Global Webbing Market 2019-2023 | 6% CAGR Projection over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--May 15, 2019--
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.
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Technavio has published a new market research report on the global webbing market from 2019-2023. (Graphic: Business Wire)
The global trade pattern is increasingly shifting toward containerized sea-borne and air-borne trade. The growing economy of Asian countries is further expected to increase the volume of containerized cargo. The containerized cargo requires effective lashing to reduce the risk of product damage during transit. Therefore, cargo movers in containerized cargo shipping ensure that the strapping secures the load. Strapping equipment, such as strapping machines are integral components for facilitating the smooth transportation of containerized goods. This is expected to increase the demand for webbing as it is used as strapping material for netting cargo.
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 global webbing market 2019-2023 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
In the conventional method, apparel retailers restock their inventory twice or thrice in a year. However, a large number of apparel retailers globally are now adopting the non-replenishment approach for inventory procurement. In this approach, retailers restock inventory more than 11-12 times a year with different collections every time. This approach allows retailers to change their inventory depending on the current trend and demand in the market. Such frequent requirement from apparel retailers is influencing the production volume of apparel products and, hence, the need for webbing materials, such as elastic materials.
“Apart from the growing adoption of non-replenishment approach by apparel retailers, factors such as the shift in textile manufacturing base from Europe to Asia, and the increase in sales of electric vehicles will have a significant impact on the growth of the webbing market during the forecast period,” says a senior research analyst at Technavio.
Global webbing market: Segmentation analysis
This market research report segments the global webbing market by end-user (apparel, automotive, and others) and geographic regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the growing electric vehicle market and apparel industries. The growth in the domestic production of apparel in the US is expected to significantly increase the requirement for webbing, such as narrow elastic fabric, in the US.
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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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INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT TRANSPORT MANUFACTURING LOGISTICS/SUPPLY CHAIN MANAGEMENT PACKAGING TEXTILES OTHER MANUFACTURING RETAIL
SOURCE: Technavio Research
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