Webbing Market: Introduction
In terms of value, the global webbing market is anticipated 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 demand for automotive textiles in the next few years. Increasing sales of new vehicles and growing number of on-road vehicles in regions such as Asia Pacific, Latin America, and Middle East & Africa are estimated to propel the demand for automotive seat belts in these regions in the near future. Webbing is largely used in the manufacture of automotive seat belts. This, in turn, is boosting the production of webbing products. Leading manufacturers of webbing are employing advanced materials such as Dyneema, Spectra, Kevlar, Technora, and carbon fiber in the manufacture of high-strength webbing products. Webbing is widely used to manufacture sporting goods, equestrian saddlery, furniture, marine and yachting equipment, footwear, pet leashes, and fitness apparel. Rising demand for these products across the globe is boosting the global webbing market.
Environmental Regulations about Webbing to Hamper Market
Rising environment-related concerns associated with the textile manufacturing industry may hamper the global webbing market. The textile manufacturing process is characterized by high utilization of resources such as fuel, water, and a variety of chemicals. Textile manufacturing is the second-most polluting industry after the petrochemical industry. Water contamination and water shortage generated by the textile industry have led to high environmental hazards in countries manufacturing textile chemicals. Thus, rising environment-related concerns associated with the textile manufacturing process and implementation of 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 largest manufacturers and exporters of webbing materials worldwide. The COVID-19 outbreak has hampered the global supply chain, owing to the closure of factories, including webbing factories in China.
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Man-made Material to Dominate Webbing Market
In terms of material, the global webbing market has been divided into natural and man-made. Among these, the man-made segment dominated the global webbing market, in terms of revenue, in 2018. The segment is expected to be highly lucrative from 2019 to 2027. The polyester sub-segment held a considerable share of the man-made segment in 2018. Polyester webbings are consumed in large quantities in the global automotive industry. Hence, polyester is anticipated to remain a highly attractive product segment of the global webbing market during the forecast period.
Flat Webbing to Witness High Demand
In terms of product, the global webbing market has been divided into flat webbing, tubular webbing, and others. Among these, the flat webbing segment dominated the global webbing market, in terms of revenue, in 2018. The segment is expected to be highly lucrative from 2019 to 2027. Flat webbings are more rigid and often stronger than tubular webbings. They are widely used to manufacture automotive seat belts, safety webbing, straps and slings, and pack loops.
Automotive to be Dominant End Use Segment of Webbing Market
Based on end 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 automotive segment 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 developing countries consume webbing products such as seat belt webbings and airbag webbings. This, in turn, is driving the global market for webbing in the automotive segment.
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Asia Pacific to be a Lucrative Region
Based on region, the global webbing market has been classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The webbing market in Asia Pacific is projected to expand at a CAGR of ~6% during the forecast period. Asia Pacific is expected to offer significant opportunities to the webbing market during the forecast period. Asia Pacific is a major manufacturer and consumer of webbings, due to the well-established automotive industry in the region. Webbings are widely used in the manufacture of automotive seat belts. Rising automobile demand led by increasing demand for passenger vehicles in the region is propelling the use of webbings. This, in turn, is driving the demand for webbings in Asia Pacific.
The global webbing market was highly fragmented, with various small- and medium-scale producers operating in the market in 2018. Asia Pacific has been a lucrative region of the global webbing market over the last few years. Leading market players have taken initiatives to expand their presence globally through acquisitions, expansion of production capacity, and strategic partnerships. In July 2017, The Heico Companies, LLC acquired Astro Tecnologia, a Brazil-based leading manufacturer of cargo securement systems, webbings, lifting slings, and supplemental decking equipment. In September 2017, Southern Weaving Company was acquired by E. Oppermann GmbH, a global manufacturer of textile webbing products.
In January 2018, Belt-tech invested US$ 6.6 Mn to increase its seat belt webbing manufacturing capacity to 100 million meters per year. Key manufacturers operating in the global webbing market are Bally Ribbon Mills, Murdock Webbing Company, Inc., Southern Weaving, LLC, American Cord & Webbing Co., Inc., Sturges Manufacturing Company, Universal Webbing Products Co., Ltd, National Webbing Products Co. (NWP), Webbing Products Pty Ltd., Tennessee Webbing Products, Belt-tech, American Webbing and Fittings, Inc., Leedon Webbing Co., Inc., Inka Oy, Oppermann Webbing (Kunshan) Co. Ltd., E. Oppermann GmbH, and BioThane.