WebbingMarket: Introduction
In terms ofvalue, the global webbing market isanticipated to expand at a CAGR of ~6% from 2019 to 2027.The demand for webbing has been increasing in various industries worldwide.Increase in car ownerships across the globe is anticipated to boost the demandfor automotive textiles in the next few years. Increasing sales of new vehiclesand growing number of on-road vehicles in regions such as AsiaPacific, Latin America, and Middle East & Africa areestimated to propel the demand for automotive seat belts inthese regions in the near future. Webbing is largely used in the manufacture ofautomotive seat belts. This, in turn, is boosting the production of webbingproducts. Leading manufacturers of webbing are employing advanced materialssuch as Dyneema, Spectra, Kevlar, Technora, and carbon fiber in the manufactureof high-strength webbing products. Webbing is widely used to manufacturesporting goods, equestrian saddlery, furniture, marine and yachting equipment,footwear, pet leashes, and fitness apparel. Rising demand for these productsacross the globe is boosting the global webbing market.
Environmental Regulations aboutWebbing to Hamper Market
Risingenvironment-related concerns associated with the textile manufacturing industrymay hamper the global webbing market. The textile manufacturing processis characterized by high utilization of resources such as fuel, water, and avariety of chemicals. Textile manufacturing is the second-most polluting industryafter the petrochemical industry. Water contamination and water shortagegenerated by the textile industry have led to high environmental hazards incountries manufacturing textile chemicals. Thus, rising environment-relatedconcerns associated with the textile manufacturing process and implementationof strict regulations are projected to hinder the global webbing market between 2019 and 2027.COVID-19 has adversely impacted the global economy. China is one of the largestmanufacturers and exporters of webbing materials worldwide. The COVID-19outbreak has hampered the global supply chain, owing to the closure offactories, including webbing factories in China.
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Man-madeMaterial to Dominate Webbing Market
In terms ofmaterial, the global webbing market has been divided into natural and man-made.Among these, the man-made segment dominated the global webbing market, in termsof revenue, in 2018. The segmentis expected to be highly lucrative from 2019 to 2027. Thepolyester sub-segment held a considerable share of the man-made segment in 2018.Polyester webbings are consumed in large quantities in the global automotiveindustry. Hence, polyester is anticipated to remain a highly attractive productsegment of the global webbing market during the forecast period.
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Flat Webbing to Witness High Demand
In terms ofproduct, the global webbing market has been divided into flat webbing, tubularwebbing, and others. Among these, the flat webbing segment dominated the globalwebbing market, in terms of revenue, in 2018. Thesegment is expected to be highly lucrative from 2019 to 2027. Flatwebbings are more rigid and often stronger than tubular webbings. They arewidely used to manufacture automotive seat belts, safety webbing, straps andslings, and pack loops.
Automotive to be Dominant End UseSegment of Webbing Market
Based onend use, the global webbing market has been segregated into aerospace,automotive, military, industrial & safety, fashion accessories, e-textile,sport goods, marine, medical, and others. Among end uses, the automotivesegment held a major share of the global webbing market in 2018.It is anticipated to continue to dominate the global market from 2019 to 2027.Automotive is a major application of webbing. Both developed and developingcountries consume webbing products such as seat belt webbings and airbagwebbings. This, in turn, is driving the global market for webbing in theautomotive segment.
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AsiaPacific to be a Lucrative Region
Based onregion, the global webbing market has been classified into North America, LatinAmerica, Asia Pacific, Europe, and Middle East & Africa. The webbing marketin Asia Pacific is projected to expand at a CAGR of ~6% duringthe forecast period. Asia Pacific is expected to offer significantopportunities to the webbing market during the forecast period. Asia Pacific isa major manufacturer and consumer of webbings, due to the well-establishedautomotive industry in the region. Webbings are widely used in the manufactureof automotive seat belts. Rising automobile demand led by increasing demand forpassenger vehicles in the region is propelling the use of webbings. This, inturn, is driving the demand for webbings in Asia Pacific.
Competition Landscape
The globalwebbing market was highly fragmented, with various small- and medium-scaleproducers operating in the market in 2018. AsiaPacific has been a lucrative region of the global webbing market over the lastfew years. Leading market players have taken initiatives to expand theirpresence globally through acquisitions, expansion of production capacity, andstrategic partnerships. In July 2017, TheHeico Companies, LLC acquired Astro Tecnologia, a Brazil-based leadingmanufacturer of cargo securement systems, webbings, lifting slings, andsupplemental decking equipment. In September 2017,Southern Weaving Company was acquired by E. Oppermann GmbH, a globalmanufacturer of textile webbing products.
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In January2018, Belt-tech invested US$ 6.6 Mn toincrease its seat belt webbing manufacturing capacity to 100 million meters peryear. Key manufacturers operating in the global webbing market are Bally Ribbon Mills, MurdockWebbing Company, Inc., Southern Weaving, LLC, American Cord & Webbing Co.,Inc., Sturges Manufacturing Company, Universal Webbing Products Co., Ltd, NationalWebbing Products Co. (NWP), Webbing Products Pty Ltd., Tennessee WebbingProducts, Belt-tech, American Webbing and Fittings, Inc., Leedon Webbing Co.,Inc., Inka Oy, Oppermann Webbing (Kunshan) Co. Ltd., E. Oppermann GmbH, andBioThane.
