The Middle East Conveyor Belts Market Is Anticipated To Expand At A CAGR Of 4.6% - Future Market Insights, Inc

During the forecast period, the Middle East conveyor belts market Size is expected to grow at a CAGR of 4.6%. The market is valued at US$ 207.57 billion in 2022, and it is expected to be valued at US$ 325.45 billion by 2032. In 2021, the Middle East conveyor belts market was estimated to be worth US$ 199.40 billion.

Increase in infrastructure activities, as well as the adoption of new technologies, will drive the Middle East conveyor belts market during the forecast period.

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.

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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.

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.

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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Saudi Arabia currently the Largest Middle East Conveyor Belts Market

Saudi Arabia is the largest market for Middle East conveyor belts. The GDP of Saudi Arabia as on 2021 stands at US$ 833.54 bn based on the data available with World Bank.

Apart from that, the ruling authorities in Saudi Arabia had recently announced a massive investment of US$ 1 trillion, which aims at diversifying the economy beyond oil. The country wants to project itself as a hub for investment and logistics.

The investment in logistics shows how huge a market Saudi Arabia is and why the country is expected to be the largest Middle East conveyor belts market during the forecast period.

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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.