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The global conveyor belt market size reached US$ 6.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.77 Billion by 2027, exhibiting at a CAGR of 3.23% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A conveyor belt is primarily employed for carrying objects from one point to another. They are generally used for transportation in close distances, generally within a building, and in connecting assembly lines to the final inspection and packing lines. The material to be transported is placed on the belt and is carried to the end point, horizontally or along an inclined slope. This system comprises of two or more pulleys to rotate the belt in continuous circles. The high versatility, light weight nature, and cost-effectiveness have made conveyor belts highly popular across various industries.
A growing demand from the power, mining, and manufacturing industries represent one of the key factors driving the global conveyor belt market. As a result of heavy competition in the market, these industries are majorly reliant on efficient techniques to increase their productivity. The demand for conveyor belts is also boosted by the growth of infrastructural activities and macroeconomic factors such as GDP growth. Another major market trend that is gaining momentum is the growing demand for eco-friendly conveyor belts with self-cleaning properties, which tend to improve the operational costs of the industries.
The report has segmented the market on the basis of type into medium-weight conveyor belt, lightweight conveyor belt and heavyweight conveyor belt, wherein medium-weight conveyor belt is the most popular product type. On the basis of end-use, the report is categorised into metallurgy industry, chemical industry, steel-making industry and others. Region-wise, Asia-Pacific represents the leading market, followed by North America and Europe. Other major regions include Middle East and Africa, and Latin America. On analysing the import-export scenario, it is found that the United States is the largest importer, and China is the largest exporter. The report has also analysed the competitive landscape of the market with some of the key global players being Bando Chemical Industries, Ltd., Fenner, Intralox, Volta Belting Technology Ltd. and Fives.
This report provides a deep insight into the global conveyor belt market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the conveyor belt industry in any manner.
The global conveyor belt market was valued at US$ 6.33 Billion in 2021.
We expect the global conveyor belt market to exhibit a CAGR of 3.23% during 2022-2027.
The emerging trend of industrial automation, along with the growing demand for advanced conveyor
belts with self-cleaning properties, improved operational costs, high energy-efficiency, etc., is primarily
catalyzing the global conveyor belt market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of conveyor belts
across diverse sectors, such as food and beverages, packaging, logistics, etc., to automate numerous
operations and limit human interaction for reducing the risk of coronavirus infection.
Based on the type, the global conveyor belt market can be segmented into medium-weight conveyor
belt, lightweight conveyor belt, and heavyweight conveyor belt. Among these, medium-weight conveyor
belt currently holds the majority of the market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global conveyor belt market include Bando Chemical Industries, Ltd.,
Fenner, Intralox, Volta Belting Technology Ltd., and Fives.
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