Rubber Conveyor Belt Market size is set to reach USD 4 billion by 2027, according to an updated research study published by Global Market Insights Inc.
Several manufacturers are optimizing the production process of rubber conveyor belts to ensure higher life and improved features such as better weight tolerance and tear through technology. The growing cement industry due to infrastructure development and the growing residential construction sector is expected to drive rubber conveyor belts industry demand.
Governments provide affordable housing assistance and support for infrastructure development. Moreover, the growing tourism industry and the establishment of new luxury hotels will stimulate the cement production sector, thereby spurring the rubber conveyor belt market growth.
Get more details on this report - Request Free Sample PDF
Mining accounts for over 40% of the total rubber conveyor belts consumed. With the continuous design & evolution of belts, mining has become a major consumer. The mining application will witness significant growth through 2027 on account of the rising consumption of construction metals including iron & steel in India and China. China reported the highest growth rate in rubber conveyor belts.
Browse key industry insights spread across 300 pages with 247 market data tables & 29 figures & charts from the report, “Rubber Conveyor Belt Market Size By Material (Steel Reinforced Conveyor Belt, Textile Reinforced Conveyor Belt [Performance Textiles, Commodity Textiles] , Solid Woven Belt), By Application (Light Weight, Medium Weight, Heavy Weight), By End-use (Mining [Coal, Metals], Cement Manufacturing, Power Generation, Recycling, Metal Processing), COVID-19 Impact Analysis, Regional Outlook, Application, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
The textile reinforced conveyor belt segment is poised to observe around 3.5% growth rate till 2027. Reinforced textile solutions offer several benefits including good abrasion resistance, fire resistance, low wind resistance, cold & frost resistance, and more. However, this type of solution saves on shorter transport, relatively against other types of reinforced conveyor belts. Reinforced conveyor belts, especially rubber-made are widely used in the transport of goods during mining, in cement construction to move raw materials, power generation, metal processing, and other industries.
Rising mining industry will surge product penetration
The mining industry in Latin America, especially Brazil and Chile, is anticipated to showcase a new investment rush with about half a billion metric tons of steel produced by 2020. Latin America follows the current trends as well.
Chile and Argentina are the leading producers of lithium in the region with more than 60% of the world's storage facilities. Lithium production needs higher volumes of coal. Transportation of coal between mining sites and lithium manufacturing units is often carried via conveyor belts. Mines in the region require the management of several building materials, resulting in the need for efficient transportation systems in these mines. Rubber conveyor belts are efficient & least expensive solutions for long distances and are adopted widely in the region. North America rubber conveyor belt market is likely to see respectable progress during 2021 to 2027.
Growth in the Asia Pacific region is mainly driven by the presence of emerging economies such as India and China. The manufacturing sector in these regions shows significant growth potential, leading to an increase in demand for conveyor belts for the transportation of various materials in manufacturing units. In addition to this, growing investments by leading Asian rubber conveyor belt manufacturers are also helping market development at higher altitudes.
Some of the major rubber conveyor belt market are ContiTech AG, Bridgestone Corporation, Fenner Group Holdings Limited, SIG Societa Italiana Gomma, Oxford Rubbers, LUTZE, ARTEGO, Garlock, Trelleborg, Bando, Yokohama, Zhejiang Double Arrow, Sempertrans, QingDao Rubber Six, Fuxin Shuangxiang, and others.