by Webbing is a type of narrow fabric products that are thickly woven and used to make carrying devices such as backpack straps, climbing harness, utility belts and others. It is widely used in military and recreational activities due to its high strength to weight ratio. Webbing finds applications in parachutes, climbing equipment, military equipment belts and load bearing systems. The growing defense budgets of countries is expected to boost the demand for webbing from military and defense industries globally.
The global Webbing Market is estimated to be valued at US$ 941.85 million 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:
The heading mentions that increasing demand from military and defense industries is expected to flourish the webbing market during the forecast period. This demand can be attributed to two key drivers – first, growing defense budgets of countries is fueling the procurement of military equipment where webbing plays a crucial role. Many countries are modernizing their armed forces with advanced technologies and equipment which requires sophisticated load bearing systems and straps made from high strength webbing materials. Second, ongoing geopolitical tensions and wars have increased the defense outlook of nations. This is prompting governments to strengthen their military capacities by investing more in procuring combat ready gear and accessories incorporating webbing. However, availability of alternative materials for load bearing and carrying systems can constain the demand for webbing to some extent during the forecast period.
Segment Analysis
The global webbing market is segmented into nylon, polyester, monofilament and lace. The nylon segment accounts for over 35% of the total market share and is expected to dominate during the forecast period. Nylon offers high tensile strength, abrasion resistance and durability making it preferred material for various applications like belts, backpack straps, tow straps etc.
PEST Analysis:
Political: The webbing market is not influenced much by political factors. However, certain trade policies and import-export duties can impact pricing of raw materials.
Economic: A thriving automotive, defense and sports industries positively impact the webbing market growth. Rising disposable incomes in developing nations driving demand for outdoor recreational activities further supporting market expansion.
Social: Increasing participation in outdoor recreational activities like hiking, camping is fueling the demand for gear like backpacks, belts incorporating webbing. Also, growing health awareness boosting the usage of webbings in workout equipment like resistance bands.
Technological: Advancements in material sciences helping manufacturers develop enhanced webbings. Lightweight, high tensile strength synthetic fibers replacing conventional materials to provide durability and comfort. Water-resistant, anti-microbial webbings gaining traction.
Key Takeaways:
The global Webbing Market Demand is expected to reach US$ 941.85 Mn by 2023, registering a CAGR of 18% during the forecast period. Nylon segment dominates with over 35% share owing to properties like high tensile strength and durability.
Regional analysis
The Asia Pacific region holds around 30% market share and is expected to grow at the fastest rate during the forecast period. Increasing participation in outdoor recreational activities along with rising disposable incomes in nations like China and India is driving the regional market.
Key players
Key players operating in the webbing market are Oppermann GmbH, JG hitech Webbing Pvt. Ltd., BioThane, Ohio Plastics Belting Co, Narrowtex Australia Pty Ltd, American Cord & Webbing Co., Inc.(ACW), Belt-Tech, National Webbing Products Co., Murdock Webbing Company, Inc., and Tennessee Webbing Products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
