According to the new market research report by IMARC Group, The global conveyor belt market size reached US$ 6.6 Billion in 2022. Looking forward, the market expected to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.15% during 2023-2028.
Conveyor belts are mechanical devices that are used to transport goods from one place to another. They are manufactured from materials like polyvinyl chloride, styrene-butadiene rubber, nylon, thermoplastics, and polyesters and consist of two or more pulleys that rotate the belt in continuous circles.
Conveyor belts are generally utilized for short-distance movements within a facility and are connected to assembly lines to final inspection and packing lines. They are employed in automated distribution, warehousing, and manufacturing and production facilities. Materials that are to be transported are placed on the belt and hauled horizontally as well as along the inclined slope to their destination. In recent years, conveyor belts have gained traction as they are cost-effective, lightweight, and highly adaptable. As a result, they find applications in power, mining, food processing, warehouse, manufacturing, electric vehicles, and industrial sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Conveyor Belt Market Trends:
At present, there is a rise in the demand for conveyor belts in the mining industry to transport various materials, such as excavated and crushed rocks, in an efficient manner. This, along with the growing warehouses and distribution centers for online merchants across the globe, represents one of the key factors driving the market. Moreover, there is an increase in the utilization of conveyor belts to carry food items through ovens, chilling stations, and packaging sections. This, coupled with the expanding food and beverage (F&B) industries, is propelling the growth of the market. In addition, the escalating demand for conveyor belts in the building and construction industry to connect the broken equipment of different levels, sand production facilities, and screening equipment is positively influencing the market. Besides this, governments of several countries are extensively investing in infrastructure development, which is catalyzing the demand for conveyor belts. Additionally, key market players are focusing on developing eco-friendly conveyor belts with self-cleaning properties.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
Some of conveyor belt manufacturers are
- Bando Chemical Industries, Ltd.,
- Intralox, L.L.C.,
- Volta Belting Technology Ltd.,
- Fives Group.
Global Conveyor Belt Market Segmentation:
The report has segmented on the basis of Type, end-use and geography.
Breakup by Type:
· Medium-Weight Conveyor Belt
· Light-Weight Conveyor Belt
· Heavy-Weight Conveyor Belt
Medium-weight conveyor belt dominates the market as they are capable of moving comparatively heavy load with less power.
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Breakup by End-Use:
· Mining and Metallurgy
· Chemicals, Oils and Gases
Breakup by Region:
· Asia Pacific
· North America
· Middle East and Africa
· Latin America
The Asia Pacific holds the largest conveyor belt market share on account of rising infrastructural activities and increasing investments in the manufacturing industry of the region.
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