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Airbag Propellant Chemicals Market size is estimated to reach US$9.2 billion by 2027 after growing at a CAGR of 6.5% during 2022-2027.

HYDERABAD, TELANGANA, INDIA, January 19, 2023 /EINPresswire.com/ -- Airbag Propellant Chemicals Market size is estimated to reach US$9.2 billion by 2027 after growing at a CAGR of 6.5% during 2022-2027. Airbag propellant chemicals are experiencing growth during the past few years owing to development of safe vehicles. There has been tremendous technological developments carried out in the production of advanced airbags. The airbags provide added safety and protection in high-tech vehicles. Airbag propellent plays a significant role in the working of airbags which help to inflate the airbag in the specific time. The gas generation is done with the combustion of propellent after car collision which fills the airbag. The major types of propellent used in airbags are sodium azide, potassium nitrate, ammonium perchlorate, and tetrazoles. The type of propellent to be utilized is dependent on the required opening speed and airbag size. The propellent is packed in an air-tight combustion changers and generally provided in tablet forms.

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Key takeaways:

This IndustryARC report on the Airbag Propellant Chemicals market highlights the following areas -

1. Asia Pacific is the dominating region in the Airbag Propellant Chemicals Market. This growth is mainly attributed to the increased demand for airbag propellant chemicals in automotive and aerospace industries.

2. The significant development and increase in demand for electric vehicles is driving the growth of Airbag Propellant Chemicals Market.

3. Consumer inclination towards safety measure and production of technologically developed advanced vehicles are boosting the growth of Airbag Propellant Chemicals Market.

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Segmental Analysis:

1. Airbag Propellant Chemicals Market Segment Analysis – By Type : Sodium azide is odorless while solid chemical and owns rapid acting property. It turns to toxic gas containing pungent smell when it reacts to acid, water, or solid metals. The major application of sodium azide is into automobile airbags where it explodes and convert into nitrogen gas inside the airbag by the development of electrical charge caused by automobile impact. The other possible applications of sodium azide include chemical preservative in laboratories and hospitals, pest control in agriculture, and as an explosive.

2. Airbag Propellant Chemicals Market Segment Analysis – By End Use Industry : The automotive segment held the largest airbag propellent chemicals market share, with a share of over 47%. The use of airbags in high-tech automobile has increase over the past years owing the surge in safety concerns. Technological development, increase in road travels, rise in urbanization, and increase in production of automobile has further increased the demand for airbags and airbags propellent chemicals in them. Airbag propellent ignites when car sensors detect a crash or accident. It helps slow down the forward motion of passenger after a crash or collision. Automobile manufacturers are more inclined towards customer safety and offering vehicles that provides protection from injuries in accidents.

3. Airbag Propellant Chemicals Market Segment Analysis – By Geography : The Asia Pacific held the largest Airbag Propellant Chemicals Market share in 2021 and is projected to grow with a CAGR of 7.2% during the forecast period. This growth is mainly attributed to the increase in demand for airbag propellant chemicals in several application in this region such as automotive, aerospace, and marine industry. The presence of big chunk of world population along with developing countries such as China and India are increasing the demand of effective mobility and vehicles in this region. The increase urbanization, increase in disposable income, and change in lifestyle are further propelling the demand of vehicles in this region.

Competitive landscape:

The top 5 players in the Airbag Propellant Chemicals industry are:

1. Sanming Coffer Fine Chemical Industrial Co., Ltd
2. Corvine Chemicals & Pharmaceuticals Ltd.
3. Island Veer Chemie Pvt Ltd.
4. CRS Chemicals
5. Island Pyrochemical Industries Corp.

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