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Global Conveyor Belts Market Segmentation by Type(heavy-weight, light-weight, medium-weight), by end-use (aviation, manufacturing, chemicals, oils, gases, and others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast to 2028

Published: March, 2023
ID: 9293
Pages: 150
Formats: report pdf report excel report power bi report ppt

Conveyor Belts Market Size and Forecast (2023-2028):

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.

Market Overview:

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.

Recent Developments in Conveyor Belts Industry:

  • In 2022, Fenner Dunlop Conveyor Belting launched a new high-temperature resistant conveyor belt that combines a single-ply fabric with a new ‘high-performance rubber compound’ for extreme environments. "OptimaHeat Xtreme" features an amazingly tough patented super flexible single-ply fabric. The carcass is claimed to avoid the problem of delamination caused by impact, trough transitions, and flexing around pulleys which is common in conventional multi-ply high heat-resistant belts.
  • In 2022, Intralox doubled its footprint to over 400,000 square feet, increased its belting output by 50%, and created 425 direct jobs as Intralox expands its molding and assembly operations. The expansion of $60 million made in 2021 will also allow Intralox to double its raw material inventory storage, which is critical for risk mitigation against material shortages.

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.

Conveyor Belts Market Drivers:

Increased industrial automation:

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.

Growing e-commerce and logistics industries:

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.

Rising demand for sustainable solutions:

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.

Technological advancements:

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.

Restraints:

High maintenance costs:

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.

Limited adaptability:

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.

Health and safety concerns:

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.

Stringent government regulations:

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.

Technological limitations:

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.

COVID 19 Impact on Conveyor Belts Market:

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.

Conveyor Belts Market Segmentation Analysis:

By Type:

  • Heavy-weight conveyor
  • Light-weight conveyor
  • Medium-weight conveyor

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.

By End-use:

  • Aviation
  • Manufacturing
  • Chemicals, oils, and gases
  • Others

The chemicals, oils, and gases segment is ruling with the dominant shares of the conveyor belts market.

By operation:

  • Automatic
  • Manual
  • Semi-automatic

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.

Region Analysis:

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

  • Intralox
  • Fives
  • Bando Chemical Industries, Ltd.
  • Volta Belting Technology Ltd.
  • Fenner

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FAQ's

What is the forecast period's growth rate of the Conveyor Belts Market?

The Conveyor Belts Market is growing at a CAGR of 3.15%

What is the segmentation of the Conveyor Belts Market by operation?

Automatic, Manual, and Semi-automatic

Which is the widely used Conveyor belts market type?

Medium-weight conveyor belts dominate the market as they can move products of heavy load with less power and increased productivity.

Who are the major players in Conveyor Belts Market?

Key players in the market include Intralox, Bando Chemical Industries, volta belting technology, and Fenner

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