The global webbing market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global webbing market 2019-2023. (Graphic: Business Wire)
The growing number of trade agreements between countries has resulted in an increase in containerized sea-borne and air-borne trade activities. For instance, the comprehensive and progressive Trans-Pacific Partnership in 2018 increased the containerized trade activities in the trans-pacific route. The strong economic growth of Asian countries has also increased the volume of containerized cargo. The growth in the number of containerized trade activities has created a strong demand for effective strapping equipment to reduce the risk of product damage during transit. This is directly influencing the demand for webbing, as it is used as a strapping material for netting cargo. The rise in the global containerized cargo trade is one of the key factors driving the growth of the webbing market.
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As per Technavio, the non-replenishment approach of apparel retailers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Webbing Market: Non-Replenishment Approach of Apparel retailers
Apparel retailers are increasingly adopting the non-replenishment approach in their inventory procurement. This approach enables retailers to restock their inventory multiple times in a year with diverse collections. This approach also provides retailers with the flexibility to adapt to the changing market demands and trends. Many established apparel retailers such as Zara, Mango, and Esprit have adopted the non-replenishment approach to increase their market share. The growing requirement from apparel retailers is increasing the production volume of apparel products. These factors are driving the demand for webbing materials, such as elastic materials.
"Apart from the non-replenishment approach of apparel retailers, increase in the sale of electric vehicles, and the shift in textile manufacturing base from Europe to Asia are some other major factors that will boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Webbing Market: Segmentation Analysis
This market report segments the global webbing market by end-users (apparel, automotive, and other end-users) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market This can be attributed to factors such as state incentives for the apparel industry, rising number of trade agreements, and the availability of raw materials in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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