by 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 is a type of strong fabric that is produced in narrow widths. It is used for a variety of functions including climbing, lifting heavy loads, luggage racks, seat belts, and more. Webbing products are made from high strength materials such as polyester, nylon, cotton, polypropylene, and aramid fibers. They provide excellent load bearing capacity, dimensional stability, abrasion resistance, and durability. Webbing finds wide applications in industries such as military, automotive, sports, furniture, e-commerce packaging, and more due to its lightweight, durable, and high tensile strength properties.
Market key trends:
Polyester webbing is gaining popularity owing to its superior strength, durability, and resistance to moisture, chemicals, and UV rays. Military forces across countries are significantly investing in innovative webbing products to enhance the combat efficiency and safety of soldiers. Sustainable production of aramid fiber-based webbing using recycled materials is an emerging trend in the market. Major players are focusing on new product developments and expansion into emerging regions to cater to the rising demand from end use industries. Advancements in weaving and coating technologies are helping manufacturers develop customized webbing solutions for diverse applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Although the capital requirement is relatively low, the established players enjoy economies of scale and customer loyalty which provide barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of buyers and presence of substitutes. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple raw material suppliers and suppliers do not have control over pricing.
Threat of new substitutes: The threat of substitutes is moderate as there are substitute products available like rope, cord etc. however, webbing has advantage of strength, durability and flexibility.
Competitive rivalry: High as the players compete on pricing, innovation, quality and customer service.
Key Takeaways
The global Webbing Market Growth is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from automotive, defence and other industrial sectors.
The Asia Pacific region dominates the webbing market with over 35% share owing to strong presence of manufacturing base in China and India. North America is the second largest market driven by growing automotive production. Europe is also a major webbing market supported by developed automotive industry in Germany.
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. Players are focusing on new product launches, acquisitions and geographical expansion 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
