Press release
Global Conveyor Belt Market Industry Trends, Estimation & Forecast, 2018 - 2025
Conveyor Belt Market
Growing demand from the power, mining, and manufacturing industries represent one of the key factors driving the global conveyor belt market. As a result of heavy competition in the market, these industries are majorly reliant on efficient techniques to increase their productivity. The demand for conveyor belts is also boosted by the growth of infrastructural activities and macroeconomic factors such as GDP growth. Another major market trend that is gaining momentum is the growing demand for eco-friendly conveyor belts with self-cleaning properties, which tend to improve the operating costs of the industries.
“Global Conveyor Belt market is valued at USD 4.2 billion in 2018 and it is expected to reach more than USD 6.98 billion by 2025, likely to grow at a CAGR of 3.48% during the forecast period”
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On the basis of product, Flat belts held more than 80% in the overall conveyor belt market share in 2018, as these are preferred choices for various industrial applications. They are used to transfer medium and heavyweights in mining, stone crushing, quarrying, cement manufacturing, etc. as well as transporting light-weight materials such as food products and consumer goods.
Based on end-use, mining and general manufacturing sectors held significant conveyor belt market share due to increasing demand for minerals and intensifying building & construction activities and infrastructure projects. The mining sector generated more than USD 1.5 billion in 2018, leading the market and was closely followed by the general manufacturing sector. Power generation held a considerable share in the market as these are used to transfer coals into thermal power plants.
The Asia Pacific dominates the global demand for conveyor belts and the trend is anticipated to continue for a foreseeable future. The Asia Pacific comprises two of the fastest emerging economies across the globe, India, and China. Increasing industrial investment in India and China has been among the foremost factor driving demand for conveyor belt in the Asia Pacific. Therefore, Asia Pacific is anticipated to be the fastest-growing region for conveyor belts during the forecast period. North America is the second-largest market for conveyor belts, moreover owing to market saturation in several end-user industries in North America.
Conveyor belt market is fragmented and dominated by regional players that constitute a major portion of the global market share. Some major manufacturers of conveyor belts include Bando Chemical Industries, Bridgestone, ContiTech AG, Goodyear, ContiTech AG, QingDao Rubber Six and Zhejiang Double Arrow among several others.
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