Webbing Market Estimated to Witness High Growth Owing to Increasing Demand From Various End-Use Industries
Webbing is a narrow fabric or woven from synthetic fibers and used for lightweight applications requiring strength. It is widely used in industries such as construction, automotive, marine, military, and outdoor recreational equipment. Webbing finds significant applications as seat belts and airbags in the automotive industry. In construction, webbing is used to suspend scaffolds, tents, and tents. The outdoor recreational industry also utilizes webbing in the production of harnesses, bags, belts, and hammocks. Its lightweight and durable properties make it suitable for both commercial and consumer products.
The global webbing market is estimated to be valued at US$ 941.85 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand from various end-use industries: Webbing finds a wide range of applications across industries such as construction, automotive, military, marine, and outdoor recreational activities. Its lightweight and high strength properties drive increasing adoption. The construction industry utilizes webbing for suspending scaffolds and tents. In automotive, webbing forms a crucial component for seatbelts and airbags. The military also uses webbing for restraining parachutes, harnesses, and cargo nets. The booming industries are favoring market growth during the forecast period.
Increasing demand from automotive industry: Automotive webbing serves two crucial safety purposes - seat belts and airbags. With governments enacting stringent regulations regarding vehicle safety, the demand for webbing from automakers is surging rapidly. Factors such as an increasing global vehicle fleet and growing consumer preference for safety are propelling automotive webbing demand. According to industry estimates, a mid-sized vehicle requires around 2-3 meters of webbing for seat belts and airbags. This increasing requirement is fueling market expansion.
SWOT Analysis
Strength: Webbing Market is expected to grow at a high rate due to increasing demand for safety products across various industries like automobile, industries, and others. The webbing is increasingly being used for seat belts, safety harnesses, and industrial lifting straps which enhances safety of products. Webbing also provides high tensile strength and longevity which makes them preferable over other belting materials.
Weakness: Variation in raw material prices is a major challenge for manufacturers in the webbing industry. Raw materials like nylon, polyester, and polypropylene are petroleum-based and fluctuating crude oil prices directly impact production costs. Certain synthetic fibers used in webbing are non-biodegradable and pose environmental issues.
Opportunity: Growing demand for lightweight and durable materials from the sports industry offers opportunities. Webbing can replace heavier metallic components in gear and equipment which enhances performance. Rising safety regulations worldwide will spur adoption of advanced safety products using webbings. Developing economies increasing investments in industries and infrastructure expands the potential market.
Threats: Stagnant automobile production in major regions amid shifts to shared mobility poses threats. Stringent environmental regulations regarding the disposal of synthetic webbings pose compliance challenges. Substitution threat exists from new advanced composite materials that offer better strength-to-weight ratios than synthetic webbings.
Key Takeaways
Global Webbing Market Size is expected to witness high growth over the forecast period of 2023-2030. The market valued US$ 941.85 Mn in 2024 and is projected to grow at a CAGR of 18% during the forecast period.
Regional analysis indicates that Asia Pacific dominates currently with over 35% market share owing to presence of key players and end-use industries in countries like China, India, Japan. Fastest growth is expected to be witnessed in Central and South America.
Key players operating in the Webbing Market are American Cord & Webbing Co., E. Oppermann GmbH, Belt-Tech Products, Narrowtex Australia Pty Ltd., Jiangsu Daxin Webbing Co., Ltd. , Ohio Plastics Belting Co, National Webbing Products Co, Murdock Webbing Company, Inc., Tennessee Webbing Products. The webbing industry is characterized by both global and regional manufacturers leveraging technology and raw material sourcing to expand market share.
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