TOYOBO is set to build a joint venture firm to produce yarns for automobile airbags with Bangkok-based Indorama Polyester Industries PCL (IPI), a part of polyethylene terephthalate (PET) producer, Indorama Ventures PCL. The joint firm will build a new plant on the IPI factory site in Rayong Province, Thailand, and start operations in 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 joindy acquired PHP Fibers, 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 j oint activities carried out between Toyobo and PHP.
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