Press release
U.S. Non-Automotive Rubber Transmission Belts Market Expected to Expand at 3.4% CAGR, Reaching USD 1,847.7 Million by 2032
U.S. Non-Automotive Rubber Transmission Belts Market
The U.S. non-automotive rubber transmission belts market was estimated to be worth USD 1,399.2 million in 2023 and is expected to register a compound annual growth rate (CAGR) of 3.4%. The market is projected to reach USD 1,847.7 million by 2032.
What Are Non-Automotive Rubber Transmission Belts?
Rubber transmission belts play an important part in the area of industrial equipment , particularly in the grouping of industrial belts. These belts, usually referred to as rubber V belts, are an intrinsic part of industrial machinery and are utilized for power transmission. They are adjustable looped belts made of rubber materials. They are designed to transfer power between two shafts, enabling the motion of several industrial parts.
They operate on the principle of frictional force. As the belt meets pulleys and sheaves on the shaft, friction is generated, permitting the conveyance of revolving motion and power. The action between the belt and the pulley enables productive power transfer. They are excessively adjustable, impervious to wear and tear, and can endure varied temperatures and ecological.
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What Is Driving Market Evolution?
Technological Progressions: End users covering several industries such as manufacturing, agriculture, and mining are growingly demanding belts that can endure harsh functioning conditions and offer prolonged service life. Enhancements in belt technologies have caused the advancements of superior materials and designs that provide exclusive aversion to wear, heat, and abrasion. For instance, the initiation of synthetic rubbers, progressive polymer blends, and fiber-based composites has caused the development of belts with superior tensile strength, longevity, and adjustability, thereby driving the U.S. non-automotive rubber transmission belts market growth.
Advancements in Belt Construction: Progressions in belt construction, such as accuracy-engineered cogs and grooves, have improved adjustability, decreased slippage, and enhanced power transmission productivity. Thus, end users are witnessing enhanced productivity and reduced functional costs.
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Which Firms Dominate Market?
The market has the presence of both established players and new entrants. Market leaders are enumerated as follows:
• CHIORINO S.p.A.
• Continental AG
• Gates Industrial Corporation plc
• Habasit
• Hanna Rubber Company
• Mitsuboshi Belting Ltd
• Optibelt GmbH
• SKF
• PIX NORTH AMERICA INC
What Are Major Market Segments?
The U.S. non-automotive rubber transmission belts market covered in this report is segmented based primarily on product and application.
By product insights, the v-belts segment held a larger market share owing to its inventiveness, productivity, and economy finding its place in industries such as agriculture, manufacturing, and construction.
By application insights, the industrial segment dominated the market in 2023, owing to its massive reliance on machinery and instruments fuelled by transmission belts for effective functioning.
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Regional Assessment
Regional analysis provides an examination of the key variables, including social, physical, and economic, in a regional context. It helps companies understand the needs and wants of their customers in target markets. Thus, stakeholders can make informed decisions about their products or service offerings. Also, regional analysis assists businesses in identifying regions with high growth potential and where they should focus their efforts. Furthermore, it can help stakeholders understand local conditions to analyze policy related to global change.
The key regions and sub-regions of the U.S. Non-Automotive Rubber Transmission Belts Market covered in the research report are:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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