the competition. The market for airbag propellant chemicals may experience significant global expansion in the years to come, according to all of these developments.
For Instance,
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million for Value, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Process, End-use Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Companies Profiled | Island Pyrochemical Industries (IPI); Sanming Coffer Fine Chemical Industrial Co. Ltd.; Corvine Chemicals & Pharmaceuticals Ltd.; Specialty Chemical Industries Inc.; Hangzhou Widechemical Co., Ltd.; Island Veer Chemie (P) Ltd.; CRS Chemicals; Cesaroni Technology Inc.; Hanley Industries Inc.; Parchem fine & specialty chemicals; Mil-Spec Industries Corp.; Nammo AS |
| Customization & Pricing | Available upon Request |
In 2022, the value of the global Airbag Propellant Chemicals market reached over US$ 6,537.4 Million.
During the forecast period, the global Airbag Propellant Chemicals market is estimated to expand at a CAGR of 5.6% from 2022 to 2032.
The global Airbag Propellant Chemicals market is projected to reach US$ 11,273.1 Million by the end of 2032.
The key players operating in the Airbag Propellant Chemicals market are Island Pyrochemical Industries (IPI), Sanming Coffer Fine Chemical Industrial Co., Ltd., Corvine Chemicals & Pharmaceuticals Ltd., Specialty Chemical Industries Inc., Hangzhou Wide chemical Co., Ltd., Island Veer Chemie (P) Ltd., CRS Chemicals, Cesaroni Technology Inc., Hanley Industries Inc., Parchem fine & specialty chemicals, Mil-Spec Industries Corp., Nammo AS, and various others.
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Airbag Propellant Chemicals Market
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