SELBYVILLE, Del., May 3, 2019 /PRNewswire/ -- The conveyor belt market demand is set to rise from USD 4 billion in 2018 to around USD 5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Developing nations are observing robust industrialization due to the presence of a huge consumer base with rising per capita incomes along with their respective governments implementing policies to attract foreign investments to boost the mining and manufacturing sectors. These are the primary reasons propelling the conveyor belt market growth over the forecast time period. The product is regularly used for material handling purposes in different sectors such as mining, cement production, steel & iron, etc. and can transfer a large volume of materials in all directions with ease. The product is an ingenious way to increase productivity in industries and to reduce labor cost.
High maintenance cost due to mechanical damages, wear and tear, etc., and huge capital investment in order to set up the manufacturing facility of conveyor belts will somehow discourage the new entrants in conveyor belt market hindering the overall growth trend to some extent.
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By material, the polymers segment is further classified into polyester, nylon and others which include thermoplastics, synthetic rubbers, aramid fibers, etc. The demand for polymer conveyor belts is expected to remain high due to their exceptional impact resistance and tensile strength. The polymer segment will witness a growth rate of around 3.5% from 2019 to 2025.
Based on product, cleated conveyor belts will likely hold a share of around 10% in the conveyor belt market in 2025. These types of conveyors feature vertical cleats or barriers in their designs which help them to keep the materials secure during declines and inclines. These types of belts are regularly used in general manufacturing, scrap recycling, etc.
On the basis installation, the conveyor belt market is bifurcated into portable and stationary. Portable conveyors show a decent growth rate of about 4% as these are used for construction projects, at airports for loading and unloading luggage, and also for rescue conveyor systems. They have a lower market share as they are applicable only in a limited number of areas.
Browse key industry insights spread across 311 pages with 418 market data tables & 31 figures & charts from the report, "Conveyor Belt Market Size By Material (Metal, Polymer [Polyester, Nylon]), By Product (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary) By Application (Light-weight, Medium-weight, Heavy-weight), By End-use (Mining, Food & Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
On application basis, there are light, medium and heavy weight conveyor belts. Lightweight or light-duty conveyor belts are regularly used in food & beverage and packaging sectors. This segment will hold a substantial share of over 20% in 2025, growing at a decent rate over the forecast time period.
The food & beverage industry will witness the fastest growth rate due to a wide range of applications in various food processing, packaging and conveying systems. Rising demand for packaged food will lead to a segment CAGR of around 4.5% from 2019 to 2025.
The Middle East and Africa will witness a decent growth rate of close to 3.5% over the forecast spell in the overall market. The region has huge mineral resources and governments of various developing nations in the region are formulating policies and strategies to boost industrial development activities.
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Some of the prominent industry players in the conveyor belt market are Fenner Dunlop, ContiTech AG, Zhejiang Double Arrow Rubber, Bridgestone Corporation, Bando chemicals, Forbo, The Yokohama Rubber, Ammeraal Beltech, Sempertrans Conveyor Belt Solutions, Nitta Corporation, etc.
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Conveyor Belt Market size worth over $5 bn by 2025
Conveyor Belt Market size is growing at 3.5% CAGR to exceed USD 5 billion by 2025; according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.