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conveyor belt industry trends
The global conveyor belt market is expected to reach US$ 7.77 Billion by 2027, exhibiting at a CAGR of 3.23% during 2022-2027.
SHERIDAN, WYOMING, UNITED STATES, May 16, 2022 /EINPresswire.com / -- The global conveyor belt market size reached US$ 6.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.77 Billion by 2027, exhibiting at a CAGR of 3.23% during 2022-2027.
A conveyor belt is a material handling system that moves supplies, materials, and components in an efficient and effortless manner while saving time, energy, and money. It relies on two motorized pulleys for operating at the same speed and in the same direction to activate the motion of the conveyor belt. It is used at close distances, such as within a building and connecting assembly lines to the final inspection, as it offers advantages, such as high versatility and high cost-effectiveness. As a result, it finds extensive applications in mining, food and beverage (F&B), electric power, logistics , and manufacturing sectors worldwide.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Conveyor Belt Industry Trends:
At present, there is a rise in the demand for conveyor belts in the mining industry to transport various materials, such as excavated and crushed rocks, in an efficient manner. This, along with the growing warehouses and distribution centers for online merchants across the globe, represents one of the key factors driving the market. Moreover, there is an increase in the utilization of conveyor belts to carry food items through ovens, chilling stations, and packaging sections. This, coupled with the expanding food and beverage (F&B) industries, is propelling the growth of the market. In addition, the escalating demand for conveyor belts in the building and construction industry to connect the broken equipment of different levels, sand production facilities, and screening equipment is positively influencing the market. Besides this, governments of several countries are extensively investing in infrastructure development, which is catalyzing the demand for conveyor belts. Additionally, key market players are focusing on developing eco-friendly conveyor belts with self-cleaning properties.
Conveyor Belt Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are
Bando Chemical Industries, Ltd.,
Fenner,
Intralox, L.L.C.,
Volta Belting Technology Ltd.,
Fives Group.
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The report has segmented on the basis of Type, end-use and geography.
Market Breakup by Type:
•Medium-Weight Conveyor Belt
•Light-Weight Conveyor Belt
•Heavy-Weight Conveyor Belt
Medium-weight conveyor belt dominates the market as they are capable of moving comparatively heavy load with less power.
Market Breakup by End-Use:
•Mining and Metallurgy
•Manufacturing
•Chemicals, Oils and Gases
•Aviation
•Others
Top Conveyor Belt Manufacturers in the World
Market Breakup by Region:
•Asia Pacific
•Europe
•North America
•Middle East and Africa
•Latin America
The Asia Pacific holds the largest market share on account of rising infrastructural activities and increasing investments in the manufacturing industry of the region.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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.
Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
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