he Conveyor Belt Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Conveyor Belt Global Market Report 2024, 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.
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.
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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
Major companies operating in the conveyor belt market are increasing their focus on introducing innovative conveyor belts, such as heat-resistant conveyor belt, to gain a competitive edge in the market. Heat-resistant conveyor belts are specially designed to handle the transport of hot materials, typically exceeding temperatures that standard conveyor belts can withstand. For instance, in July 2023, Dunlop Conveyor Belting, a Netherlands-based conveyor belt manufacturing company, launched OptimaHeat Xtreme, a new type of heat-resistant conveyor belt that can withstand high temperatures and prolonged exposure to hot payloads and abrasives. OptimaHeat Xtreme retains its heat resistance even after continuous operation at temperatures up to 400°F (204°C) with minimal abrasion degradation. The proprietary cover compound used in this new conveyor belt offers prolonged heat resistance, which is essential for long-term operational periods.
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 analysis
5.Conveyor Belt Market Size And Growth
6.Conveyor Belt Segmentation
7.Conveyor Belt Regional And Country Analysis
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27.Conveyor Belt Competitive Landscape And Company Profiles
28.Conveyor Belt Key Mergers And Acquisitions
29.Conveyor Belt Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- ContiTech AG
- Bridgestone Corporation
- Bando Chemical Industries Ltd.
- Apache Inc.
- Sandvik AB
- The Yokohoma Rubber Co. Ltd
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