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- Global Conveyor Belt Market
Global Conveyor Belt Market to Reach US$ 8.7 Billion by 2032, Bolstered by Technological Advancements
December 22, 2021
| Retail
The latest report by IMARC Group, titled “Conveyor Belt Market Report by Type (Medium-Weight Conveyor Belt, Light-Weight Conveyor Belt, Heavy-Weight Conveyor Belt), End-Use (Mining and Metallurgy, Manufacturing, Chemicals, Oils and Gases, Aviation, and Others), and Region 2024-2032,” finds that the global conveyor belt market reached a value of US$ 6.8 Billion in 2023. Conveyor belts are mechanical devices that are used to transport goods from one place to another. They are manufactured from materials like polyvinyl chloride, styrene-butadiene rubber, nylon, thermoplastics, and polyesters and consist of two or more pulleys that rotate the belt in continuous circles. Conveyor belts are generally utilized for short-distance movements within a facility and are connected to assembly lines to final inspection and packing lines. They are employed in automated distribution, warehousing, and manufacturing and production facilities. Materials that are to be transported are placed on the belt and hauled horizontally as well as along the inclined slope to their destination. In recent years, conveyor belts have gained traction as they are cost-effective, lightweight, and highly adaptable. As a result, they find applications in power, mining, food processing, warehouse, manufacturing, electric vehicles, and industrial sectors.
Global Conveyor Belt Market Trends:
The market is primarily driven by the significant expansion of the aviation and e-commerce industries. Conveyor belts reduce the operation time and cost, which form an integral part of automation solutions. Along with this, the growing power and mining industries are increasing their reliance on efficient techniques to increase their productivity. Besides this, the rising industrial development activities and rapid infrastructure development projects, especially across emerging economies, are also propelling the demand for conveyor belts across various end-use industries. Moreover, the increasing demand for packaged food products is also positively influencing the market growth. Furthermore, manufacturers are introducing eco-friendly conveyor belts with self-cleaning properties and reduced operational costs, which is creating a positive outlook for the market. In addition, they 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. Looking forward, the market is expected to reach a value of US$ 8.7 Billion by 2032.
Market Summary:
- Based on the type, the market has been segmented into medium-weight, lightweight, and heavyweight conveyor belt. Currently, medium-weight conveyor belt dominates the market, holding the largest share.
- On the basis of the end-use, the market has been classified into metallurgy, chemical, steel-making, and others.
- Region-wise, Asia Pacific represents the leading market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Bando Chemical Industries Limited, Fenner, Intralox, Volta Belting Technology Limited, and Fives.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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