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A03981 | Pages: 213 | Charts: 56 | Tables: 120 |
The Global Conveyor Belt Market size was valued at $5.1 billion in 2022, and is projected to reach $8.3 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
A conveyor system is part of a production line where it moves unfinished products from one process to another. In addition, in facilities such as warehouses as well as baggage handling units, and also others which include the mining industry, the conveyor belt is used for transporting material from one place to another.
A conveyor belt is an indistinguishable component in most manufacturing facilities across the world. Pharmaceutical industries as well as consumer products manufacturers, and also the manufacturers of electronic products, including various other industries have witnessed a notable rise in the past few years, which has positively affected the market for conveyor belts. In addition, the rising demand for mined products, for energy generation, for use in construction, or various other uses in the manufacturing sector has positively affected the mining industry. Additionally, rising number of automated warehouses, driven by the growing e-commerce sector is also positively affecting the conveyor belts market.
Governments across the world are introducing various policies for the growth of their domestic industrial sector to eventually propel the countries’ economy. For instance, the Indian government has introduced various schemes, such as ‘Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)’, ‘Pradhan Mantri Mudra Yojna’ and others to support small-scale industries. Such programs have been successful in driving the growth of the small- and medium-scale industrial sector in the last decade; thereby boosting the manufacturing sector in the country.
Moreover, manufacturing and process industries are also witnessing a rise in demand for products such as consumer durables, fast-moving consumer goods, food and beverages, and others. This is due to the rise in population and disposable income of the public. Conveyor belts are one of the most inseparable components of any manufacturing and process industry. Additionally, the mining industry is also witnessing a significant rise. For instance, in May 2022, Indian government eased environmental approvals for coal mining, to tackle fuel shortage.
Furthermore, in November 2021, Nigeria updated its mining act known as ‘Nigeria Minerals and Mining Act’, to prevent illegal mining. In August 2020, Ethiopia launched its online mining application portal for easing the process. Conveyor belts are widely used in mining sites to transport debris, or useful material from one place to another. Thus, the rise in the mining industry is anticipated to positively affect the conveyor belt market outlook during the forecast period.
However, the fluctuating cost of raw materials used for manufacturing conveyor belts is expected to restrain the market growth. Even if the manufacturer does not increase the price, it is expected to affect the profitability of the company involved in making conveyor belts and their components. In addition, government in various countries including India, and European Union have increased tariffs on or restricted the import of rubber and rubber products for different reasons.
This is also anticipated to increase the process of conveyor belts, which are primarily manufactured using rubber, eventually restraining the market growth. Another factor limiting the growth potential of the market is health safety concerns associated with conveyor belts. Conveyor belts are manufactured using various hazardous chemicals. These components include primary amine-based sulfenamides, such as N-cyclohexyl-2-benzothiazole sulfenamide, and thiazoles, such as 2-mercaptobenzothiazole. These substances of very high concern’ (SVHC’s) can have an effect on humans and the environment.
Moreover, technological and other developments in the conveyor belt industry are expected to provide lucrative opportunities for the key market players. Various companies have launched fire resistant conveyor belts, which prevent the propagation of fire in different parts of the facilities.
The COVID-19 has subsided, and the major manufacturers in 2023 are performing well. Contrarily, the rise in global inflation is a new major obstructing factor for the entire industry. The inflation, which is a direct result of the Ukraine-Russia war and few long-term impacts of the coronavirus pandemic, has introduced volatility in the prices of raw materials used for manufacturing conveyor belts. In addition, the cost of oil & gas has also increased, and many countries; especially, the countries in Europe, Latin America, North America, and Sub-Saharan Africa experience severe negative impacts in industrial production, including the production of conveyor belt. However, India and China are performing relatively well, and the demand for conveyor belts is not witnessing any substantial decline. In addition, inflation is expected to worsen in the coming years, as the possibility of the ending of the war between Ukraine and Russia is less. Moreover, the cost of construction has risen substantially, discouraging builders from initiating new projects, which is also expected to negatively affect the conveyor belt market growth. However, with the continued talks between different countries, a peace agreement between Ukraine and Russia can be devised, which is expected to end the war between them and reduce the global inflation.
