According to the latest research study by Global Market Insights, Inc., the global conveyor belt market is expected to record 3.5% CAGR during the forecast period 2019-2025.

Selbyville, DE -- (SBWire) -- 04/20/2020 --Implementation of favorable policies to nurture industrial development along with rapid urbanization in emerging economies has given an up thrust to manufacturing and mining sectors. These are the key driving factors for conveyor belt market growth over forecast timeframe. The product is used for conveying or transferring components & materials in different industries such as iron & steel, mining, food & beverage, etc. The product has been proven as the most resourceful way in reducing labor cost, operational time and material losses.

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According to the latest research report by GMI, conveyor belt market size is anticipated to surpass US$ 5 Billion by 2025.

According to the European Cement Association (CEMBUREAU), the global cement production accounted for 4.65 billion tons in 2016 and China, India are holding the major share in this, due to several ongoing infrastructure development projects to cater the need of rising population. The above mentioned trends will bolster the conveyor belt market demand by 2025.

Conveyor belts are susceptible to mechanical damages, abrasive wear, loss of flexibility, etc. due to continuous operation and thus they need proper inspection and maintenance which increases the maintenance cost. This might act as a restrain for the conveyor belt market growth in future.

Based on product, the conveyor belt market is categorized into metal, polymers and others. The metal and polymers are the majorly used in various industrial applications and besides this cotton, leather, fiber glass is also used. Polymers segment will show CAGR of around 3.5% over forecast timeframe due to significant demand of better and fast material handling solutions in manufacturing sector.

Top Industry Players –

ContiTech AG,
The Yokohoma Rubber Co. Ltd.,
Bridgestone Corporation,
Fenner Group Holdings Ltd.,
Elastomerik Belts Private Limited,
Continental Belting Private Limited,
Sempertrans Conveyor Belt Solutions GmbH,
Intralox, L.L.C.,
Siban Peosa SA,
Bando Chemical Industries, Ltd.,
Zhejiang Double Arrow Rubber Co. Ltd.,
Nitta Corporation,
All-State Belting, LLC, S.I.G.
Societa Italiana Gomma S.p.A.,
MRF Limited

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On the basis of volume, modular belts have shown CAGR of over 3.4% in coming years as these belts are majorly utilized in food & beverage sector. Rising population coupled with increasing employability of women in developing nations has developed the demand of processed food, catapulting the overall product demand in coming years.

Stationary and portable are the two types of conveyor belts on the basis of installation. Portable segment shows growth rate of around 4% due to their application in construction projects, as rescue conveyor systems, etc. The product has lower market share due limited applications.

Based on application, the market is bifurcated into light, medium and heavy weight. Medium weight belts hold substantial volume share of over 45% in the entire segment and show the positive growth in future due to its substantial applications across all end use industries. Medium weight conveyor belts are used for sand and gravel, waste and recycling plants, steel & iron industry, cement manufacturing, foundries, submerged ash handling, glass works, etc.

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On the basis of region, Asia Pacific holds substantial share in the entire conveyor belt market owing to significant presence of the end user industries such as mining, power generation, general manufacturing, recycling, etc. The region also shows annual growth rate more than 4% in future.

Some of the prominent players in the conveyor belt market are Bridgestone Corporation, Ammeraal Beltech, Sempertrans Conveyor Belt Solutions, Bando chemicals, Fenner Dunlop, The Yokohama Rubber, Zhejiang Double Arrow Rubber, Nitta Corporation, etc.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.