Press release
Rubber Conveyor Belt Market Latest Trends and Growth Strategies by2026 | Bridgestone, YOKOHAMA ContiTech, Bando, Trelleborg Group
Rubber Conveyor Belt Market
Rubber Conveyor Belt Market is expected to exceed USD 4 billion by 2026. Growing industrial usage for cleaning agents will propel the industry growth in the upcoming years.
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Intensifying rubber conveyor belt usage in the mining industry will likely enhance the product use during the forecast timespan. These are widely used in underground mining and open pit mining applications as they offer efficient transportation services of bulk materials over short, medium, and long distances through topographically difficult terrains having steep angles. For long-distance coal conveying, these belts are preferred due to their anti-abrasive, flame-resistant, heat resistant, and oil-resistant properties and power savings capability. Moreover, increasing population and improving economic conditions are leading to an increase in the utilization for commodities, such as iron ore, coal, and copper, fueling the growth of mining industry. This is also directly bolstering the usage for rubber conveyor belts by 2026.
However, the expense for setting up conveyor belts in a plant or in a mine is considerably high. Furthermore, the maintenance and replacement cost of the product incurs a huge expenditure that may hamper the rubber conveyor belts market in the forecast span. Nevertheless, its property to minimize the labor and transportation cost may bring ample prospects for the rubber conveyor belt industry by 2026.
Crucial rubber conveyor belt manufacturers consists of Bridgestone, YOKOHAMA, ContiTech, Fenner, Trelleborg, LUTZE, Bando, Garlock, SIG Societa Italiana Gomma, Oxford Rubbers and ARTEGO etc.
Rubber Conveyor Belt Market Growth Drivers: --
1. Growth in the mining industry
2. Advancements in steel and cement industry
3. Regular developments in the power generation sector
4. Low cost of rubber conveyor belts
5. Transportability to longer distances
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On the basis of materials, the industry is classified into steel reinforced belts, textile reinforced belts and solid woven belts. The textile reinforced belts are then further bifurcated into commodity textiles and performance textiles. The textile reinforced rubber conveyor belts carcass is made up from nylon and polyester blends, providing high strength, along with exceptionally good abrasion and fatigue resistance. It also provides extremely low moisture absorption, good dimensional stability, that generated a revenue over USD 3 billion in 2018.
Based on its application, the rubber conveyor belt market is categorized into light weight, medium weight, heavy weight. Rubber conveyor belt for light weight applications is projected to grow with a CAGR over 3% by 2026. The tensile strength of these belts are generally lower and are mainly used in applications for carrying light weights within a plant or production facility.
According to the end-use industries, the industry is characterized into mining, cement manufacturing, power generation, recycling, metal processing, and few others. The mining industry is further classified into coal, metals and few other mines. Mining industry will be the largest end-user in the forecast timeframe recording over 41% share in 2018.
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