The conveyor belt market is segmented on the basis of belt type, installation type, end user, and region. By belt type, the market is divided into lightweight, medium-weight, and heavy-weight. Depending upon the type, the market is categorized into overhead, and floor. On the basis of end user, it is divided retail, food and beverage, automotive, manufacturing, transport and logistics, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
[BELTTYPEGRAPH]
In the market there are various types of conveyor belts available, few are designed to carry lighter weight while others are meant for carrying medium to heavy weight between two locations. Light-weight conveyor belts are mostly preferred by the food and drinks processing facility for the movement of products such as snacks, bottles, meat, and other products in various processes. Pharmaceutical industries, and also the electronic products manufacturing industries are also the primary users of light weight conveyor belts.
Simultaneously, the other types of conveyor belts which are medium- and heavy-weight belts are used in many industries for the movement of heavy objects such as large pallets, and cartons. Aggregates and mined materials in a quarry or mining sites are also transferred using heavy-wight conveyor belts. The medium-weight conveyor belt were sold the most in the year 2022. And the heavy-weight belts are determined to grow with a higher CAGR during the forecast period.
[INSTALLATIONTYPEGRAPH]
The conveyor belt market is divided into overhead, and floor. In 2022, the floor segment dominated the conveyor belt market share in terms of revenue, and the overhead segment is expected to dominate the conveyor belt market forecast by growing with a higher CAGR during the forecast period. The floor conveyor belt system is mounted just above the floor surface on an elevated platform. It utilizes a continuous belt to transport goods, products, or materials from one location to another within a facility. Conveyor belts are highly efficient industrial machinery that is used for the smooth movement of items along the designated path. Industrial users such as manufacturing, distribution, warehouses, airports, and retail make extensive use of this system owing to its ease of use and easy installation.
[ENDUSERGRAPH]
The conveyor belt market is divided into retail, food and beverage, automotive, manufacturing, transport and logistics, and others. The transport and logistics segment accounted for the highest market share in 2022. However, the others segment is anticipated to register a higher growth rate during the forecast period. By automating the movement of materials and products, conveyor belts improve the overall efficiency of manufacturing processes. They can handle large volumes of materials and maintain a consistent speed, which helps optimize production output. Automated material handling through conveyor belts reduces labor costs and minimizes production downtime caused by manual material transport. Moreover, conveyor belts can be seamlessly integrated with other manufacturing machinery and equipment, such as robotic arms, packaging machines, and inspection systems.
[REGIONGRAPH]
Asia-Pacific accounted for the highest market share in 2022 and LAMEA is expected to grow with the highest CAGR during the forecast period. Asia-Pacific is a highly developing region with the fastest growing population. According to the United Nations, nearly two-thirds of the world population resides in Asia-Pacific, with China and India alone accounting for one-third of the global population. In addition, the rate of urbanization in Asia-Pacific is also high. Thus, owing to high population growth and urbanization in the region, the industrial, construction and agriculture sector witness a rapid rise, thereby, demand for conveyor belt, which are extensively used in these sectors is anticipated to rise in the coming years. However, the manufacturing sector in LAMEA has a greater potential for growth, which is anticipated to be a major reason for the rise in demand for conveyor belts.
Competitive analysis and profiles of the major players in the conveyor belt market are provided in the report. Major companies in the report include THE YOKOHAMA RUBBER CO., LTD., Bridgestone Corporation, Continental Belting Pvt. Ltd., Volta Belting Technology, Bando Chemical Industries, Ltd., SIG Societ Italiana Gomma S.p.A., Trenn- und Sortiertechnik GmbH, HUANAN XINHAI (SHENZHEN) TECHNOLOGY CO., LTD., Elcon Elastomers Pvt. Ltd., and Michelin Group (Fenner Conveyors). Major players to remain competitive adopt development strategies such as product launches, and business expansion.
Key Market Segments
Key Market Players