The global conveyor belt market size was valued at $5.10 billion in 2022 and is projected to reach $8.33 billion by 2032, registering a CAGR of 4.9% from 2023 to 2032. Conveyor belts are an indistinguishable part of conveyor systems that are used for material movements within a confined space. A conveyor system is part of a production line where it moves unfinished products from one process to another. In addition, in facilities such as warehouses, baggage handling, and others including the mining industry, conveyor belts are used for transporting material from one place to another.
A conveyor belt is an indistinguishable component in most manufacturing facilities across the world. Sectors such as pharmaceuticals, consumer products, consumer electronics, and various others have witnessed a notable rise, which has positively affected the market for conveyor belts. In addition, the rising demand for mined products, for energy generation, for use in construction, or various other uses in the manufacturing sector has positively affected the mining industry. Additionally, rising number of automated warehouses, driven by the growing e-commerce sector is also positively affecting the conveyor belts market. However, the high and fluctuating cost of raw materials are major restraints in the growth of the market. Furthermore, a rise in the number of small-scale industries in emerging economies is anticipated to provide lucrative opportunities for the growth of the conveyor belt market.
Furthermore, the price of oil & gas and the price of raw materials are experiencing increased volatility globally, due to a rise in inflation mainly driven by Ukraine-Russia war. This has led to slow-paced growth of the conveyor belt market and its related industries.
The conveyor belt market is segmented on the basis of belt type, installation type, end user, and region. By belt type, the market is divided into lightweight, medium-weight, and heavy-weight. Depending upon the installation type, the market is categorized into overhead, and floor. On the basis of end user, it is divided retail, food and beverage, automotive, manufacturing, transport and logistics, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the conveyor belt market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The global conveyor belt market forecast analysis from 2023 to 2032 is included in the report.
Key market players within the conveyor belt market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the conveyor belt industry.
A conveyor belt is an indistinguishable component in most manufacturing facilities across the world. Sectors such as pharmaceuticals, consumer products, consumer electronics, and various others have witnessed a notable rise, which has positively affected the market for conveyor belts. In addition, the rising demand for mined products, for energy generation, for use in construction, or various other uses in the manufacturing sector has positively affected the mining industry. Additionally, rising number of automated warehouses, driven by the growing e-commerce sector is also positively affecting the conveyor belts market. However, the high and fluctuating cost of raw materials are major restraints in the growth of the market. Furthermore, a rise in the number of small-scale industries in emerging economies is anticipated to provide lucrative opportunities for the growth of the conveyor belt market.
Furthermore, the price of oil & gas and the price of raw materials are experiencing increased volatility globally, due to a rise in inflation mainly driven by Ukraine-Russia war. This has led to slow-paced growth of the conveyor belt market and its related industries.
The conveyor belt market is segmented on the basis of belt type, installation type, end user, and region. By belt type, the market is divided into lightweight, medium-weight, and heavy-weight. Depending upon the installation type, the market is categorized into overhead, and floor. On the basis of end user, it is divided retail, food and beverage, automotive, manufacturing, transport and logistics, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Key companies profiled in the conveyor belt market report include 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.,and Michelin Group (Fenner Conveyors). The major players that operate in the global market have adopted key strategies such as business expansion, and product launch to strengthen their market outreach and sustain the stiff competition in the market.Key benefits for stakeholders
The report provides an extensive analysis of the current and emerging conveyor belt market trends and dynamics.In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the conveyor belt market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The global conveyor belt market forecast analysis from 2023 to 2032 is included in the report.
Key market players within the conveyor belt market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the conveyor belt industry.
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Key Market Segments
By Belt Type
- Light-weight
- Medium-weight
- Heavy-weight
By Installation Type
- Overhead
- Floor
By End User
- Retail
- Food and Beverage
- Automotive
- Manufacturing
- Transport and Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key 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)
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONVEYOR BELT MARKET, BY BELT TYPE
CHAPTER 5: CONVEYOR BELT MARKET, BY INSTALLATION TYPE
CHAPTER 6: CONVEYOR BELT MARKET, BY END USER
CHAPTER 7: CONVEYOR BELT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the conveyor belt market was valued at $5.1 billion in 2022, and is estimated to reach $8.3 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032. Conveyor belts are major components of the conveyor system which is a major piece of equipment in any industry which handles individual goods during and after processing, and also in warehouses and storage facilities. Airports and other places where a large number of baggage are handled also use conveyor systems equipped with conveyor belts. Conveyor belts are flexible belts typically made of synthetic or natural rubber.In the market there are various types of conveyor belts available, few are designed to carry lighter weight while others are meant for carrying medium to heavy weight between two locations. Light-weight conveyor belts are mostly preferred by the food and drinks processing facility for the movement of products such as snacks, bottles, meat, and other products in various processes including pharmaceutical products. Simultaneously, the other types of conveyor belts which are medium- and heavy-weight belts are used in many industries for the movement of heavy objects such as large pallets, and cartons. Aggregates and mined materials in a quarry or mining sites are also transferred using heavy-wight conveyor belts. In any industrial facility, floor area is always at a premium and has to be used in a very efficient manner. The placement of equipment and machines therefore should be well planned. The same goes for conveyor systems, they need to be placed in a way that other processes do not get obstructed. Fortunately, the availability of conveyor belts that can be used in floor mounted as well as overhead conveyor systems makes comes as a relief to industrial facility designers.
