Conveyor Belt Market Size Worth US$ 6.94 Billion by 2024 | CAGR 3.38%by Zayn Mathew Market Research Reports
According to the latest report by IMARC Group, titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global conveyor belt market reached a value of more than US$ 5.68 Billion in 2018. Conveyor belts are mechanical devices which include two or more pulleys with a moving belt or chain deployed for carrying objects from one place to another. The objects placed on the belt can be transported horizontally or along an inclined slope. A continuous loop of rubber, leather, metal, plastic or fabric is formed by the belt which is supported either on a metal slider pan or on rollers. Nowadays, different lightweight and cost-effective varieties of conveyor belts are available in the market. These are generally utilised for numerous applications such as airports, food processing along with different types of transport sectors.
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With the consistent use of industrial conveyor systems, the producers are enabled to reduce their inventory levels. This helps in decreasing the overall production cost which is one of the primary factors driving the growth of the market. In addition to this, conveyor belts help in enhancing the order-to-delivery cycle on account of a rising need of rapid delivery and production techniques. This has, in turn, contributed towards an augmented demand for conveyor belts across the globe. Moreover, the growth of the market is being positively impacted by a significant increase in the demand for automation in material handling, advancements made in technologies as well as a surge in environmental concerns due to which eco-friendly conveyor systems have been developed. However, the installation, repairing and maintaining costs of conveyor systems are immensely high owing to which small- and medium-sized industries have become increasingly reluctant to invest in the market. Looking forward, the market value is projected to exceed US$ 6.94 Billion by 2024, expanding at a CAGR of 3.38% during 2019-2024.
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Insights on Market Segmentation:
Breakup by Product Type
1. Medium-Weight Conveyor Belt
2. Light-Weight Conveyor Belt
3. Heavy-Weight Conveyor Belt
The conveyor belt market has been segmented on the basis of product type which include medium-weight conveyor belt, light-weight conveyor belt and heavy-weight conveyor belt. Amongst these, medium-weight conveyor belts represent the largest segment owing to their vast load bearing capacity.
Breakup by End-Use
1. Mining and Metallurgy
3. Chemicals, Oils and Gases
Based on end-use, the market has been segregated into mining and metallurgy, manufacturing, chemicals, oils and gases, and aviation. Currently, mining and metallurgy sector dominates the market on account of increasing usage of conveyor belts for transporting various materials over short distances.
Breakup by Region
1. Asia Pacific
3. North America
5. Middle East and Africa
6. Latin America
On a geographical front, Asia-Pacific represents the largest market for conveyor belts. This can be accredited to a substantial rise in the manufacturing activities across the region. Asia-Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
Imports and Exports
1. Imports by Major Countries
2. Exports by Major Countries
The import-export trends of the market have been covered, according to which the United States is found to be the largest importer whereas, Germany represents the largest exporter for conveyor belts.
The competitive landscape of the global conveyor belt market has also been examined with some of the key players being Bando Chemical Industries, Ltd., Fenner, Intralox, Volta Belting Technology Ltd and Fives.
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Created on Sep 5th 2019 07:51. Viewed 361 times.
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