Conveyor Belt Market revenue worth over $5.1 Bn by 2026
Published Date: December 21, 2020 Authors: Kiran Pulidindi, Hemant Pandey
Conveyor Belt Market size is forecast to exceed USD 5.1 billion by 2026; according to a new research report by Global Market Insights, Inc.
Growing applications in the end-user industries such as general manufacturing, mining, supply chain, power generation will fuel the conveyor belt industry growth. The general manufacturing and mining industries are some of the largest end-user segments with substantial revenue gains throughout the forecast period. In the general manufacturing sector, the steel and cement industry were notable revenue generating industries in 2019.
The growing cement production across the globe is anticipated to positively contribute to the overall conveyor belt market outlook from cement industry. Moreover, as steel demand rises in the future, it will bolster the demand for conveyor belts as they are essential for conveying ore, coke, and pallets up to blast furnaces located at steep angles and for other heavy-duty applications in the chip-handling environment of steel manufacturing plants.
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Conveyor Belt Market By Material
Conveyor belts are also used in food processing and packaging applications such as confectionary, bakery, snacks, dairy, fish, fruit & vegetables, etc. These belts are FDA-approved, providing safety to food items and excellent resistance against fats, oils, and chemical agents. These belts can transport food & beverage products from one workstation to another efficiently without degrading their quality and also taking the products through oven & chilling sections in the industry.
Browse key industry insights spread across 312 pages with 418 market data tables & 28 figures & charts from the report, “Conveyor Belt Market Size By Material (Metal, Polymer [Polyester, Nylon]), By Product (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary), By Application (Light-weight, Medium-weight, Heavy-weight), By End-use Sector (Mining, Food & Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The food & beverage sector has the highest ability to capture the conveyor belt market share. Owing to rising population along with increasing employability and per capita income, the demand for convenience foods is escalating, providing a boost to food & beverage products. Conveyor belts are used to carry food items through various sections such as ovens, chilling stations, and through packaging sections.
The recycling sector has the second-highest ability to capture the conveyor belt market due to the increasing public awareness on the adverse effects of post-industrial & consumer products on the environment. Various nations have taken serious steps for solid waste management and this will increase recycling activities globally, increasing the use of conveyor belts that will carry scrap materials to shredders and for handling products during the whole recycling process. The recycling sector held a market share of over 3% in 2019 and is projected to grow at 6.4% CAGR through 2026.
The heavy-weight application to hold a market share of 30% in 2026
Heavy-weight conveyor belts are majorly textile reinforced (EP/NN) or steel cord reinforced belts. These types of belts require high impact & tensile strength and are majorly used in surface and underground mining operations, where high weight transportation medium is highly demanded.
Supply chain end-user to capture around 5% share through 2026
In the supply chain industry, conveyor belts are essential in many logistics and warehouse distribution activities. They hold prime importance in warehouse automation processes, such as sorting & tracking and coordinating with robotics systems, for effective material handling. Technological progressions and increasing emphasis on outsourced manufacturing activities are creating positive outlook for the supply chain sector. Many companies are adopting supply chain practices to face high degree of competition and these practices are hugely affected by global trade, tariffs, and free trade agreements. The conveyor belt market will witness favorable growth trends in this sector due to increasing supply chain activities worldwide.
Europe to exhibit substantial growth during the forecast period
Europe will witness a relatively sluggish growth owing to the dearth of mining activities in the western region. Russia held the leading position, accounting for 41% of the regional market share in 2019 followed by Germany with 11% share. The presence of the coal mining sector in the region coupled with speedy industrialization in Eastern European countries will boost the regional market demand.
North America conveyor belt market revenue will be primarily driven by the demand from mining and manufacturing industries. The U.S. is one of the largest mining nations across the globe with regional mineral deposits ranging from nonmetallic clays to ferrous and non-ferrous metals. Furthermore, the presence of several mining companies in the region is also a major boost to the overall market statistics.
Major players in the conveyor belt market include Bando Chemicals, Zhejiang Double Arrow Rubber, ContiTech AG, Fenner DunlopForbo, Nitta Corporation, Bridgestone Corporation, Ammeraal Beltech, The Yokohama Rubber, and Sempertrans.