Conveyor Belt Market

Market Overview:

The global conveyor belt market size reached US$ 6.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.15% during 2023-2028. The growing infrastructure development, increasing automation, and the rising demand in the manufacturing industry represent some of the key factors driving the market.  

Rising Preferences for Automation Augmenting Market Growth

The rising demand for conveyor belts due to the increasing preference for automation currently represents one of the primary factors supporting the growth of the conveyor belt market. There is a rise in the integration of automation in machines to perform various tasks, such as welding, material handling, packing, palletizing, dispensing, and cutting. In addition to this, fully automated systems assist in providing increased productivity, improved quality, high reliability, and reduced costs, which is contributing to the growth of the market.             

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of domestic and international players operating in the industry. The volume of new entrants is high in the conveyor belt industry due to the low entry barriers, little product differentiation and switching costs, and manufacturers do not require to achieve economies of scale.

What is a Conveyor Belt?

A conveyor belt refers to material handling equipment designed to transport supplies, materials, and components in an efficient and cost-effective way in manufacturing facilities. It consists of a continuous moving strip or surface that is used for transporting objects from one place to another. It is manufactured from various materials, such as rubber or plastic compounds, including polyvinyl chloride (PVC), polyester, styrene-butadiene rubber, and nylon fabric. It is highly versatile, lightweight, saves time and space, improves process quality, and requires less power. It is also capable of handling a wide range of bulk materials and is designed to handle capacities for any operation. It assists in transporting materials horizontally or along an inclined slope conveniently while reducing the need for manual labor. Besides this, it aids in enhancing the process of transporting materials from one place to another. As a result, a conveyor belt is widely employed in the healthcare, aviation, automotive, mining and metallurgy, oil and gas, and manufacturing industries across the globe.  

COVID-19 Impact:

The COVID-19 pandemic outbreak caused a severe problem for the conveyor belt industry and imposed unprecedented challenges on numerous countries. It has also created a serious disturbance in the manufacturing process due to the shutdown of production plants. Additionally, there was a huge supply chain disruption on account of the shortage of raw materials and the unavailability of labor. The enforcement of social distancing and lockdown measures forced companies to downstream industrial production or temporarily pause output. In addition to this, the virus has threatened the logistical and transportation sector. Restrictions on on-road movement had impacted the conveyor belt equipment supply in the market. Moreover, imports and exports of raw materials to manufacture conveyor belts were slowed down. Apart from this, conveyor belts were widely utilized in the aviation industry, but the COVID-19 pandemic has severely affected the market. Additionally, there was a sharp decline in the demand for conveyor belts due to stringent rules and regulations on domestic and international travel bans. Besides this, the mining and metallurgy operations were also operating at minimum capacity, where conveyor belts were used to segregate the metals and waste. In line with this, the imposition of lockdowns and curfews has negatively impacted the demand for conveyor belts in numerous industries across the globe.

Conveyor Belt Market Trends:

At present, the rising demand for conveyor belts in the manufacturing industry to streamline operations represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of conveyor belts due to the rising infrastructure development across the globe is offering a positive market outlook. Additionally, the increasing utilization of conveyor belts in the aviation industry to transport products and baggage timely, conveniently, and provide abrasion resistance and durability is bolstering the growth of the market. Apart from this, the rising demand for conveyor belts in the mining and metallurgy sector to segregate metals and waste is impelling the growth of the market. Moreover, the increasing emergence of automation in conveyor belts to increase productivity, improve quality, and reduce cost is offering lucrative growth opportunities to industry investors. In addition, technological advancements in the conveyor belts, such as single-row deep groove ball bearings that assist in optimizing performance capabilities, providing longer service life, and reducing downtime, are supporting the growth of the market. Furthermore, the increasing number of warehouses and distribution channels around the world is strengthening the growth of the market.     

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global conveyor belt market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and end-use.

Type Insights:

• Medium-Weight Conveyor Belt
• Light-Weight Conveyor Belt
• Heavy-Weight Conveyor Belt
   

The report has provided a detailed breakup and analysis of the conveyor belt market based on the type. This includes medium-weight conveyor belt, light-weight conveyor belt, and heavy-weight conveyor belt. According to the report, medium-weight conveyor belts represented the largest segment as they are used to provide a reliable way of transporting products in testing, sorting, packaging, and assembly applications. They also have good strength and resistance to wear properties for efficiently handling rough and heavy material in the automotive industry. In line with this, the increasing demand for medium-weight conveyor belts due to their capability of moving heavy loads with less power is propelling the growth of the market.           

End Use Insights:

• Mining and Metallurgy
• Manufacturing
• Chemicals, Oils and Gases
• Aviation
• Others
   

A detailed breakup and analysis of the conveyor belt market based on the end use has also been provided in the report. This includes mining and metallurgy, manufacturing, chemicals, oils and gases, aviation, and others. According to the report, mining and metallurgy accounted for the largest market share due to the increasing demand for easy to transport heavy materials, such as metals, coal, and aggregates from one place to another with less energy absorption. In addition to this, the rising demand for conveyor belts in the mining and metallurgy industry, as they are heat-resistant, durable, and cost-effective, is bolstering the growth of the market.   

Regional Insights:

• Asia Pacific
• Europe
• North America
• Middle East and Africa
• Latin America
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to the report, Asia Pacific was the largest market for conveyor belt. Some of the factors driving the Asia Pacific conveyor belt market included the growing number of production plants due to low input costs, rising infrastructure activities, and increasing investments in the manufacturing industry. In addition, the growing adoption of conveyor belts to reduce production costs and increase productivity is positively influencing the growth of the market in the region.  

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global conveyor belt market. Some of the companies covered in the report include:

• Bando Chemical Industries, Ltd.
• Fenner
• Intralox
• Volta Belting Technology Ltd
• Fives
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the conveyor belt market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global conveyor belt market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the conveyor belt industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.