Key factors driving the growth of the conveyor belts market include growth in manufacturing sector, growth of mining industry, and rise in number of automated warehouses. A conveyor belt is an indistinguishable component in most manufacturing facilities across the world. Thus, the growth of the manufacturing industry is accelerating the growth of the conveyor belt market. During COVID-19, the manufacturing sector was one of the fastest to recover, and it has since grown at a remarkable pace. Industries such as pharmaceuticals, consumer goods, and consumer electronics have experienced tremendous development. Additionally, governments throughout the world are offering tax benefits to firms that set up manufacturing facilities in their own nations. Thus, in June 2021, HUL setup a facility in India to manufacture detergent soaps. In addition, Vietnam is building two Industrial parks in Binh Duong at an estimated cost of $280 million. Such factors and instances are anticipated to positively influence the manufacturing sector, thereby driving the demand in the conveyor belt market.
Moreover, over the last decade the number of people across the world has increased, playing a major role in driving a surge in the construction as well as mining sector, and also manufacturing industry. The mining industry is responsible for the extraction of aggregates that are used extensively in the construction sector. Apart from construction aggregates, the minerals such as lithium, coal, bauxite, and various others are also extracted from earth by the mining industry. The mined material is transported from the extraction site to the site of collection via conveyor belts. The belts often used in the mining sector are heavy duty as they are required to withstand a constant abrasion and other damage. Moreover, in the recent years, Indian government eased the coal production rules. Similarly, nations such as Nigeria, and various other countries in Africa are also witnessing an increased demand for mined materials due to the rapid growth of Africa as a continent. Thus, the rise in the mining industry is anticipated to fuel the market growth of conveyor belts during the forecast period.
Moreover, small-scale industries play a vital role in the development of an economy, especially an emerging economy. Governments in countries such as India, China, Vietnam, Indonesia, Brazil, and others have unveiled various programs and initiatives to support the development of domestic small-scale industries. For instance, in February 2021, Cyprus unveiled its eligibility criteria for ‘Thalia’ scheme for Cyprus-based SMEs. Under this scheme, Cyprus will offer a grant of $226,520 to the SMEs. Such programs have been successful in driving the growth of the small- and medium-scale industrial sector in the last decade; thereby boosting the manufacturing sector in the country. For instance, the industrial sector reported a 9% growth in 2022, in Vietnam. Similarly, the Indian automotive sector witnessed 23% growth in 2022 as compared to 2021. The cement production in India increased by 28.6% in November 2022 over November 2021. Similarly, other countries such as Argentina, Vietnam, Indonesia, China, Brazil, and others have also introduced policies to support industrial growth. For instance, in March 2022, Vietnam commenced the construction of two industrial zones. Thus, the rise in the small-scale industries which make wide usage of conveyor belts is expected to provide lucrative growth opportunities to the market players.
The conveyor belt market is segmented on the basis of belt type, installation type, end user, and region. By belt type, the market is divided into lightweight, medium-weight, and heavy-weight. Depending upon the type, the market is categorized into overhead, and floor. Depending on end user of conveyor belts, it is divided retail, food and beverage, automotive, manufacturing, transport and logistics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive analysis and profiles of the major players in the conveyor belts market are provided in the report. Major companies in the report include 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., and Michelin Group (Fenner Conveyors). Major players to remain competitive adopt development strategies such as product launches, business and expansion.
Key Market Insights
By belt type, the medium-weight segment was the highest revenue contributor to the market and is estimated to reach $3.54 billion by 2032, with a CAGR of 4.7%.By installation type, the floor segment dominated the global market. However, the overhead segment is expected to be the fastest-growing segment with a CAGR of 5.9% during the forecast period.
Based on end user, the transport and logistics segment was the highest revenue contributor to the market, which is expected to grow at a CAGR of 5.0% during the forecast period.
Based on region, Asia-Pacific garnered the largest revenue share in 2022, and LAMEA is anticipated to grow at the highest CAGR of 5.6% during the forecast period.
Companies Mentioned
- 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)
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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