The global webbing market was valued at US$ 793.04 million in 2020, according to Webbing Market Report, by Product (Polyester, Nylon, Polypropylene, Carbon Fibers, Para Aramid Fibers, UHMWPE, and Others), by Type (Flat webbing, Tubular webbing, and Others), by Application (Automotive, Industrial, Sporting Goods, Military, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
The global webbing market is expected to surpass US$ 1,234.57 million by 2028, exhibiting a CAGR of 5.9% during the forecast period (2021-2028). The rising demand for webbing in automobile sector to bolster the growth of the webbing industry. The use of webbing in seat belts and harnesses in the automobile sector is augmenting the market growth. Moreover, federal authorities such as Federal Motor Vehicle Safety Standard (FMVSS) and National Highway Traffic Safety Administration (NHTSA) are increasing restrictions on automotive safety, accelerating market growth. Furthermore, increased disposable income is lubricating market growth by boosting the fashion and apparel business. Webbing is used to make a variety of items, including belts, sandals, handbags, and suspenders, among other things, which is fueling the industry’s expansion. Additionally, the robust growth of the oil and gas industry is propelling market growth. Webbing’s application in the fabrication of protective equipment for employees in the oil and gas industry is also predicted to boost market growth.
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Key Trends and Analysis of the Webbing Market:
- Among regions, Asia Pacific accounted for the largest share of 41.3% in the global webbing market. The presence of a large industrial sector, including the manufacturing facilities of several prominent firms, is principally responsible for this region's domination in the global market. Automotive, aerospace and defence, industrial and safety, fashion accessories, textiles, and sports items all have strong need for webbing. Furthermore, the increase in industrial investment creates profitable prospects for the Asia Pacific webbing market to flourish. Favorable policies enacted by the Indian government, such as Atmanirbhar Bharat and Make in India, are predicted to provide enough growth prospects for India's diversified industrial base, which will, in turn, would boost the consumption of webbings in the region.
Key Takeaways of the Webbing Market:
- Among End-Use Industry, Automotive Industry accounts for the highest market share of 34.2% in the global webbing market. Webbing is used to make seat belts, safety harnesses, pull straps, edge binding for convertible tops, straps and binding for luggage nets, airbag catch belts, and other items. The expansion of the industry is being aided by an increase in vehicle demand in developing economies like as India and China. Governments all over the world are promoting sports activities and encouraging people to participate in sports, which is likely to increase demand for athletic items over the forecast period. Over the forecast period, an increase in the number of sporting events such as hiking, camping, and marathons is expected to boost product demand.
- Evolving Internet of Things (IoT) technology in the industrial sector has spurred demand for smart textile or e-textile. Demand for webbing in e-textiles is growing with rising need for fabrics with conductive fibers capable of allowing digital parts and electronics to be embedded. Vehicles, equipment, and buildings are made with embedded electronics; this is expected to increase product demand in industries. Major players operating in the global webbing market include American Cord & Webbing Co., Inc. (ACW Co., Inc.), E. Oppermann GmbH, Belt-tech, Narrowtex Australia Pty Ltd, Jiangsu Daxin Webbing Co., Ltd., Ohio Plastics Belting Co, National Webbing Products., Murdock Webbing Company, Inc., Tennessee Webbing Products, and Bally Ribbon Mills.
- Key players operating in the webbing market are highly focusing on the development of high-quality and innovative product offerings. The global industry is fragmented in nature and highly competitive due to the presence of a number of multinational and regional players. Manufacturers prefer carbon and graphite fibers, as they exhibit high tensile strength. They are made by heating rayon, petroleum residues, or polyacrylonitrile fibers to an appropriate temperature and are over 90.0% carburized. They are lightweight, strong, and resistant to corrosion, heat, and chemicals. The companies are developing new weaving technologies to achieve price competitiveness.
Global Webbing Market - Impact of Coronavirus (Covid-19) Pandemic
- The consequences of COVID-19 pandemic have led to the slowdown of webbing production, demand, and trade. The closure of national and international borders has had an impact on numerous companies' business development strategies. The lockdown has had a significant impact on the automotive industry, with manufacturing units shutting down, which has had a significant impact on the webbing market. Because of the large crowds, adventurous activities were halted, and the use of safety gear was reduced, affecting the webbing business. The webbing market is expected to rebound back in the next months, with economies aiming to restore their operations, reduce lockdown measures, and conduct widespread vaccination efforts.