Rubber Conveyor Belt Market revenue to cross USD 4 Bn by 2027
The rubber conveyor belt market size is anticipated to record a valuation of USD 4 billion by 2027, according to the most recent study by Global Market Insights Inc. Rapid urbanization, complementary technical improvements, favorable government regulations in the manufacturing sector, and robust FDI inflows are expected to drive the market growth during the forecast period.
The medium weight segment is estimated to account for 50% of the rubber conveyor belt market share by 2027. Dominance can be attributed to increasing consumption in small & medium enterprises in the past few years and rising demand from small-scale manufacturing units. In emerging countries including India, Indonesia, and Mexico, among others, the sales potential of the medium weight segment is enormous and it is poised to increase significantly as a large proportion of light & medium-weighted goods is manufactured in the region.
The steel reinforced conveyor belt segment will observe 4.4% growth rate through 2027 led by the low replacement rates and high operational life. The rising mining sector production globally to counter the rising demand for steel reinforced conveyor belts due to their ability to withstand weight and resistance for wear & tear is improving the segment growth. Market players are also focused on developing resistant steel conveyor belts to cater to the trends.
Asia Pacific rubber conveyor belt market is projected to attain a CAGR of 4.5% till 2027 on account of the high demand from emerging nations such as China, India, and South Korea. The growing manufacturing and mining sectors in India and China are pushing regional product demand. India is one of the largest producers of cement & cement products and the growing construction sector in the region will boost market capitalization. In addition, the presence of many key manufacturers of rubber conveyor belts coupled with the presence of various steel & mining companies will support the industry growth.