According To FMI, Conveyor Belt Market Is Anticipated To Expand At A 5.5% CAGR Through 2032.

During the forecast period, the Middle East conveyor belts market is anticipated to grow at a healthy CAGR of 4.3 percent in terms of value (2016-2026). This is primarily attributable to a number of factors, on which FMI provides in-depth analysis in its report.

The Middle East conveyor belt market includes eight major Middle Eastern nations: Israel, Kuwait, Bahrain, Qatar, Saudi Arabia, Oman, and Turkey. According to estimates, Turkey will have a 35.0 percent market share in 2015, closely followed by KSA, the UAE, and Oman.

The Middle East conveyor belt market is divided into three product types: metal-reinforced rubber conveyor belts, fabric-reinforced rubber conveyor belts, and plastic conveyor belts.

The metal-reinforced rubber conveyor belt segment is expected to account for 27.3 percent of the market's value in 2015 and to grow at a CAGR of 4.6 percent over the forecast period.

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By cover type, Conveyor belts in the Middle East market are classified as conductive conveyor belts, abrasion-resistant conveyor belts, heat- and flame-resistant conveyor belts, and oil-resistant conveyor belts. The conductive conveyor belt segment is expected to account for 13.5 percent of total value in 2015 and to grow at a CAGR of 5.7 percent over the forecast period. However, in terms of value, the abrasion-resistant conveyor belt segment is expected to be dominant by 2026, accounting for 37.8 percent of the market, compared to 28.0 percent for the heat- and flame-resistant segment.

On the basis of application, The Middle East conveyor belts market is divided into mining, food production industry, commercial, construction industry, electricity generating stations, automotive industry, chemical & fertilisers, and packaging industry, with mining accounting for a value share of 22.9 percent in 2015 and projected to decrease to 22.5 percent by 2026. Over the forecast period, the commercial segment is expected to grow at the fastest rate of 5.5 percent.

By weight, The Middle East conveyor belts market is divided into lightweight, medium-weight, and heavyweight segments, with the medium-weight segment accounting for 49 percent of the value share in 2015 and projected to increase to 49.5 percent by 2026. Over the forecast period, the lightweight segment is expected to grow at the fastest rate of 5.0 percent.

Factors Driving the Middle East Conveyor Belt Market

The increasing adoption of automated production lines across various industries, as well as the growing number of construction sites in the Middle East region, are driving the growth of the Middle East conveyor belts market. Other trends driving growth include the advancement of belt materials in conveyor systems and government initiatives in the Middle East to encourage local food production. The Middle East's conveyor belt market is being held back by a high reliance on raw material imports and low profit margins for manufacturers.

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Middle East Conveyor Belt Market: Country-wise Analysis

Turkey is expected to dominate the Middle East conveyor belts market, with over 35.0 percent market share in 2015, and to remain dominant by 2026, followed by KSA (The Kingdom of Saudi Arabia) and UAE (United Arab Emirates). Among all Middle Eastern countries, the KSA market is expected to grow at the fastest rate between 2016 and 2026, followed by the UAE. This is primarily due to increased demand from the construction and mining industries in Saudi Arabia, as well as an increase in a number of mining projects such as limestone production in the UAE.

Leading Players in the Middle East Conveyor Belt Market

Leading players in the Middle East conveyor belt market include Al Kuwaiti Industrial Solutions, Arabian Universal, Bridgestone Corporation, ContiTech AG (Continental AG), Derby Conveyor Belts Industry and Trade Inc., FaBa Commercial Services, Fenner Dunlop Conveyor Belting, Kale Conveyor, Phoenix Conveyor Belts Systems GmbH, Schieffer Magam Industries Ltd., Semperit AG Holding and Ziligen A.S.

Key Countries

The Middle East conveyor belt market covers eight major countries in the Middle East, namely, KSA, Oman, Qatar, UAE, Kuwait, Bahrain, Israel and Turkey. Turkey has been estimated to dominate the market with share of 35.0% in 2015, closely followed by KSA, UAE and Oman, respectively.

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Major participants are focusing on collaborations and partnerships with service providers to enter new markets. These key players are also focusing on expanding their offerings and providing end-to-end solutions, which entails

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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.