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Conveyor Belts market to Reach $8.3 Billion, Globally, by 2032 at 4.9% CAGR: Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, October 28, 2024 /EINPresswire / -- Prime determinants of growth
A conveyor system is an essential component of a production line, responsible for transporting unfinished products from one stage of the process to another. Moreover, these systems are widely utilized in various settings, including warehouses, baggage handling facilities, and industries such as mining, for the efficient movement of materials from one location to another. The conveyor belt is a crucial element in manufacturing facilities across the globe, playing a vital role in ensuring the smooth flow of materials and products throughout various industrial processes.
According to the report, the global conveyor belts industry generated $5.1 billion in 2022, and is anticipated to generate $8.3 billion by 2032, witnessing a CAGR of 4.9% from 2023 to 2032.
Growth in manufacturing sector, Growth of mining industry, and rise in number of automated warehouses drive the growth of the global conveyor belts market. However, government restrictions on rubber products, and safety concerns associated with conveyor belts are expected to restrict the market growth. Moreover, a rise in the number of small-scale industries in emerging economies presents new opportunities in the coming years.
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The medium-weight segment to maintain its leadership status throughout the forecast period
Based on type, the medium weight segment held the highest market share in 2022, accounting for more than two-fifths of the global conveyor belts market revenue and is estimated to maintain its leadership status throughout the forecast period. Medium-weight conveyor belts have a robust construction. The use of rubber or fabric-reinforced rubber in the belt's construction enhances its resistance to wear and tear, ensuring prolonged service life even under demanding operating conditions. This durability is essential in industries where conveyor belts are subject to continuous use and exposure to abrasive materials.
However, the heavy-weight segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032. Heavy duty conveyor belts are ideal for the demanding applications of industries such as mining, construction, and bulk material handling. Heavy-weight conveyor belts are engineered and constructed using strong and durable materials so that these belts can accommodate heavy loads, making them capable of transporting large quantities of materials over considerable distances.
The floor segment to maintain its leadership status throughout the forecast period
Based on installation type, the floor segment held the highest market share in 2022, accounting for more than two-thirds of the global conveyor belts market and is estimated to maintain its leadership status throughout 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. In some cases, a conveyor belt can directly be installed above the surface like a table and no further modification to the facility is required.
Conveyor belts operate continuously, enabling a steady flow of materials without interruptions. However, the overhead segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. Overhead conveyor systems have many advantages which make it highly desirable in manufacturing spaces. These conveyors operate above ground level, effectively utilizing vertical space in a facility. This allows for better utilization of floor space, freeing up valuable ground areas for other operations, storage, or workstations.
The transport and logistics segment to maintain its lead position during the forecast period
Based on end user, the transport and logistics segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global conveyor belts market revenue, and is projected to maintain its lead position during the forecast period. Transport and logistics operations rely on conveyor belts for several reasons, as they offer significant advantages in efficiently handling goods and materials throughout the supply chain. However, the others segment is expected to portray the largest CAGR of 6.2% from 2023 to 2032. The others segment includes the mining industry, airports and various other sectors engaged in baggage handling.
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Top Industry Trends:
A wide range of industries such as manufacturing and baggage handling, transportation and logistics, and various others, make extensive use of roller conveyors for handling of boxes, cartons, and other. Thus, growth in these industries and advantages of roller conveyors is expected to have a positive impact on the conveyor belt market outlook.
The market is mainly driven by growth in the manufacturing sector, mining industry, and growth in the number of automated warehouses. Other drivers include a rise in demand for food and beverages and a rising number of baggage handling facilities driven by increasing travel by people. However, fluctuations in the cost of raw materials used for manufacturing conveyor belts are expected to restrain the conveyor belt market growth in the coming years.
Leading Market Players: -
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.
Michelin Group (Fenner Conveyors).
The report provides a detailed analysis of these key players in the global conveyor belts market. These players have adopted different strategies such as new product launches, business expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Findings Of The Study:
The report provides an extensive analysis of the current and emerging conveyor belt market trends and dynamics.
Depending on the belt type, the medium-weight segment dominated the conveyor belt market, in terms of revenue in 2022, the heavy-weight segment is projected to grow at a significant CAGR during the forecast period.
By installation type, the floor segment dominated the conveyor belt market share in terms of revenue generated in 2022.
By end user, transport and logistics segment registered highest revenue in 2022.
LAMEA is projected to register the highest growth rate in the coming years.
The key players within the conveyor belt market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the conveyor belt industry.
The report provides an extensive conveyor belt market analysis of the current trends and emerging opportunities.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
David Correa
Allied Market Research
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