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. According to IMARC Group’s latest report, titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global conveyor belt market reached a value of US$ 5.7 Billion in 2018.
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. Owing to the above-mentioned forces, the market is expected to reach a value of US$ 6.9 Billion in 2024, growing at a CAGR of 3.4% during 2019-2024.
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 Europe and North America. 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 Germany 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.
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