Conveyor Belts Market to Reach $8.3 Billion, Globally, by 2032 at 4.9% CAGR: Allied Market Research

News provided by

Sep 12, 2023, 04:12 ET

The global conveyor belts market is driven by factors such as the growth in the manufacturing sector, growth of the mining industry, and a rise in the number of automated warehouses.

PORTLAND, Ore., Sept. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Conveyor belt Market Belt Type (Lightweight, Medium-Weight, and Heavy-Weight), Installation Type (Overhead, and Floor), and End User (Retail, Food and Beverage, Automotive, Manufacturing, Transport and Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global conveyor belts industry generated $5.1 billion in 2022, and is anticipated to generate $8.3 billion by 2032, witnessing a CAGR of 4.9% from 2023 to 2032.

A conveyor system is an essential component of a production line, responsible for transporting unfinished products from one stage of the process to another. Moreover, these systems are widely utilized in various settings, including warehouses, baggage handling facilities, and industries such as mining, for the efficient movement of materials from one location to another. The conveyor belt is a crucial element in manufacturing facilities across the globe, playing a vital role in ensuring the smooth flow of materials and products throughout various industrial processes.

Download PDF Sample: https://www.alliedmarketresearch.com/request-sample/4328

Prime determinants of growth

growth in manufacturing sector, Growth of mining industry, and rise in number of automated warehouses drive the growth of the global conveyor belts market. However, government restrictions on rubber products, and safety concerns associated with conveyor belts are expected to restrict the market growth. Moreover, a rise in the number of small-scale industries in emerging economies presents new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$5.1 billion
Market Size in 2032	$8.3 billion
CAGR	4.9 %
No. of Pages in Report	198
Segments covered	Type, Installation Type, End User, and Region.
Drivers	Growth in manufacturing sector Growth of mining industry Rise in number of automated warehouses
Opportunities	Rise in the number of small-scale industries in emerging economies
Restraints	Government restrictions on rubber products Safety concerns associated with conveyor belts

Covid-19 Scenario

The outbreak of the COVID-19 pandemic had a negative impact on the global conveyor belts market, owing to temporary closure of conveyor belt manufacturing firms during the lockdown.
Not only the production but also the sale of conveyor belts was hampered due to the closure of end user industries across the world, especially in the initial period of the pandemic.

The medium-weight segment to maintain its leadership status throughout the forecast period

Based on type, the medium weight segment held the highest market share in 2022, accounting for more than two-fifths of the global conveyor belts market revenue and is estimated to maintain its leadership status throughout the forecast period. Medium-weight conveyor belts have a robust construction. The use of rubber or fabric-reinforced rubber in the belt's construction enhances its resistance to wear and tear, ensuring prolonged service life even under demanding operating conditions. This durability is essential in industries where conveyor belts are subject to continuous use and exposure to abrasive materials. However, the heavy-weight segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032. Heavy duty conveyor belts are ideal for the demanding applications of industries such as mining, construction, and bulk material handling. Heavy-weight conveyor belts are engineered and constructed using strong and durable materials so that these belts can accommodate heavy loads, making them capable of transporting large quantities of materials over considerable distances.

Buy This Research Report (213 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/checkout-final/5d77af7c7ca294b209c1d7b84d53af1f

The floor segment to maintain its leadership status throughout the forecast period

Based on installation type, the floor segment held the highest market share in 2022, accounting for more than two-thirds of the global conveyor belts market and is estimated to maintain its leadership status throughout the forecast period. The floor conveyor belt system is mounted just above the floor surface on an elevated platform. It utilizes a continuous belt to transport goods, products, or materials from one location to another within a facility. In some cases, a conveyor belt can directly be installed above the surface like a table and no further modification to the facility is required. Conveyor belts operate continuously, enabling a steady flow of materials without interruptions. However, the overhead segment is projected to manifest the highest CAGR of 5.9% from 2023 to 2032. Overhead conveyor systems have many advantages which make it highly desirable in manufacturing spaces. These conveyors operate above ground level, effectively utilizing vertical space in a facility. This allows for better utilization of floor space, freeing up valuable ground areas for other operations, storage, or workstations.

The transport and logistics segment to maintain its lead position during the forecast period

Based on end user, the transport and logistics segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global conveyor belts market revenue, and is projected to maintain its lead position during the forecast period. Transport and logistics operations rely on conveyor belts for several reasons, as they offer significant advantages in efficiently handling goods and materials throughout the supply chain. However, the others segment is expected to portray the largest CAGR of 6.2% from 2023 to 2032. The others segment includes the mining industry, airports and various other sectors engaged in baggage handling.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global conveyor belts market revenue and is likely to dominate the market during the forecast period. Asia-Pacific has emerged as a major market for conveyor belts with increased investments in manufacturing, process industries, warehousing sector, and mining sector. Furthermore, emerging economies such as China and India have witnessed rapid growth in these sectors in the past few years. However, the LAMEA region is expected to witness the fastest CAGR of 5.6% from 2023 to 2032. The mining industry in LAMEA is anticipated to rapidly grow in the coming years, owing to an increase in demand for minerals, metals, and natural resources. In addition, Africa has over 30% of the world's mineral reserves, which attracts a heavy inflow of investments in the mining industry.

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4328

Leading Market Players: -

THE YOKOHAMA RUBBER CO., LTD.
Bridgestone Corporation
Continental Belting Pvt. Ltd.
Volta Belting Technology
Bando Chemical Industries, Ltd.
SIG Societ Italiana Gomma S.p.A.
Trenn- und Sortiertechnik GmbH
HUANAN XINHAI (SHENZHEN) TECHNOLOGY CO., LTD.
Elcon Elastomers Pvt. Ltd.
Michelin Group (Fenner Conveyors).

The report provides a detailed analysis of these key players in the global conveyor belts market. These players have adopted different strategies such as new product launches, business expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Manufacturing Industry (Book Now with 15% Discount):

Conveyor Systems Market is expected to reach $15,183.1 million by 2030

Escalators Market is projected to reach $19,116.6 million by 2030

Elevator Modernization Market is projected to reach $19,941.6 million by 2030

Smart Elevators Market is projected to reach $57.3 billion by 2031

Industrial Elevator Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Elevator Ropes Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Modular Belt Drive Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Smart Escalator Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Sawmill Machinery Market: Global opportunity analysis and industry forecast, 2023-2030

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Follow Us on | Facebook | LinkedIn | YouTube