The global Webbing Market is estimated to be valued at US$ 941.85 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Webbing refers to flat, thin, narrow fabric strips or tapes that are woven using synthetic fibers and natural materials like cotton, jute, etc. They are widely used in belts, straps, lifejackets, harnesses, etc due to their ability to withstand heavy loads and resist abrasion.
Market key trends:
One of the major trends driving the growth of the webbing market is the increasing demand from the sports and outdoors industry. Webbing finds wide usage in products like climbing harnesses, backpacks, tents, parachutes, etc. The growing popularity of outdoor recreational activities has boosted the demand for high-performance webbing materials in this industry. Furthermore, technological advancementshave led to the development of new webbings made of lightweight and durable materials like coated polyester and aramid that offer higher strength, abrasion resistance and load capacity. These innovative webbings cater well to the needs of extreme sports gear as well as military and industrial equipment.
SWOT Analysis
Strength: Webbing is a versatile material used across various industries like automotive, defense, construction, etc. It is durable, lightweight and affordable.
Weakness: Dependence on raw materials like nylon, polyester which are susceptible to price fluctuations. The webbing market is highly fragmented with presence of many small players.
Opportunity: Rising demand from safety equipment manufacturing and automotive industry. Growth in e-commerce is also boosting the demand for webbing used in packaging.
Threats: Stagnant demand from certain industries during economic slowdowns. Strong competition from substitute materials like rope and chain.
Key Takeaways
The Global Webbing Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the automotive industry. Webbing finds wide application in seat belts, airbags, and other safety systems.
Regional analysis
Asia Pacific dominated the global webbing market in 2023 and is expected to grow at the fastest rate during the forecast period. This is attributed to the presence of emerging economies like China and India with large automotive manufacturing bases. Furthermore, rapid urbanization and rising disposable incomes are driving demand.
Key players
Key players operating in the webbing market are 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. The players are focused on new product development and capacity expansion strategies to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
