Report : North America Webbing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Natural and Man-Made), Product (Flat Webbing, Tubular Webbing, and Others), and End Use (Aerospace, Automotive, Military, Industrial and Safety, Fashion Accessories, E-Textile, Sport Goods, Marine, Medical, and Others)
Flat Webbing Segment to Dominate North America Webbing Market during 2021-2028
According to a new market research study on “North America Webbing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Material, Product, End-Use and Country,” is expected to reach US$ 327.92 million by 2028 from US$ 230.17 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the North America webbing market along with the drivers and restraints pertaining to the market growth. Growth of automotive industry and rise in demand for man-made webbing are the major factors driving the growth of the North America webbing market. However, the stringent government regulations along with high maintenance cost may hinder the growth of North America webbing market.
In case of COVID-19, in North America, especially the US, witnessed an unprecedented rise in number of coronavirus 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 North America countries, i.e., Mexico, Canada, Panama and Costa Rica. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The market for North America webbing is segmented into material, product, end-use and country. Based on material, the market is segmented into natural and man-made. In 2020, the man-made segment held the largest share in North America webbing market. Based on product, the North America webbing is divided into flat webbing, tubular webbing, and other products. The tabular webbing segment is expected to be the fastest growing segment over the forecast period. Based on end-use, the market is segmented into aerospace, automotive, military, industrial and safety, fashion accessories, e-textile, sport goods, marine, medical, and others. In 2020, the automotive segment held the largest share in North America webbing market. Based on country, the North America webbing is divided into US, Canada and Mexico. US is expected to be the fastest growing country over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the North America webbing market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for webbing.
American Cord & Webbing Co. Inc.; Bally Ribbon Mills; Belt-Tech; E. Oppermann GmbH; Murdock Webbing Company, Inc.; Narrowtex Australia; National Webbing Products Co.; Ohio Plastics Belting Co.; Ribbon Webbing Corp and Tennessee Webbing Products are some of the leading companies in the North America webbing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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