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Conveyor Belt Market Regional Landscape, Production, Sales & Consumption Status and Prospects By 2025

Author : Rahul Varpe | Published Date : 2020-09-10 

The presence of a favorable regulatory spectrum enforcing norms for encouraging industrial development has been a major factor pushing conveyor belt market trends since the last half a decade. The industry has also received momentum on account of the thriving urbanization in developing nations, that has led to profitable outcomes for the manufacturing and mining sectors. Since the product is extensively deployed for transferring components across the mining, food & beverage, iron & steel, and other heavy duty industries, the expansion of these aforementioned sectors has undeniably led to a spurt in conveyor belt market share.

The conveyor belt market size is liable to cross USD 5 billion by 2025.

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Conveyor belts are indeed the most resourceful component for lowering material losses, operational time, and labor expenses, on account of which they hold major significance in the construction industry. The European Cement Association (CEMBUREAU) claims that in 2016, the global cement production was recorded at 4.65 billion tons. India and China account for a major share in this statistic, given the rising number of infrastructure projects in these regions. With subsequent increase in population and the proliferation of mining and manufacturing sectors, conveyor belt market outlook is likely to be positive through 2025.

There are two types of conveyor belts, namely, stationary and portable, segregated on the basis of installation. Portable conveyor belt market size is anticipated to depict a CAGR of 4% through 2025, given its deployment across construction sector, as rescue conveyor systems.

With respect to the product spectrum, conveyor belt market is split into polymers, metal, and others. While polymers and metal are majorly used for industrial applications, fiber glass, leather, and cotton are used on a minority basis. Polymers segment is expected to grow at a CAGR of 3.5% through forecast timeframe, driven by the extensive demand for enhanced, quick material handling solutions in the manufacturing sector.

Application-wise, conveyor belt market is segregated into heavy, medium, and light weight. Of these, medium-weight products are likely to soar in popularity, on account of their expansive deployment spanning a slew of end-use sectors. These products are used for waste management and recycling plants, iron and steel industry, foundries, glass factories, submerged ash handling, and sand and gravel sector. Medium-weight segment accounts for 45% of the industry share and is likely to show positive growth ahead.

In terms of volume, modular conveyor belt market is expected to depict a CAGR of over 3.4% through the coming years. The growth can be attributed to the increasing usage of these belts in the expanding F&B sector. Increasing population worldwide in tandem with the rising demand for processed food and the surging number of women in the industrial workforce will boost the segmental growth in the years ahead.

With respect to the geographical segmentation, APAC accounts for a considerable percentage of the overall market share. This can be credited to the presence of major end-use sectors such as power generation, manufacturing, mining, recycling, etc., in the region. APAC conveyor belt market size is expected to depict an annual growth rate of more than 4% through 2026.

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One of principal constraints of conveyor belts industry is excessive maintenance, thereby increasing costs. These products are highly vulnerable to abrasive wear and tear, loss of flexibility, mechanical damages, etc., owing to consistent operations. They consequently need more inspection and maintenance, which may hamper the industry growth in the future.

Some of the major companies forming a part of the competitive landscape of this industry include Ammeraal Beltech, Fenner Dunlop, Sempertrans Conveyor Belt Solutions, Bridgestone Corporation, Zhejiang Double Arrow Rubber, Bando chemicals, Nitta Corporation, and The Yokohama Rubber.

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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