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    Conveyor Belt Market Analysis | 2023-2028

    Conveyor Belt Market Analysis | 2023-2028
    Report code - SR2242 Published On : Jan,2023 No. of Pages: 115
    Conveyor Belt Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opport See more...

    Market Insights

    The Conveyor Belt Market is likely to grow at a significant CAGR of 5.9%, in the long run, to reach US$ 5.7 Billion in 2028.  

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    What is a conveyor belt?

    A conveyor belt is a type of material handling equipment that is used in industrial facilities to deliver supplies, materials, and components quickly and easily. It is made of rubber or plastic materials, such as nylon fabric, polyester, styrene-butadiene rubber, and polyvinyl chloride (PVC). These materials enhance the quality of the process, consume less power, are cost-effective, and offer versatility. Conveyor belt also saves time and space. Many manufacturers are now offering customized conveyor belts in various widths and shapes to meet the needs of end-users in several industry verticals, including healthcare, aviation, and construction.

    The conveyor belt mechanism must be maintained to avoid a partial or complete stoppage. However, regular audits and inspections can help reduce the cost of maintenance and repairs over time. A wide range of industries worldwide relies on the availability of various minerals and commodities. Almost all end-use industries require high-performance conveyor belt systems to move goods from one location to another.

    Market Dynamics

    The conveyor belt market growth is most likely to be driven by the expansion of factories, warehouses, and assembly lines in the coming years. Furthermore, rising cement demand as a result of rapid infrastructure development and urbanization projects in emerging economies such as China and India, as well as the Indian government's target of developing 100 smart cities and metro projects in the coming years, is expected to drive the demand for conveyor belt systems.

    Conveyor Belt Market Report Overview

    Market Size in 2028

    US$ 5.7 Billion

    CAGR (2023-2028)

    5.9% 

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Recent Market JVs and Acquisitions:

    • In 2018, Michelin Group acquired Fenner PLC, to enhance its portfolio for its mining customers.
    • Recently, ContiTech USA Inc. acquired 100% of the shares in WCCO Belting LLC, to strengthen its position and portfolio in the conveyor belt market.

    Covid-19 Impact

    The pandemic disrupted the operations of several industries around the world. Lockdown measures implemented in various countries to control the spread of the COVID-19 pandemic harmed several businesses. The conveyor belt market also could not escape from such trends and witnessed a decline (-8%+ in 2020) amid the pandemic.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Belt Type

    Textile-Reinforced Belts, Steel Cord Belts, and Others

    Textile reinforced belt type is dominant but continues to lose share to steel cords in the coming years.

    Product Type

    Flat Belts, Modular Belts, Cleated Belts, and Other Belts

    Flat belts are estimated to remain the dominant product type till 2028.

    Weight Type

    Lightweight Belts, Medium-Weight Belts, and Heavy-Weight Belts

    The medium-weight belt is to be the most widely used weight type in the foreseeable future as it can be used in various industries.

    End-Use Industry Type

    Mining, Food & Beverages, General Manufacturing, Power Generation, Construction & Aggregates, and Others

    General manufacturing is to register the fastest growth and mining is to continue losing share in the coming years.

    Regional Basis

    North America, Europe, Asia-Pacific, and the Rest of the World.

    Asia-Pacific is to remain the fastest-growing region till 2028.

     

    By Belt Type

    The conveyor belt market is segmented into textile-reinforced belts, steel cord belts, and others. The textile-reinforced belt is expected to remain the largest as well as the fastest-growing belt type in the market during the forecast period, mainly driven by its lower cost. Textile reinforcements are ideal for use in most applications because they offer a good balance of cost and strength.

    However, through 2022, the demand for rubber conveyor belts with steel cord reinforcement is likely to grow more quickly, mostly due to an increase in global mining output and increasing exploration activities in new mines. In mining applications, steel cord belts are generally selected because of their higher impact resistance. Value growth will also be aided by higher raw material expenses brought on by anticipated rises in steel prices.

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    By Product Type

    The market is segmented into flat belts, modular belts, cleated belts, and others. Flat belt is expected to remain the dominant product type in the market during the forecast period. Flat belts are the best viable option for many industrial applications. They are used to transport lighter products, such as consumer goods and food items as well as medium to heavy-weight materials in mining, quarrying, cement making, stone crushing, etc.

    By Weight Type

    The market is segmented into lightweight, medium-weight, and heavy-weight belts. The medium-weight belt is expected to remain the dominant weight type in the market during the forecast period, owing to its wider usage in various end-use industries. Medium-weight belts can be used in various applications as they can sustain heavy weights with fewer complications.

    By End-Use Industry Type

    The market is segmented into mining, general manufacturing, food & beverage, construction & aggregates, power generation, and others. Mining is expected to remain the biggest demand generator of conveyor belts during the forecast period, owing to the wide usage of conveyor belt mechanisms in the mining industry.

    On the other hand, the sales of rubber conveyor belts are likely to increase as a result of the expected rise in mining activities, which are mostly due to ongoing economic expansion in developing nations. Conveyor belts are widely used in coal-fired power stations, therefore a global transition away from these facilities will reduce chances for new demand. Some industrialized nations want to entirely stop using coal as a source of energy, which is again a major barrier for this market segment in those nations.

    Regional Analysis

    In terms of regions, Asia-Pacific is expected to remain the largest market for conveyor belts during the forecast period. The region is also likely to grow at the fastest pace during the same period. The region's growth factors can be linked to rapid industrialization as well as the region's rapidly growing economies. 

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    Key Players

    The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the conveyor belt market:

    • ContiTech AG
    • Forbo Holding Ltd.
    • Zhejiang Double Arrow Rubber Co., Ltd
    • Zhejiang Sanwei Rubber Item Co., Ltd.
    • Ammeraal Beltech
    • Semperit AG Holding
    • The Yokohama Rubber Co., Ltd.
    • Bando Chemical Industries, Ltd.
    • Mitsuboshi Belting Ltd.
    • Wuxi Baotong Technology Co., Ltd.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s conveyor belt market realities and future market possibilities for the forecast period. 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Conveyor Belt Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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 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

    A Bird's Eye View of the Market

    The conveyor belt market is estimated to grow at a CAGR of 5.9% over the next five years.

    The conveyor belt market is likely to reach US$ 5.7 billion in 2028.

    The rapid industrialization in emerging economies, expansion plans of key industry stakeholders, and growing penetration of warehouses and assembly lines are expected to fuel market growth in the coming years.

    Asia-Pacific is estimated to remain the dominant region in the conveyor belt market in the foreseeable future. The region's growth factors can be linked to rapid industrialization as well as the region's growing economies.

    Flat belts are estimated to remain the dominant product type in the market as they are the best options for many industrial applications.

    ContiTech AG, Forbo Holding Ltd., Zhejiang Double Arrow Rubber Co., Ltd, Zhejiang Sanwei Rubber Item Co., Ltd., Ammeraal Beltech, Semperit AG Holding, The Yokohoma Rubber Co., Ltd., Bando Chemical Industries, Ltd., Mitsuboshi Belting Ltd., and Wuxi Baotong Technology Co., Ltd. are the leading players in the conveyor belt market.

    The market is studied from 2017-2028.