The airbag market is expected to grow by three per cent to four per cent annually due to the increasing number of airbags mounted per car and the rising proportion of automobiles equipped with airbags in emerging economies. The yarn factory, which has been built on the site of the IPI factory in Rayong Province, Thailand, will boost manufacturing capacity by effectively using resources of Indorama Ventures and Toyobo to meet the increase in global demand for airbags. The manufacturing team will start test production in October 2022 with the goal of starting commercial production in the middle of 2023, Toyobo said in a media statement.
“With a strong sense of mission and pride, we will produce components for airbags that will protect the lives of automobile drivers and passengers around the world,” Ikuo Takeuchi, president and representative director of Toyobo, said.
“Indorama Ventures and Toyobo have been trusted partners for many years, driven by our ambition to provide consistent quality and reliable service to the high-potential airbag industry that demands high-performance products. In doing so, we strive to make a difference for our customers as well as the billions of people whose lives we touch everyday with our products,” Christopher Kenneally, executive president of the fibers segment at Indorama Ventures.
Fibre2Fashion News Desk (GK)