In recent years, there have been massive developments in the global webbing market that has resulted in its rapid growth. It is projected that the global market will witness a stable rate of growth in the near future. While the global pandemic of coronavirus continues to shake and rattle the market across the globe, its impact can be felt across the webbing market as well, particularly in nations such as Italy, Spain, and China. In the past couple of decades, eye-catching developments in the shuttle loom technology have helped in driving the growth of the global webbing market. Currently, the modern day shuttle looming technologies integrate jacquard capabilities and electronic components, which have the objective of maximum production.
Military and Automotive Sector to Witness High Demand
Presently, a wide range of webbing alternatives are available across the sectors. This is projected to be the key factor in driving the demand for the same in the near future. Military and automotive sectors in particular are expected to witness substantial demand. Webbing is being excessively used for producing hiking gear, seatbelts, packs, harness, cargo, and other safety gears among others. In addition to this, webbing is also used for the production of protective gear and equipment for workers in the oil and gas sector. The considerable growth in the automobile sector and increasing demand for technical textiles are some of the other important factors that are expected to drive the overall development of the global webbing market in the near future. The overall valuation of the global market is expected to reach around US$1.2 Bn by the fall of 2027.
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Latin America, Middle East and Africa, Asia Pacific, North America, and Europe are the main regional segments of the global webbing market. Of these, the regional segment of Asia Pacific is expected to be the most dominant segment in the near future as the demand for the same will come from emerging economies such as India and China.