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Conveyor Belt Market Growth Analysis | 2023-2028
Conveyor Belt Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The conveyor belt market is likely to grow at a promising CAGR of 5.9% during 2023-2028 to reach USD 5.7 billion in 2028.
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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.
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.
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.
Recent Market JVs and Acquisitions:
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Belt-Type Analysis |
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. |
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Product-Type Analysis |
Flat Belts, Modular Belts, Cleated Belts, and Other Belts |
Flat belts are estimated to remain the dominant product type till 2028. |
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Weight-Type Analysis |
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. |
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End-Use Industry -Type Analysis |
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. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and the Rest of the World. |
Asia-Pacific is to remain the fastest-growing region till 2028. |
“The textile reinforced belt type is dominant but continues to lose share to steel cords in the coming years."
The 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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“Flat belts are estimated to remain the dominant product type till 2028.”
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.
“The medium-weight belt is to be the most widely used weight type in the foreseeable future.”
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.
“General manufacturing is to register the fastest growth, and mining is to continue losing share in the coming years.”
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.
“Asia-Pacific is expected to remain the largest market for conveyor belts during the forecast period.”
The market is divided geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Regarding regions, Asia-Pacific is expected to remain the largest market for conveyor belts during the forecast period.
The region is also likely to grow faster during the same period. Its growth factors can be linked to rapid industrialization and its rapidly growing economies.
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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 (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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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?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth Analysis of the Conveyor Belt Market |
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How lucrative is the future? |
The market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional, and country-level historical data and forecasts |
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Which are the most attractive market segments? |
Market segment analysis and Forecast |
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Which are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirement? |
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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.
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 USD 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 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.
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