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

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. 

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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:

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.

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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.

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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. 

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