By The Nation
IPI is a part of Indorama Ventures Pcl, the world’s largest polyethylene terephthalate producer.
The joint venture company plans to build a new plant on the IPI factory site in Rayong province, and start operations in the first quarter of 2022.
The airbag market is expected to continue growing at three-four per cent annually, thanks to an increase in the number of airbags installed per vehicle and growth in the proportion of vehicles equipped with airbags in emerging economies.
In 2014, Toyobo and IVL jointly acquired PHP Fibers GmbH, a German airbag yarn-maker that held the second-largest share in the world at that time. Since then the relationship has grown stronger with many joint activities carried out between Toyobo and PHP, the companies said.
The joint venture will produce PA66 airbag yarns and ramp up efforts to expand their airbag business. The JV will be an integral part of the Indorama Mobility Group.
IVL, with its presence in Thailand, is undertaking the manufacturing for the proposed JV, with 100 per cent offtake by Toyobo for its weaving plant. Production capacity is expected to be a maximum of 11,000 tonnes per annum.
Toyobo said it aims to meet global clients’ needs as the sole manufacturer capable of producing and supplying airbag materials ranging from yarn to fabrics at its five operations hubs in Japan, Thailand, China, the United States and Europe.