According to the recent report by IMARC Group, titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global conveyor belt market size exceeded US$ 5.85 Billion in 2019. A conveyor belt refers to a belt conveyor system that includes two or more pulleys and an endless loop of belt for carrying materials from one place to another. This loop is made up of leather, rubber, plastic, fabric or metal, which is supported on either rollers or a metal slider pan. Generally, there are two industrial classes of belt conveyors -- one for moving bulk materials like ores, sand, grains, coal, etc. and the other to handle general materials like boxes in a factory. Nowadays, different kinds of conveyor belts are manufactured depending upon the speed and weight requirements of the end user.
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Global Conveyor Belt Market Trends:
One of the major factors that have contributed to the growth of the market is the expanding e-commerce industry. Due to the increasing purchasing power, changing lifestyles, and the prevalence of online shopping, the e-commerce industry has gained immense traction over the past decade. Moreover, several companies and brands have expanded their warehouse and distribution centers, which, in turn, has created a significant demand for conveyor belts. Furthermore, there has been a rise in the demand for packaged food and automobiles, especially in emerging regions like Asia Pacific, which is contributing to the market growth. Additionally, the market players are continuously working on improving the efficiency of conveyor belts and incorporating advanced systems to ensure better results. For instance, a US-based company is launching a conveyor belt with a real-time belt monitoring system. Apart from this, the manufacturers are also focusing on building eco-friendly systems due to the rising environmental concerns. On account of these factors, the market is expected to witness moderate growth during the forecast period (2020-2025).
- Based on the product type, the market has been divided into the heavy-, medium-, and light-weight conveyor belts. Among these, medium-weight conveyor belts account for the majority of the market share.
- On the basis of the end use, the market has been segregated into the manufacturing; aviation; mining and metallurgy; and chemicals, oils, and gas sectors.
- Region-wise, Asia Pacific represents the leading market, holding the biggest market share. Other major regions include North America, Latin America, Middle East and Africa, and Europe.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being J.K. Fenner (India) Limited, Intralox LLC, Bando Chemical Industries, Ltd., Fives SAS, and Volta Belting Technology Ltd.
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