The conveyor belt market is expected to surpass USD 5.28 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rapid development of mining and manufacturing sector in developing economies will propel conveyor belt market growth over projected timeframe.
The global conveyor belt market will witness considerable growth owing to rising end user industries. Conveyor belt systems are prominently used in general manufacturing industry as well as mining industry. The product is generally manufactured from type of polymers as well as metals and rubber. Different applications, loading factor and working environment demand different materials to be used in the product. In recent years e-commerce industry witnessed rapid growth owing to growing popularity of online showing. These businesses requires number of warehouses and distribution centers to perform efficiently. Thus, in near future considerable product demand will be driven by supply chain and logistic industry.
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Various materials are used in manufacturing the products such as polymers, metals, cotton, leather, fiberglass, etc. Metals, cotton, leather, etc. are covered under others segment. Rising growth of food & beverage industry and paper industry will augment product demand. Others material segment will grow with more than 3% CAGR during forecast years.
Cleated belt segment is estimated to capture above 10% of the market share by 2027. Cleated belts have vertical cleats or barriers in their design to hold carrying load during incline or declines. These type of belts are suited for light weight materials and light duty jobs.
Heavy weight belts segment is predicted to reach around USD 2,015 million by 2027. These are used for heavy duty applications and generally are reinforced with textiles (EP/NN) or metal cords. These belts have high impact and tensile strength and used in rock mining and surface & underground mining, where high tonnage of abrasive materials needs to be transported. Growth in global mining industry will augment product demand.
Stationary conveyor belt industry is poised to grow with more than 3.5% CAGR in terms of revenue through 2027. Stationary installations are most commonly preferred type of systems across end user industry. Growing number of manufacturing plants in Asian countries and rising adoption of conveyor systems will drive stationary installations in coming years.
The North America conveyor belt market is a matured market with high concentration of end user industries particularly mining and general manufacturing. The U.S. and Canada have become major mining countries of the world with rising investment in regional mining sector. Growth in mining industry as well as manufacturing will drive market growth. North America held around 10% volume share in 2020.
Prominent conveyor belt market participants involved in the industry are The Yokohama Rubber Co., Ltd., Fenner Dunlop, Bando chemicals Limited, Bridgestone Corporation, Double Arrow Rubber Co., Contitech AG, Zhejiang Ltd., Sempertrans Conveyor Belt Solutions GmbH.
Some of the major findings in the global conveyor belt market report include:
- Increasing investment in mining sector and mining exploration in Asia, North America and Europe will augment product demand.
- The rising manufacturing sector across the world will augment business growth in coming years.
- Increasing construction activity in Asia Pacific countries will boost the industry growth over projected timeframe.
- Product innovations and new product launches will create new market opportunities for manufacturers.
- Key industry players are investing in product innovations, new product lines and capacity expansion to ensure strong market presence.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Conveyor belt industry 3600 synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Material trends
2.1.3 Product trends
2.1.4 Installation trends
2.1.5 Application trends
2.1.6 End-use trends
2.1.7 Regional trends
Chapter 3 Conveyor Belt Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2017 – 2027
3.3 Industry ecosystem analysis
3.3.1 Value addition at each stage
3.3.2 Distributor channel analysis
3.3.3 Vendor matrix
3.4 Innovation & sustainability
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Competitive landscape, 2020
3.9 Porter’s analysis
3.10 Regional price trends
3.10.1 Cost structure analysis
3.10.2 Price by product
3.11 PESTEL analysis
3.12 COVID-19 impact on conveyor belt demand by end-use industry