Global Conveyor Belt Market to hit USD 5 Bn by 2026
The global market for conveyor belts is expected to hit $5 billion in the next five years.
According to Global Market Insights:
“Global Market Insights, Inc. has recently added a new report on conveyor belt market which estimates the global market valuation for conveyor belt will cross US$ 5 billion by 2026. The growing demand from general manufacturing sector will boost the market revenue in the coming years
“Due to the ongoing pandemic, the conveyor belt market revenue has seen a major dip, in terms of both revenue & volume, owing to the shutdown of various manufacturing and mining sites. The COVID-19 pandemic has changed the normal functioning of every industrial sphere, ranging from power generation to general manufacturing. Demand from the mining industry has seen a major downfall in the first & second quarters of 2020. The enforcement of lockdowns across the globe had a major impact in the mining industry, in turn, affecting the overall conveyor belt market. The global conveyor belt industry is projected to exhibit a downward trend of over 11% in 2020.
“Conveyor belts are used in various food processing and packaging applications such as confectionary, bakery, snacks, dairy, fish, fruit & vegetables, etc. These belts are FDA-approved, providing safety to food items and excellent resistance against fats, oils, and chemical agents. These belts can transport food & beverage products from one workstation to another efficiently without degrading their quality and also move products through the oven & chilling sections in the industry.
“The food & beverage sector will witness promising growth trends during the forecast period owing to rising population and increasing disposable income. Consumer lifestyle dynamics are changing due to urbanization, creating an impact on food & beverage purchase decisions. People prefer to buy convenience or processed food due to the lack of time.
“Supply chain and power generation are end-user industries which are anticipated to hold a market share of over 4% and 11% respectively in 2026. In the power generation industry, conveyor belts are widely used in the transportation of coal to and from storage sites. The growing demand for electricity across the globe is anticipated to generate substantial revenue gains to the segment throughout the assessment period.
“The other end-users segment mainly includes aviation, ports, construction, etc. In aviation, conveyor belts are widely used in baggage handling, screening & detection systems, and aircraft loading & unloading systems. Conveyor belts are used for loading, transportation, and unloading of heavy-duty materials in cargo ships. Due to continuous increase in the number of passengers, the aviation industry shows promising future prospects. Escalating global import and export activities will increase freight handling at ports, thus facilitating the conveyor belt market growth. The construction sector also employs portable conveyor systems to carry construction materials to upper levels with ease.
“Major players operating in the market use various strategies to capture a larger share. For instance, in August 2015, Bridgestone Corporation initiated the production of conveyor belts at its Thailand manufacturing facility to expand its production capacity to meet the expanding customer base demand in Asia Pacific.
Some of the major findings in the conveyor belt market report include:
“The market is highly fragmented and has a low-to-medium level of entry barriers for new entrants.
“The mining segment is the most prominent end-user segment in the conveyor belt market.
“The polymer segment was the largest material segment in 2019 and will hold a market share of close to 80% in 2026.
“The major market players include Bando Chemicals, Zhejiang Double Arrow Rubber, ContiTech AG, Fenner DunlopForbo, Nitta Corporation, Bridgestone Corporation, Ammeraal Beltech, The Yokohama Rubber, and Sempertrans.”