by The 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 straps or tapes that are narrower than belts. It is commonly used in applications such as seat belts, dog leashes, backpacks and cargo restraint. Webbing is made from various materials such as nylon, polyester, polypropylene, cotton etc. Depending on the end use application, webbing can be coated, woven or nonwoven. The e-commerce industry extensively uses webbing for packaging and securing goods during transit. Growing online retail sales are expected to drive the demand for webbing over the forecast period.
Market Dynamics:
Webbing finds widespread application across various end use industries such as automotive, defense, transportation, safety equipment and apparel among others. The burgeoning e-commerce industry has emerged as a key driver for the webbing market. Expanding middle class population and rising disposable incomes in developing regions is fueling online shopping. This has increased the demand for durable and long lasting webbing for secure packaging of goods during transit. Additionally, stringent regulations regarding use of safety belts in automobiles is also propelling the webbing market growth. However, availability of alternative packaging materials may hinder the market expansion.
Development of lightweight and high strength webbing products through continuous innovation is expected to create lucrative opportunities for market players over the coming years.
Segment Analysis
The global webbing market is dominated by the polyester segment. Polyester accounts for over 60% of the total webbing market share owing to its versatility and strength characteristics. Polyester webbing is durable, lightweight, resists moisture, has high tensile strength and elasticity. These properties make polyester suitable for various applications across industries such as automotive, defense, sporting goods, packaging etc driving its dominant position in the webbing market.
PEST Analysis
Political: Governments across regions are focusing on strengthening their defense sector which will positively impact the demand for webbing. Economic: Growth of end use industries such as automotive, packaging and construction will fuel the economic growth of the webbing market. Social: Increase in outdoor recreational activities and higher participation in sports is augmenting the demand for webbing. Technological: Advancements in material science and development of lightweight and high strength materials will support technological developments in the webbing market.
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 end use industries such as automotive, defense, construction and packaging. Regionally, Asia Pacific dominated the webbing market with over 35% share in 2023 owing to presence of large automotive and construction industry in China and India. Key players operating in the 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 are focusing on developing lightweight, high strength polyester webbings to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
