Webbing products such as synthetic fibers and high strength materials are used for safety harnesses and seat belts in automobiles. Increasing automobile safety standards are expected to drive webbing market growth. Favorable regulations by agencies such as National Highway Traffic Safety Administration (NHTSA) and Euro NCAP are expected to further strengthen the trend. Rapid industrialization in emerging markets of Brazil, China, India and Mexico is expected to fuel webbing demand for industrial applications including material handling and storage systems.
Environmental hazards associated with synthetic fibers used in webbing may act as a restraint to the market growth. However, increasing R&D by companies with an aim to develop biodegradable webbing materials coupled with application development is expected to yield opportunities for market participants. The market is characterized by high level of competition with companies striving to gain market share through introduction of products with superior specifications. Volatility in raw material prices has been affecting profitability of market participants which in turn is expected to hinder the market growth over the forecast period.
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Product Insights
Polyester emerged as the largest product segment for webbing market and accounted for over 44% of the market share in 2013. Polyester is widely used in automotive industry for manufacture of seat belts and safety harnesses in passenger and racing cars. It is also used as a substitute for nylon and polyethylene in outdoor applications owing to its superior UV resistance properties.
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Application Insights
Increasing market penetration in various applications such as sporting goods, furniture, automotive, military, bags & canvas, marine, industrial and footwear is expected to drive webbing demand . R&D by companies striving for application development is expected to hold potential for webbing market in newer applications. Rapid industrialization in emerging economies across the globe is expected to drive webbing demand in industrial applications. Increasing safety concerns regarding accidental fatalities in armed forces has increased the demand for straps, belts and safety harnesses used in military outfits. This is expected to augment the market growth over the next six years. Military sector along with automotive & transportation is expected to exhibit dominant growth, at an estimated CAGR of 5.8% from 2014 to 2020.
Regional Insights
Asia Pacific emerged as the largest regional market and accounted for more than 64% of the market revenue in 2013. Increased automotive manufacturing coupled with growing demand for passenger cars in emerging markets of China and India has been fuelling market demand. Growth in furniture and sporting goods market is expected to augment the market growth over the forecast period. Growing manufacturing sector in China and India is expected to further raise the demand for webbing materials in industrial applications. North American market is characterized by increasing webbing application in military and defense sectors. The market is expected to register considerable growth owing to increasing application development in the region. Regulatory issues including use of conventional webbing materials that are harmful to environment is however expected to challenge the market growth. European market is expected to grow on account of increasing webbing application in automotive markets of Germany and France. Euro NCAP automotive safety ratings in European Union is expected to augment the market growth over the next six years.
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