Conveyor Belt Market size is expected to exceed USD 5,285 million by 2027, according to a new research report by Global Market Insights Inc.
Industrial automation has pushed the demand of automated material-handling systems such as conveyor belts around the world. Growing manufacturing sector in developing economies will augment product demand.
The conveyor belt industry is driven by multiple factors including growth of end users, global economic health, urbanization & industrialization as well as rising technological advancement. Many end user industries are implementing automated systems to minimize the error and increase production.
Pandemic has changed how end consumer shop and their buying pattern. Since the inception of Covid-19 pandemic and government imposed lockdowns, many people started to shop online. Pandemic has certainly created new market opportunities for product manufacturers as demand of distribution centers and warehouses. Demand of warehouses and distribution centers increased rapidly in past years thus subsequently fueling conveyor belts demand.
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The Covid-19 outbreak has certainly affected the industry growth in 2020 and part of 2021. Most of the countries imposed lockdowns, travel restrictions and closed borders. Furthermore, production halt and lack of labor forced majority of end user industries to shut down temporarily. However, introduction of vaccine has certainly slowed down the spread of novel Coronavirus. Many countries opened their borders and lifted lockdowns in 2020 itself. Many industries ramped up their production to pre-pandemic era in 2020.
Browse key industry insights spread across 300 pages with 418 market data tables & 31 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027”, in detail along with the table of contents:
Growth of food and beverage industry will drive metal belts demand
The metal conveyor belt segment is poised to generate nearly USD 640 million revenue by 2027. Metal belts are much more sanitary compared to polymer or rubber belts. Moreover, steel alloys are much sturdy and durable compared to other belt types. Owing to aforementioned factors food and beverage industry prefers metal belts.
Flat belts will dominate the market statistics
Flat belt segment is predicted to capture more than 80% of the revenue share by 2027. In current market flat belts holds dominant share and used by most of the end user industries. They are used for carrying heavy and medium weight materials and goods in stone crushing, cement manufacturing, mining, quarrying, etc.
Rising construction and demolition industry will propel portable belts systems
Portable conveyor belt market is likely to reach USD 440 million by 2027. These are more preferred at construction & demolition sites as well as landscaping and disaster control. These conveyors are also used at airports, warehouses, stations, sand and stone stock ground, farm, etc. to load and unload luggage and materials. Portable systems offer significant flexibility for various end user industries.
Increasing number of warehouses to boost light weight segment growth
Light weight conveyor belt is used in wide variety of end user industries such as food & beverage, warehouses & distribution centers, paper & printing, automotive stamping, etc. These belts are capable of handling various materials in ranging environment. These belts have lower tensile strength compared to counterparts and generally used for carrying load within plant or facility. Growing number of distribution centers due to rapidly growing e-commerce industry globally will create significant opportunities for light weight belts.
Rise in infrastructure development and transportation industry
Mining application is set to account for around USD 1,950 million by 2027. Global mining industry is largely influenced by construction & infrastructure as well as transportation industry, i.e. automotive, marine, aerospace, etc. In recent years there has monumental growth in these industries specifically in Asia Pacific and Middle East & Africa region. Rising demand of metals and minerals from plethora of end user industries are pushing countries to mine more elements. Increasing mining exploration activities coupled with growing investment in mining sectors will augment the product demand.
Economic growth of Eastern European countries
Europe conveyor belt market is projected to grow at about 3% CAGR in terms of revenue through 2027. Europe has witnessed relatively sluggish growth over the years. However, increasing investment in eastern European countries for mining, construction & infrastructure and manufacturing sector is expected to increase demand in coming years.
New product innovations and launches is crucial for market presence
The global conveyor belt industry is highly competitive with presence of vast number of small, medium and large players. Product innovation and bringing new product in the market has become very vital for organization survival. Thus many companies are launching new product to gain competitive advantage. In January 2020, Ammeraal Beltech launched Ropanyl Premium Plus, a new type of specialty belt for confectionery & snacks industry.
Some of the major players include Bridgestone Corporation, Sempertrans Conveyor Belt Solutions GmbH, Zhejiang Double Arrow Rubber Co., Ltd., Bando chemicals Limited, among others.