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Conveyor Belt Market Analysis | 2023-2028
Conveyor Belt Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
Conveyor Belt Market is segmented by Belt Type (Textile Reinforced Belts, Steel Cord Belts, and Others), by Product Type (Flat Belts, Modular Belts, and Cleated Belts), by Weight Type (Lightweight, Medium-Weight, and Heavy-Weight), by End-Use Industry Type (Mining, General Manufacturing, Food & Beverage, Power Generation, Construction & Aggregates, and Others), and by Region (North America, [The USA, Canada, and Mexico]; Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific]; and Rest of the World [Brazil, Saudi Arabia, and Others]).
The conveyor belt market was estimated at USD 4.0 billion in 2022 and is likely to grow at a 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:
|
Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
|
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. |
|
Product-Type Analysis |
Flat Belts, Modular Belts, Cleated Belts, and Other Belts |
Flat belts are estimated to remain the dominant product type till 2028. |
|
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. |
|
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. |
|
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.
“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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The conveyor belt market is segmented into the following categories:
By Belt Type
By Product Type
By Weight Type
By End-Use Industry Type
By Region
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 of 2023 to 2028. After a continuous interest in our conveyor belt market report from the industry stakeholders, we have tried to further accentuate our research scope to the conveyor belt market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner 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 1000 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.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
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 [email protected].
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 likely to grow at a CAGR of 5.9% during 2023-2028.
The forecasted value of the conveyor belt market is expected to be 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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