Industrial Power Transmission Belt Market Analysis | 2022-2027

Market Insights

The industrial power transmission belt market was estimated at USD 2.8 billion in 2021 and is likely to grow at a CAGR of 4.1% during 2022-2027 to reach USD 3.7 billion in 2027.

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Market Dynamics

Introduction

Industrial power transmission belts are essential components in machinery, enabling efficient power transfer between rotating shafts. These belts are used in various industries, including manufacturing, automotive, and agriculture, to drive conveyors, pumps, and other mechanical systems. They come in different types, such as V-belts, timing belts, and flat belts, each designed for specific applications. Made from materials like rubber, polyurethane, and reinforced fabric, these belts offer durability, flexibility, and high efficiency. Their maintenance and proper selection are crucial for optimizing performance, reducing downtime, and enhancing operational efficiency in industrial settings.

Covid-19 Impact

The coronavirus outbreak has affected production activities across industries. Several countries took lockdown measures to prevent the virus from spreading. Industrial activity came to a halt as manufacturing facilities were shut down. As a result, the demand for industrial power transmission belts dropped by -3.8% in 2020.

Market Drivers

• Rising adoption of Industrial Automation – The adoption of automation in industrial applications is increasing rapidly, driven by the growing demand for efficiency, precision and cost reduction in manufacturing operations. Furthermore, initiatives like Industry 4.0 and smart manufacturing etc. are fueling the demand for effective industrial power transmission belts for reliable power transmission.
• Increasing vehicle production – To meet the rising vehicle demand globally, the production is also on the rise. The global total vehicle production including passenger cars, light commercial vehicles, medium and heavy commercial vehicles is expected to cross 100 million units by 2030 as per our research. Manufacturing units rely heavily on power transmission belts, and this upward trend further fuels the demand for industrial power transmission belts.
• Advancements in Belt Technology - As industries are focusing more on energy efficiency and performance optimization, the demand for advanced belt technologies like cogged V-belts are also increasing. The cogged V-belts carry big advantages over the traditional smooth V-belts by 3-6% in power transmission efficiency, thus providing better energy efficiency and operational cost savings in industrial applications. This also includes better flexibility, greater grip and almost no slippage.

Market Challenges:

• Increasing Raw Material Costs – Industrial power transmission belt industry faces cost pressure since the prices of essential raw materials are increasing. In the first five months of fiscal 2024-25, natural rubber prices rose more than 33% owing to its strong demand and limited supply.
• Impact of Poor Installation - Poor installation is yet another challenge in the power transmission belt market, that sometimes leads to much higher operating costs and reduced reliability of equipment. According to Gates Corporation research, 40% of belt drive failures are the result of poor maintenance or neglect. Factors might include failure to replace worn parts, dirty assemblies, weak components or misalignment.
• Developing Technologies - Technologies such as Wireless Power Transfer (WPT) Systems and rectennas can cause a threat to the industrial power transmission belt industry because they reduce the requirement of power transmission belts. WPT systems and rectennas are different from traditional belt drives, they can transfer power when the distance is small without the use of any physical connectors which reduces the maintenance requirements.

Market Opportunities:

• Transition towards Renewable Energy - The transition to renewable energy sources has created a need for efficient power transmission systems which creates opportunity for belt manufacturers to supply parts for solar tracking systems and wind turbines. As of 2024, China is anticipated to contribute more than 60% of the global renewable capacity between 2024 and 2030, based on market trends and governmental policies.
• Industrial Internet of Things (IIoT) Enabled Predictive Maintenance - The market for industrial power transmission belts can take benefit from the growing demand for predictive maintenance and the integration of the IIoT. By using sensors and real-time data analytics, manufacturers can offer belts that simultaneously schedule maintenance, predict failures, and track performance.

Segment Analysis

By Application Type

"Agriculture is expected to remain the biggest demand generator with the market share of more than 30% during the forecast period"

Based on the application type, the industrial power transmission belt market is segmented as general industries, energy & others, construction materials, food & beverage, warehouse & distribution, lumber & aggregates, and agriculture. Agriculture is expected to remain the biggest demand generator with the market share of more than 30% during the forecast period, whereas warehouse & distribution is expected to be the fastest-growing application type in the market during the forecast period. Agriculture application registered no decline amid the pandemic as there were very limited restrictions on the agriculture industry due to its importance and necessities compared to other industries.

By Belt Type

"V-belt is expected to remain the dominant belt type with the market share of more than 60% during the forecast period"

Based on the belt type, the market is segmented as synchronous belt, V-belt, micro V-belt, and others.V-belt is expected to remain the dominant belt type with the market share of more than 60% during the forecast period. V-belts are simple to install and reduce shock loads and require less maintenance. They are currently available in a wide range of configurations for transmitting virtually any amount of load power.

By End-User Type

"Aftermarket is expected to remain dominant with the market share of more than 55% during the forecast period"

Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to remain dominant during the forecast period. The industrial power transmission aftermarket is being driven by an increase in the replacement of worn belts with modernized power transmission belts. Belts are subjected to additional wear and strain when they are used incorrectly in industrial applications.

Regional Analysis

"Asia-Pacific is expected to remain the largest as well as the fastest-growing region with the market share of more than 45% during the forecast period"

Asia-Pacific is expected to remain the largest as well as the fastest-growing region with the market share of more than 45% during the forecast period. China, India, Japan, and South Korea are expected to offer attractive prospects of growth in the wake of growing applications in industries such as construction, agricultural, chemical, pharmaceutical, warehouse & distribution, and mining. The manufacturing of automobiles is expanding in India and China as a result of rising population and rapid industrialization, which are some of the main factors responsible for the growth of industrial power transmission belts in the region.

North America is expected to hold a significant proportion of the worldwide industrial power transmission belts market. The region's rapidly increasing industrial sector paired with the presence of major OEMs is expected to drive the demand for industrial power transmission belts in the near future.

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Key Players

The following are the key players in the industrial power transmission belt market:

• AB SKF
• Bando Group
• Continental AG
• Dayco Corporate
• Gates Corporation
• Megadyne (Ammega from 2018)
• Mitsuboshi Belting Ltd.
• Optibelt GmbH
• Schaeffler Group
• Timken (Carlisle) 

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Industrial Power Transmission Belt market realities and future market possibilities for the forecast period of 2022 to 2027.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The industrial power transmission belt market is segmented into the following categories. 

By Application Type

• General Industries 
• Energy & Others 
• Construction Materials 
• Food & Beverage 
• Warehouse & Distribution 
• Lumber & Aggregates 
• Agriculture 

By Belt Type

• Synchronous Belt 
• V-Belt
• Micro V-Belt 
• Others

By End User Type

• OE 
• Aftermarket 

By Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com