Webbing market to touch $3.52 bn
The global market for webbing is expected to reach $3.52 billion by 2020, according to a new study by Grand View Research Inc. Webbing demand is expected to grow with widening application scope including seat belts, safety harnesses and towing straps in automotive and transportation. Increasing construction spending coupled with growth in automotive manufacturing is expected to be critical for market development over the next six years.
The global market for webbing is expected to reach $3.52 billion by 2020, according to a new study by Grand View Research Inc. Webbing demand is expected to grow with widening application scope including seat belts, safety harnesses and towing straps in automotive and transportation. Increasing construction spending coupled with growth in automotive manufacturing is expected to be critical for market development over the next six years.
Automotive & transportation was the largest application market for webbing products, with demand estimated at 158.6 kilo tonnes in 2013 owing to increased awareness regarding use of seatbelts for passenger safety and stringent traffic safety regulations promoting to avoid casualties. Webbing demand for sporting goods was estimated at 103.4 kilo tonnes in 2013 and is estimated to grow at a CAGR of 4.2 per cent from 2014 to 2020.
Global webbing demand was 457.6 kilo tonnes in 2013 and is expected to reach 616.2 kilo tonnes by 2020, growing at a CAGR of 4.4 per cent from 2014 to 2020. Polyester webbing products dominated the global market, with demand estimated at 202.1 kilo tonnes in 2013; owing to superior properties including UV resistance making them favorable for outdoor applications.
