The global conveyor belts market size reached US$ 6.6 Billion in 2022 and is expected the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.15% during 2023-2028.
A conveyor belt is a mechanical device that is used to move objects from one place to another. It consists of a long, continuous belt that rotates around two or more pulleys. The belt is made of strong, durable material, such as rubber or PVC, and is used to transport a variety of objects, including boxes, packages, and raw materials. They can be used in a variety of applications, such as for sorting and assembling products in a manufacturing plant, for transporting materials in a mining operation, or for carrying packages and bags in a shipping and receiving center. The growth of these industries is driving the demand for the conveyor belts market, as they provide an efficient and cost-effective method for handling and transporting materials. In recent years, advancements in technology have led to the development of smart conveyor belts, which are equipped with sensors and control systems to monitor and optimize their performance. These smart conveyor belts are becoming increasingly popular due to their ability to improve production efficiency and reduce operational costs. Overall, they play a critical role in many industries, making it easier and faster to transport goods and materials.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 – 2028 |
Base Year |
2022 |
Forecast Period |
2023 - 2028 |
CAGR |
3.15% |
Segments Covered |
By Type, End Use and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Intralox, Fives, Bando Chemical Industries, Volta Belting Technology, Fenner and Others. |
The growing trend towards industrial automation has led to an increased demand for the conveyor belts market, as they play a crucial role in automating various manufacturing processes. Conveyor belts are used to move materials and products from one place to another in a safe, efficient, and cost-effective manner. They are widely used in industries such as automotive, food and beverage, pharmaceuticals, and electronics, among others.
The e-commerce and logistics industries have been growing rapidly in recent years, which is directly propelling the growth rate of the market. Conveyor belts are used in warehouses and distribution centers to sort, transport, and handle packages and products, making them essential components of these industries.
Sustainability has become a major concern for many industries, and conveyor belts are seen as a more sustainable solution as compared to traditional methods of transportation. Conveyor belts are energy-efficient, reduce the need for manual labor, and reduce the carbon footprint of transportation and logistics operations. Hence, the rising demand for sustainable solutions is likely to bolster the growth rate of the conveyor belts market.
The development of new materials, such as lightweight and durable plastics, has led to the production of conveyor belts that are lighter, more durable, and require less maintenance. The use of advanced technologies, such as sensors and automation, has also improved the efficiency and safety of conveyor systems, further driving the demand for the conveyor belts market.
Conveyor belts require regular maintenance and repairs, which can result in high maintenance costs, especially for older conveyor systems. High cost for maintenance and repairs is a major restraining factor for the conveyor belts market growth.
Conveyor belts are designed to handle specific types of products and materials, and their performance can be affected if they are used for other types of products or materials.
Conveyor belts can pose safety risks, such as entrapment, and can also lead to repetitive stress injuries for workers who operate and maintain them. These concerns are slightly hindering the demand of the market.
Governments around the world are imposing stringent regulations on the use of conveyor belts in various industries, including mining and manufacturing, to protect workers and the environment.
Conveyor belts' market shares can be limited by the technology used in their design and operation, which can restrict their ability to handle certain types of materials or products.
The COVID-19 pandemic has impacted the conveyor belts market with both positive and negative effects. On the one hand, the pandemic has led to a surge in demand for material handling equipment, including conveyor belts, as companies look to automate their operations and reduce the risk of transmission of the virus. The growth of e-commerce has also boosted the demand for conveyor belts. On the other hand, the pandemic has caused disruptions in the supply chain and reduced investment, leading to delays and increased costs for companies in the conveyor belts market.
Medium-weight conveyor segment is leading with the highest shares of the market. Medium-weight conveyor segment is likely to hit the highest growth rate in the coming years.
The chemicals, oils, and gases segment is ruling with the dominant shares of the conveyor belts market.
The automatic segment is gaining traction over the shares of the market, whereas the manual segment is expected to hit the highest CAGR during the forecast period.
The Asia-Pacific region is dominating the highest shares of the conveyor belts market due to the increasing industrialization and urbanization in countries such as China, India, and Japan. The region is also a major producer of raw materials, such as coal and iron ore, which are transported using the conveyor belts market. China is the largest market for conveyor belts market in Asia-Pacific, driven by the growth of industries such as mining, food and beverage, and electronics. India is also witnessing an increasing demand for automation in the manufacturing sector, which has boosted the demand for the conveyor belts market.
On the other hand, the North American and European regions are following Asia-Pacific in holding the shares of the conveyor belts market. The introduction of innovative technologies is setting new growth opportunities for the market to grow in North America.
Key Players in the Market:
Major Key Players in the Global Conveyor Belts Market are
FAQ's
The Conveyor Belts Market is growing at a CAGR of 3.15%
Automatic, Manual, and Semi-automatic
Medium-weight conveyor belts dominate the market as they can move products of heavy load with less power and increased productivity.
Key players in the market include Intralox, Bando Chemical Industries, volta belting technology, and Fenner
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]