Rubber Conveyor Belt Market to exceed $4.5 Bn by 2026
Published Date: November 7, 2019 Authors: Kiran Pulidindi, Akshay Prakash
Rubber Conveyor Belt Market revenue is estimated to surpass USD 4.5 billion by 2026; according to a new research report by Global Market Insights, Inc.
Escalating industrial activities in the power generation, mining, and manufacturing sectors represent one of the key factors driving the global rubber conveyor belt industry during the forecast period. The product is helpful in reducing the material handling problems, ensuring minimal loss of materials. Conveyor belts also help to carry raw materials to different processes or equipment and also to take the processed material or final product to next destination. The product is proven quite effective in reducing the operation time or production time in all end user industries.
Rubber conveyor belt market forecast shows promising growth trends in mining industry as they are heavily used to address the needs of the sector. These belts are used to transport different types of heavy materials efficiently over long distances from the mining areas to processing sites, while providing high impact resistance, heat resistance, wear resistance and cost savings. Urbanization and need to build infrastructure will attract the demand of iron ore, coal and copper, thus driving the overall mining industry. Investments, expansions, and supportive government policies will bolster the mining industry, especially in the Asia Pacific region, leading conveyor belt market growth.
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The rubber conveyor belts require proper maintenance from wear and tear, especially in the heavy industries, to ensure a prolonged service life. Frequent cases of belt mistracking can lead to spillage of materials, equipment and belt damage, and excessive impact forces, adding up to total maintenance & repair costs. While conveying sticky materials, proper belt cleaning is essential as major issues can arise if sticky materials come in contact with rolls, pulleys, and idlers. This incessant maintenance incurs a huge cost that may impede the rubber belts usage by 2026.
Browse key industry insights spread across 250 pages with 396 market data tables & 19 figures & charts from the report, “Rubber Conveyor Belt Market Size By Material (Steel Reinforced Conveyor Belts, Textile Reinforced Conveyor Belts, Solid Woven Belts [Performance Textiles, Commodity Textiles]), By Application (Light-weight, Medium-weight, Heavy-weight), By End-use (Mining, Cement Manufacturing, Power Generation, Recycling, Metal Processing), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026” in detail along with the table of contents:
Steel reinforced conveyor belts are generally employed for carrying heavy loads in mining and metalworking industries. These belts possess elevated tensile strengths at the highest conveying capacity along with excellent impact forbearance and it also exhibit slight elongation over prolonged conveyor distances.
Medium weight applications to hold sway in coming years
The medium weight belts with load capacities ranging from 601 to 4,000 tons per hour are used in mining, cement manufacturing, steel manufacturing, recycling plants, foundries, etc. Increasing per capita income has catapulted the demand for automobiles and white goods, giving an up thrust to the metal mining along with general manufacturing industries all across the globe, boosting the demand for medium weight conveyor belts. The medium weight rubber conveyor belt market is likely to generate close to USD 2.5 billion revenue by 2026.
Increasing focus on recycling will have positive influence
Recycling industry is gaining momentum due to rising awareness about sustainable manufacturing practices and environmental safety among industries, organizations and government institutions. These conveyor belts are implemented in material recovery facilities (MRFs) to carry wastes from loading points to sorting lines and further to shredding and crushing machines. Developed countries such as Europe and North America are introducing supportive legislations to create favorable conditions for recycling industry, hence propelling the rubber conveyor belt market in future.
Russia to dominate the European Consumption
European region will witness a growth at around 3% CAGR, driven by the mining sectors in eastern Europe. The regional market statistics will be dominated by Russia, accounting for around 40% of the regional share. The Russian coal mining sector along with the fast-paced industrialization in the eastern European countries will boost the regional market demand over the forecast period.
The key players involved in rubber conveyor belt market share are YOKOHAMA, Fenner, ContiTech, Bridgestone, Trelleborg, Bando, LUTZE, Garlock, ARTEGO, SIG Società Italiana Gomma and Oxford Rubbers etc.