The Asia Pacific webbing market is expected to grow from US$ 653.36 million in 2021 to US$ 942.24 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.
The webbing manufacturing industry in Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia is growing at significant rates.These emerging countries are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key players in the webbing market.
The market in the Asia Pacific region has experienced a considerable shift over the years.The massive growth of the market is attributed to the rising investments in advanced manufacturing facilities and infrastructure in emerging economies, such as India and China.
The robust automotive manufacturing base in Asian economies has supported the growth of the webbing market.Further, government policies encourage the establishment of different manufacturing plants in the region, which attracts various new international players to set their webbing manufacturing plants in China, India, and Japan.
Additionally, the Asian manufacturing sector is known to swiftly adopt innovation accelerators, including advanced technologies, to improve operational efficiency. Over the years, the investments in the manufacturing sector in this region have risen considerably and are likely to grow at a significant rate. Various small and large webbing manufacturers are establishing their manufacturing bases in countries such as China, Japan, and India owing to the availability of cheap labor, raw materials, and low production costs.
In Asia Pacific, India has witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of webbing manufacturing activities.Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for webbing during the early months of 2020.
Moreover, decline in the overall fiber and composites manufacturing activities has led to discontinuation of webbing manufacturing projects, thereby reducing the demand for webbing.Similar trend was witnessed in other Asia Pacific countries, such as Japan, China, and Australia.
However, countries are likely to overcome the drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
Based on product, the market is segmented into flat webbing, tabular webbing, and other product.The tabular webbing segment is expected to grow at the fastest CAGR during the forecasted period.
Tubular webbing is made from a hollow tube of nylon or polyester, making it softer and pliable than flat webbing.Tubular webbing offers a higher overall strength-per-inch, with a tensile strength of 4,000 lbs.
Tubular webbing has an advantage of being easier to tie in knots than flat webbing or strapping and holding the knot tighter without slipping.It also unties easily, regardless of pressure applied to the knot.
It is also abrasion-resistant and highly durable, making it an excellent choice for replacement webbing. Tubular webbing can also be used in camping, rafting, harnesses, backpack straps, collars, and slings.
The overall Asia Pacific webbing market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific webbing market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific webbing market.A few of the key companies operating in the market are E.
Oppermann GmbH; Narrowtex Australia; National Webbing Products Co.; and Tennessee Webbing Products.
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By The Business Research Company
• Aug 2021
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