Rubber Conveyor Belt Market size worth over $4.39bn by 2027
Published Date: May 18, 2021 Authors: Kiran Pulidindi, Hemant Pandey
Rubber Conveyor Belt Market size is set to surpass USD 4.39 billion by 2027, according to a new research report by Global Market Insights, Inc.
The proliferating cement manufacturing and steel sectors across the globe will drive the demand for rubber conveyor belts over the forecast timeframe. Conveyor solutions are used for moving conveying pallets, coke, and ores up to the blast furnace located at steep angles and are also used in other heavy-duty applications in the harsh environment of steel manufacturing plants. The steel & cement sectors are driven by the rising demand from building & infrastructure projects.
Integration of Industrial Internet of Things (IIoT) and technology advancements will impel the rubber conveyor belt market growth
The integration of Industrial Internet of Things (IIoT) in conveyor belt solutions along with the development of rubber materials for longer life is expected to fuel the market expansion during the forecast timeframe. Several innovative solutions, such as magnetic rubber conveyors, backlit rubber conveyors, and others, have enabled users to enhance their operational efficiency in several industries. Furthermore, the integration of vibration, voltage, and temperature sensors in conveyor solutions enhances their life and supports maintenance work.
High maintenance costs associated with the usage of these solutions in the heavy manufacturing sector along with fluctuating raw material prices are posing threat to the market. Rubber conveyor belts need proper maintenance, or they can lead to a partial or total shutdown. Continuous operation of these belts for a long period and in extreme conditions can lead to abrasive wear & tear and mechanical damages and these issues need to be addressed immediately. In extreme temperatures, rubber conveyor belts tend to lose their flexibility and may even crack while causing fractures and jams. However, the integration of sensors and developments in rubber components is likely to minimize the threat to the market.
Steel reinforced witness moderate growth owing to usage in a wide range of end-use industries
Steel reinforced material segment in the rubber conveyor belt market is predicted to reach USD 654.96 million by 2027. In general manufacturing, these can be used in packaging, rubber, plywood processing, hand tools & electronics industries, etc. Steel cord rubber conveyor products are used to carry heavy loads, generally in the mining industry. Increasing disposable income has resulted in higher consumption of white goods, which will boost general manufacturing industries and thus will provide a thrust to the product demand over the coming years.
Browse key industry insights spread across 279 pages with 396 market data tables & 26 figures & charts from the report, “Rubber Conveyor Belt Market Size, By Material (Steel Reinforced, Textile Reinforced [Performance Textiles, Commodity Textiles], Solid Woven Belts), By Application (Light Weight, Medium Weight, Heavy Weight), By End-use (Mining [Coal, Metal], Cement Manufacturing, Power Generation, Recycling, Metal Processing), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
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Lightweight rubber conveyor belt market accounted for around USD 189.48 million in 2020. These solutions are used in a wide variety of industries and applications including paper & printing, food & beverage, automotive stamping, etc. The tensile strength of lightweight belts is low compared to other application belts and are primarily used in applications for carrying light weights within a production facility. The product demand will escalate with the rising adoption of automation by various industries in developing economies. Companies are using lightweight conveyors as their suitable option for material handling operations to reduce production time, reduce loss of material, and improve the quality check & inspection process, resulting in better product quality.
The power generation end-use segment in the rubber conveyor belt market is poised to showcase a growth rate of around 3.6% through 2027. Rubber belt solutions are used to carry heavy loads, components, or parts smeared with machinery oil or heavy-oil treated coal during power generating processes. They are also used to carry heavy loads, components, or parts going into electric power generating plants, coking plants, or other plants. These transporting belts are made from flame-resistant materials before they are used in power generation facilities. The improving economic health and advancements in the quality of life in developing economies are likely to see a rapid surge in the power demand.
Europe rubber conveyor belt market is anticipated to generate around USD 588.77 million in revenue by 2027. The regional market is dominated by Russia with around 40% of revenue share in 2020 followed by Germany. The growing Russian mining sector along with rising industrialization in the Eastern European economies will spur the demand for rubber conveyor solutions during the forecast period. A mature food & beverage sector in the region with companies primarily focusing on cleanliness and hygiene will augment the demand for food rubber conveyor solutions in the coming years.
Some of the key players in the rubber conveyor belt market are The Yokohama Rubber Co., Ltd., ContiTech AG, Bridgestone Corporation, Bando Chemical Industries, Ltd., Trelleborg, etc. Collaboration with several mining projects and expanding regional sales networks are among the key strategies adopted by players to enhance their competitiveness in the market.