Conveyor Belt Market is Forecasted to Reach US$ 5.7 Billion in 2028, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global conveyor belt market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2028: US$ 5.7 billion

Growth (CAGR): 5.9% during 2023-2028

Leading Belt Type: Textile Reinforced Belt

Leading Product Type: Flat Belts

Leading Weight Type: Medium-Weight Belt

Leading End-Use Industry Type: General Manufacturing

Leading Region: Asia-Pacific

Forecast Period: 2023-2028

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Conveyor Belt Market:

The global conveyor belt market is segmented based on belt type, product type, weight type, end-use industry type, and region.

Based on belt type – The textile reinforced belt type is dominant but continues to lose share to steel cords in the coming years.

The market is segmented into textile-reinforced belts, steel cord belts, and others. The textile-reinforced belt is expected to remain the largest as well as the fastest-growing belt type in the market during the forecast period, mainly driven by its lower cost. Textile reinforcements are ideal for use in most applications because they offer a good balance of cost and strength.

Based on product type – Flat belts are estimated to remain the dominant product type till 2028.

The market is segmented into flat belts, modular belts, cleated belts, and others. Flat belt is expected to remain the dominant product type in the market during the forecast period. Flat belts are the best viable option for many industrial applications. They are used to transport lighter products, such as consumer goods and food items, as well as medium- to heavy-weight materials in mining, quarrying, cement making, stone crushing, etc.

Based on weight type – The medium-weight belt is to be the most widely used weight type in the foreseeable future.

The market is segmented into lightweight, medium-weight, and heavy-weight belts. The medium-weight belt is expected to remain the dominant weight type in the market during the forecast period, owing to its wider usage in various end-use industries. Medium-weight belts can be used in various applications as they can sustain heavy weights with fewer complications.

Based on end-use industry type – General manufacturing is to register the fastest growth, and mining is to continue losing share in the coming years.

The market is segmented into mining, general manufacturing, food & beverage, construction & aggregates, power generation, and others. Mining is expected to remain the biggest demand generator of conveyor belts during the forecast period, owing to the wide usage of conveyor belt mechanisms in the mining industry.

On the other hand, the sales of rubber conveyor belts are likely to increase as a result of the expected rise in mining activities, which are mostly due to ongoing economic expansion in developing nations. Conveyor belts are widely used in coal-fired power stations, therefore a global transition away from these facilities will reduce chances for new demand. Some industrialized nations want to entirely stop using coal as a source of energy, which is again a major barrier for this market segment in those nations.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for conveyor belts during the forecast period. This growth outlook is majorly attributed to the following–

·      The market is divided geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

·      Regarding regions, Asia-Pacific is expected to remain the largest market for conveyor belts during the forecast period.

·      The region is also likely to grow faster during the same period. Its growth factors can be linked to rapid industrialization and its rapidly growing economies.

Conveyor Belt Market Drivers:

Some of the key drivers listed in the report are given below.

The conveyor belt market growth is most likely to be driven by the expansion of factories, warehouses, and assembly lines in the coming years.

Furthermore, rising cement demand as a result of rapid infrastructure development and urbanization projects in emerging economies such as China and India, as well as the Indian government's target of developing 100 smart cities and metro projects in the coming years, is expected to drive the demand for conveyor belt systems.

Top 10 Companies in the Conveyor Belt Market:

Stratview Research has identified the following companies as the top market players (arranged alphabetically).

• Ammeraal Beltech
• Bando Chemical Industries, Ltd.
• ContiTech AG
• Forbo Holding Ltd.
• Mitsuboshi Belting Ltd.
• Semperit AG Holding
• The Yokohama Rubber Co., Ltd.
• Wuxi Baotong Technology Co., Ltd.
• Zhejiang Double Arrow Rubber Co., Ltd
• Zhejiang Sanwei Rubber Item Co., Ltd.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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