Overview and Scope
A conveyer belt is a device made of a material, such as rubber, stretched across rotating rollers that propels it forward while also moving the object positioned on it. Conveyor belts are extremely well-liked across many industries because they are highly adaptable, lightweight, and affordable. The conveyor belt is used to transport heavy and light objects of various sizes from one point to the other. Automated distribution, warehousing, manufacturing, airports, production facilities, and others use conveyor belts.
Sizing and Forecast
The conveyor belt market size has grown steadily in recent years. It will grow from $5.38 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to industrialization, mining industry growth, automated manufacturing, food and beverage industry expansion, global trade increase, efficiency in agriculture.
The conveyor belt market size is expected to see steady growth in the next few years. It will grow to $6.74 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to renewable energy projects, focus on sustainability, smart conveyor systems, urbanization and infrastructure needs, e-commerce fulfillment centers. Major trends in the forecast period include advanced conveyor belt materials, smart conveyor monitoring systems, lightweight and modular belts, automation and robotics in conveyor systems, conveyor belt recycling initiatives, customization for specific industry.
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Segmentation & Regional Insights
The conveyor belt market covered in this report is segmented –
1) By Type: Overhead, Floor, Roller, Pallet, Crescent
2) By Installation: Portable, Stationary
3) By Material: Metal, Polymer
4) By Application: Light Weight, Medium Weight, Heavy Weight
5) By End-User: Mining, Food and Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing, Other End-Users
Asia-Pacific was the largest region in the conveyor belt market in 2023. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the conveyor belt market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A surge in air passenger journeys will propel the growth of the conveyor belt market. Rapid growth in disposable income, living standards, and increasing availability of affordable air travel contributed to the surge in air passenger journeys across the globe. The rapid growth in air passenger journeys is forcing governments to establish new airports, which is predicted to boost demand for conveyor belts, as they are an integral part of airports that help to transport the luggage of the passenger from one location to another. For instance, according to a report published in May 2022 by the International Civil Aviation Organization (ICAO), a UN agency and a global forum for civil aviation, the number of passengers carried by air climbed by 65% from January to April 2022 compared to January to April 2021, while the number of aircraft flight departures rose by 30%. Hence, an increase in air passengers and air travel is expected to boost demand for conveyor belts during the forecast period.
Key Industry Players
Major companies operating in the conveyor belt market report are ContiTech AG, Bridgestone Corporation, Bando Chemical Industries Ltd., Apache Inc., Sandvik AB, The Yokohoma Rubber Co. Ltd., Rexnord Corporation, Habasit AG, Zhejiang Sanwei Rubber Item Co. Ltd., Intralox LLC, Zhejiang Double Arrow Rubber Co. Ltd., Megadyne Group, Chiorino S.p.A., Ashworth Bros. Inc., GKD Gebr. Kufferath AG, Wire Belt Company Limited, Smiley Monroe Ltd., Phoenix Conveyor Belt Systems GmbH, Oriental Rubber Industries Pvt. Ltd., Fenner Group Holdings Ltd., Elastomerik Belts Private Limited, Tenova SpA, Sempertrans Conveyor Belt Solutions GmbH, Forbo Siegling GmbH, Ammeraal Beltech Holding B.V., Derco BV, Dunlop Conveyor Belting, Mafdel, Esbelt S.A., Sparks Belting Company
The conveyor belt market report table of contents includes:
1. Executive Summary
2. Conveyor Belt Market Characteristics
3. Conveyor Belt Market Trends And Strategies
4. Conveyor Belt Market – Macro Economic Scenario
5. Global Conveyor Belt Market Size and Growth
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32. Global Conveyor Belt Market Competitive Benchmarking
33. Global Conveyor Belt Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Conveyor Belt Market
35. Conveyor Belt Market Future Outlook and Potential Analysis
36. Appendix
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