Conveyor Belt Market Size, Industry Analysis Report, Regional Outlook (Americas, Europe, APAC and EMEA), Application Development status, Price Trend, Competitive Market Share & Forecast, 2019-2025.
Conveyor Belt Market size will likely surpass USD 5 billion by 2025; according to a new research report by Global Market Insights, Inc. Developing nations are observing robust industrialization due to presence of huge consumer base with rising per capita incomes along with their respective governments implementing policies to attract foreign investments to boost the mining and manufacturing sectors. These are the primary reasons propelling the conveyor belt market growth over forecast time period. The product is majorly used for material handling purposes in different sectors such as mining, cement production, steel & iron, etc. and can transfer large volume of materials in all directions with ease.
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According to the World Mining Congress, the total mining production accounted for 16.9 billion metric tons in 2016, showing approximately 50% growth from 2000 this is owing to increasing population and rise in the demand for commodities across the globe, such as iron ore, coal, and copper, fueling the growth of mining industry. Such trends are expected to continue and will drive the conveyor belt market growth rate in near future.
High maintenance cost due to mechanical damages, wear and tear, etc., and huge capital investment in order to setup the manufacturing facility of conveyor belts will somehow discourage the new entrants in conveyor belt market hindering the overall growth trend to some extent.
Conveyor Belt Market by Product
- Flat belt
- Modular belt
- Cleated belt
Conveyor Belt Market by Application
By material, the polymers segment is further classified into polyester, nylon and others which include thermoplastics, synthetic rubbers, aramid fibers, etc. The demand for polymer conveyor belts is expected to remain high due to their exceptional impact resistance and tensile strength. The polymer segment will witness growth rate of around 3.5% from 2019 to 2025.
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On the basis installation, the conveyor belt market is bifurcated into portable and stationary. Portable conveyors show decent growth rate of about 4% as these are used for construction projects, at airports for loading and unloading luggage, and also for rescue conveyor systems. They have a lower market share as they are applicable only in limited number of areas.
On application basis, there are light, medium and heavy weight conveyor belts. Light weight or light duty conveyor belts are majorly used in food & beverage and packaging sectors. This segment will hold a substantial share of over 20% in 2025, growing at a decent rate over the forecast time period.
Middle East & Africa will witness a decent growth rate of close to 3.5% over the forecast spell in the overall market. The region has huge resources of minerals and government of various developing nations in the region are formulating policies and strategies to boost industrial development activities.
Some of the prominent industry players in the conveyor belt market are Fenner Dunlop, ContiTech AG, Zhejiang Double Arrow Rubber, Bridgestone Corporation, Bando chemicals, Forbo, The Yokohama Rubber, Ammeraal Beltech, Sempertrans Conveyor Belt Soultions,Nitta Corporation, etc.