Core Insights - The automotive airbag fabric industry is projected to grow from $16.88 billion in 2024 to $25 billion by 2031, with a CAGR of 5.9% from 2025 to 2031, driven by technological advancements and increasing demand [3][4]. Industry Overview - Automotive airbag fabric is a critical material in passive safety systems, affecting deployment speed, impact resistance, and long-term reliability [3]. - The global market size is expected to reach $16.88 billion in 2024 and $25 billion by 2031, indicating robust growth potential [3]. Supply Chain Structure and Upstream Relationships - The upstream supply chain includes high-strength polyester fibers and nylon 66, with production technology dominated by international giants, posing a "bottleneck" risk for Chinese companies [4]. - The manufacturing process involves weaving, coating, and shaping, with significant technical barriers in weaving techniques and certification processes [4]. Downstream Applications - The downstream applications cover various airbag types, with side and curtain airbags experiencing the fastest growth, projected to exceed a CAGR of 6% [5]. - The European and American markets account for over 50% of demand due to stringent regulations, while the Asia-Pacific market is expected to grow at a CAGR of 7.2% from 2024 to 2031 [5]. Competitive Landscape - The market is highly concentrated, with the top five manufacturers (Hyosung, Toyobo, Toray, Kolon, Safety Components) holding 81% of the market share [6]. - Hyosung leads the market with over 30% share in flat airbag fabric, while Toyobo specializes in high-performance coating technology [6][7]. Market Conditions and Regional Demand - In the Americas, demand growth is expected to slow to 3.1% in 2024 due to high interest rates, while Mexico is projected to grow at a CAGR of 8.5% from 2025 to 2031 [10]. - The European market is experiencing increased demand for lightweight airbag fabrics due to the electrification trend, with OPW products expected to rise from 32% in 2020 to 41% in 2024 [11]. - The Chinese market is projected to reach 1.28 billion square meters of airbag fabric demand in 2024, growing by 9.7% year-on-year [12]. Development Trends and Industry Outlook - Chinese companies are accelerating the establishment of regional manufacturing centers and localized production to mitigate tariff pressures [14]. - Innovations in materials, such as carbon fiber composite airbag fabrics, are expected to reach a commercial scale of $1 billion by 2027 [15]. - The integration of smart technologies, like pressure-sensing airbag fabrics, is currently in small-scale production [16]. - Green manufacturing practices, including water-based coating technologies, are projected to increase market penetration from 15% in 2024 to over 30% by 2031 [17].

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [10] Core Insights - The automotive glass market is experiencing continuous upgrades driven by smart integration, with products like panoramic roofs, HUDs, and soundproof glass enhancing the per-vehicle value [2][5] - The industry is highly concentrated, with Fuyao Glass as the global leader, benefiting from a new round of capacity expansion that opens up future growth opportunities [2][7] Summary by Sections Smart Integration Driving Value Enhancement - Automotive glass is evolving from a safety component to a multifunctional platform, integrating features such as heat insulation, soundproofing, information display, smart dimming, and energy collection [19] - The penetration rate of panoramic roofs in the passenger car market is expected to rise from 10.5% in 2024 to 50% by 2030, with average per-vehicle value increasing by 30%-40% compared to traditional sunroofs [6][39] Fuyao Glass: Volume and Price Growth - Fuyao Glass's revenue and global market share are consistently increasing, with a revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in the first half of 2025 [7] - The company is expanding its high-end production capacity domestically and internationally, which is expected to enhance its global market share [7][63] Investment Recommendations - The trend of rising volume and price in automotive glass is clear, with high-value products like panoramic roofs and HUDs driving the average per-vehicle value higher [8] - Fuyao Glass is recommended for continued investment due to its strong market position and growth potential in the context of increasing demand for high-value automotive glass products [8][10] Global Competitive Landscape - The global automotive glass market is characterized by a high concentration of major players, with Fuyao Glass holding a 28% market share, followed closely by AGC and NSG [68] - Fuyao's competitive advantages include rapid local supply chain response and strong customer relationship management, solidifying its market leadership [68][70]