Rubber Conveyor Belt Market Analysis

Rubber Conveyor Belt Market Analysis

According to the World Bank data, global electricity demand is growing at 2.1% per year to 2040, double the initial energy demand. This increases the share of electricity for final electricity consumption from 19% in 2018 to 24% by 2040. Government policies, market conditions & jointly available technologies set the course for energy transitions to low carbon sources and their share rises from 36% today to 52% by 2040. The increasing electricity demand will lead to higher establishments of power generation plants across the globe, which will further surge the rubber conveyor belt market growth.

The textile reinforced conveyor belts market is poised to generate over USD 3.5 billion revenue by 2027. Textile reinforced conveyor belts offer several benefits including good abrasion resistance, fire resistance, low wind resistance, cold & frost resistance, and more. Additionally, textile reinforced belts relatively save on shorter transport distances to other reinforced conveyor belts. Textile reinforced types of conveyor belts are widely used in mining, metal processing, recycling, cement construction, and electricity manufacturing plants. The segment is also divided into namely commodity textiles and performance textiles. The majorly used are commodity textiles led by their easy availability, high-quality materials, and low cost.

The medium weight segment is expected to garner more than 50% of the rubber conveyor belt market share by 2027. Increasing the consumption of rubber conveyor belts in small & medium enterprises in the past few years and rising demand from small-scale manufacturing units is likely to fuel the market demand.

In emerging countries including India, Indonesia, and Mexico, among others, the sales potential of the medium weight segment is enormous and it is anticipated to increase significantly as a large proportion of light & medium-weighted goods is manufactured in the region. As the adoption of medium-sized rubber conveyor belts enables feasible and smooth operations. In 2020, medium-sized rubber conveyor belts held nearly 45% of the volume share.

Mining segment is predicted to account for 20 million square meter demand by 2027. Mining has become a major consumer of conveyor belts with the need for continuous supply impelled by higher replacement rates. The rubber conveyor belt market revenue from mining is set to register growth rate of about 3.5% through 2027. Rising consumption of construction metals including iron and steel across the globe is enhancing the industry revenue. India & China have reported the highest growth rate in the rubber conveyor belt industry.

Asia Pacific rubber conveyor belt market is estimated to reach USD 2.5 billion by 2027. This can be primarily attributed to the large volume of manufacturing potential across industry verticals in the region. The mining sector in APAC shows significant growth potential, leading to an increase in the demand for transport rubber bands for mining purposes. However, growing investments by leading manufacturers will also develop the market to a higher level.

The ongoing COVID-19 pandemic has slowed down the industry owing to lockdowns across various Asian countries. Despite the forced lockdowns, the e-commerce market observed prominent growth as it needs rubber conveyor belts for the transportation of goods in warehouses, which is likely to positively influence the industry statistics.