The global webbing market size is anticipated to reach USD 4.94 billion by 2025, according to a new report by Grand View Research, Inc., registering a 6.9% CAGR during the forecast period. Rising production of automotive vehicles and demand for passenger vehicles globally are key factors triggering market growth.
Nylon-based webbing is commonly used in all automotive belt applications due to high elasticity of the material. Polyester webbings are used in racing cars as they provide improved elasticity and strength under load. Continued application of the product in the automotive sector is anticipated to be a crucial driver for market growth. Global passenger vehicle production increased by nearly 4.9% from 2015 to 2016. Therefore, growth in automotive vehicle production is likely to positively influence product demand over the forecast period.
Webbings are strong fabrics woven in the form of a tube or a flat strip. They are made of nylon, polypropylene, ultra-high-molecular-weight-polyethylene, para-aramid synthetic fiber, polyester, carbon fiber, cotton, and jute. Some of the major manufacturers of webbing are E. Oppermann GmbH; American Cord & Webbing Co., Inc. (ACW Co., Inc.); Belt-tech, Narrowtex Australia Pty Ltd.; National Webbing Products; Murdock Webbing Company, Inc.; and Bally Ribbon Mills.
In recent years, the webbing market has witnessed increasing prominence of Chinese vendors. These vendors are capitalizing on domestic demand in China due to increased government spending on automotive, aerospace, and transport infrastructure. Manufacturers in the country have grown at an exponential rate, investing robustly in expansion of factory facilities. Therefore, increasing prominence of Chinese vendors is likely to further intensify competition in the global webbing market.
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