Shifting consumer preference towards safer vehicles is driving automotive airbags market size in the last few years, with numerous prominent automakers adopting new crash avoidance measures and tools. Increasing passenger vehicle production along with rising disposable income across developed and emerging nations has accelerated the product demand.
U.S. Automotive Airbags Market, By Position, 2018 & 2025, (USD Million)
Regulatory organizations such as National Automobile Dealers Association are launching safety awareness campaigns, particularly regarding the live-saving capabilities of airbags. With respect to the deployment types, the frontal segment of the worldwide automotive airbags market is registering a robust growth rate over the past few years and is expected to sustain the momentum in the forecast years.
As driver and front seat passengers are more vulnerable in case of any crash or accident, the frontal airbags are deployed as a standard feature in majority of the vehicles. Moreover, the development of innovative products with electronic control unit (ECU) to improve the efficiency of these airbags is proving beneficial for automotive airbags industry share.
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In terms of geographical expansion, the Asia Pacific region is emerging as a major growth avenue for the prominent players operating in automotive airbags industry. Over the past few years, emerging economies such as India and China are rolling out stringent regulations with respect to safety systems for vehicle occupants. These regulations apparently encompass a whole new set of safety norms which would drastically improve the existing measures to reduce the number of road fatalities.
Speaking in the similar context, it is prudent to mention that the Indian Road Transport Ministry has recently mandated the installation of airbags in all types of cars from July 1, 2019. Although a directive instructing the vehicle manufacturers to incorporate frontal airbags is in place since 2017, the new regulation makes the installation mandatory. Moreover, various other mandatory fitments are being prescribed to address the issue of over speeding and the consequences of the same. Needless to mention, all these developments are benefiting the in India industry trends as the new safety norms and regulations come into effective in the times to come.
Even though the growth prospects of automotive airbags industry appear highly promising, there exist a few major challenges that may hinder the pace of product penetration across some prominent geographies. It is quite a well-known fact that faulty airbags can cause grave injuries to the driver and the passengers sitting close to the airbags before it deploys.
This has been a serious concern with the first generation of frontal airbags, which get deployed with greater amount of force. In fact, the recent instance of the recall of Takata airbags by leading automotive firms affirms the need to revamp the way new-age airbags are manufactured as they would then be able to provide optimal level of protection in an event of a crash.
Elaborating further on the defective Takata airbags, it is being estimated that around 41.6 million vehicles equipped with 56 million faulty airbags are under recall since 2015. Recently, two of the foremost automakers, BMW and Ford, have recalled around 360,000 and 149,650 vehicles respectively on a global scale to replace the Takata airbags. Moreover, in addition to these recalls, there have been instances where the deployment of counterfeit airbags in vehicles has led to fatal accidents – a factor that has dampened the overall automotive airbags market outlook.
However, despite the challenges posed by counterfeit and defective products, the companies which are globally known as the top airbag manufacturers are being provided with a robust regulatory framework across various nations. These guidelines would certainly assist the automotive airbags market players to eliminate the shortcomings in the manufacturing procedures, which would help in increasing the pace of the product demand in the times to come. In fact, as per report estimates, the overall commercialization portfolio of the automotive airbags industry is slated to surpass USD 85 billion by 2025.
Author Name : Saif Ali Bepari
In the past few years, lithopone market has observed remarkable growth, primarily fueled by the growing investments in the paint, leather, paper, and cosmetic industries. The proliferating industrialization and globalization trends worldwide will further help prominent companies strengthen their consumer base. In addition to this, heavy investment in infrastructural development projects and the automotive industry will also drive the product demand over the coming years.
U.S. Lithopone 28% Market Size, By Application, 2018 & 2025, (Kilo Tons)
Leather is one of the most widely traded commodities across the globe. The leather industry is mainly driven by the increasing consumption of leather for footwear, interior design industries, and furniture. Owing to the sufficient availability of raw material along with huge population of cattle, India has emerged as one of the lucrative business destinations for leather trade globally. For instance, recently, it had been announced that the Punjab state government has been hoping to sign multiple agreements with French companies pertaining to various sectors, including leather industry. The substantial growth in synthetic leather market will have notable impact on lithopone industry share.
Environment concerns about the hazards caused to biodiversity due to extensive use of chemicals in the aforementioned industries have augmented the use of lithopone in leather, paint, and ink industries prominently. Before the development of lithopone, lead carbonate had been used as a pigment agent for various industrial applications, but due to its poor weathering, and toxic nature, lithopone is now preferred as an alternative. Shifting focus of regulatory bodies toward the deployment of stringent norms to reduce the impact of hazardous chemicals on the environment is slated to generate lucrative opportunities for lithopone manufacturers over the years ahead.
In the last few years, due to rapid urbanization and industrialization, soil pollution level has increased tremendously. The increasing use of plastic products and polythene bags are the prominent factors accelerating environmental hazards. In this regard, several countries have started framing laws for banning the use of plastic bags. As an alternative to the harmful plastic products, most of the companies have shifted their focus to manufacture paper bags, which would augment industry growth.
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As per the United Nations Environmental Program (UNEP), plastic packaging covers around half of all the plastic waste worldwide. The steps undertaken by regulators to control single-use plastic is likely to enhance requirement of lithopone in paper and pulp industry. According to Global Market Insights, Inc., lithopone industry share from paper and pulp application is estimated to surpass a revenue of USD 25 million by the end of 2025.
Countries like China have now banned the distribution of plastic bags, though the country has become one of the largest paper and paperboard producers and consumers. However, despite this, China has been importing raw material required across the paper making industry from the countries like UK, US, and Japan. In addition, now, China has become a hub for automotive manufacturers, that have been fueling the demand for paint, leather, and paper. Thus, it would be possible that China lithopone market thrives successfully over the years ahead.
It is to be noted that the exponentially growing automotive industry is one of the major consumers of leather, paints and coatings. The surge in the investment across automotive sector to meet consumers’ requirement for several variants of vehicles comprising electric, hybrid, duel color will improve the industry trends noticeably. In line with the expanding automotive paints and coatings market size, lithopone market will also observe a remarkable rise in its revenue share.
Government policies deployed to maintain social and environmental health hazards will turn out be lucrative opportunity generators for lithopone manufacturers. Increasing awareness among the people about negative impact of plastic waste will further enhance the demand for lithopone over forecast years.
The involvement of international regulatory bodies like UNEP along with improved consumer living standards will majorly promote the use of lithopone for various applications. The global lithopone industry outlook, in the years to come, will be characterized by the impact of environment projects, transforming automotive industry trends, and changing lifestyles.
Author Name : Sunil Hebbalkar