Worldwide Conveyor Belt Market in Mining Industry to 2025
The global conveyor belt market in the mining industry (henceforth, referred to as the market studied) was valued at USD 1,624.2 million in 2019, and it is expected to reach USD 2010.5 million by 2025 registering a CAGR of 3.78% during 2020-2025.
The mining industry heavily relies on conveyor belts to transport materials taken for processing. Hence, the industry witnesses an increase in conveyor belts’ investments as it makes operations cleaner, safer, and more productive.
Key Market Trends
Steel Cord to Witness Significant Growth Rate
A conveyor belt is a vital element of the conveyor that is used continuously in transport facilities in fields, such as mining, coal, port, electric power, chemical industry, metallurgy, architecture, and food. In the mining field, the strength of the conveyor belt largely determines the carrying capacity and has a great impact on operational safety. Thus, in order to increase the strength of the conveyor belt, steel cords are arranged inside the rubber. There have been increasing cases of belt broken accidents, which was a result of a decrease in splice (the weakest region of the conveyor belt) strength. This has led to the development of detection devices that work using various methods. For instance, German Phoenix Conveyor Belt System Co. Ltd designed a steel cord conveyor belt detection system using X-ray detection technology. It is a non-destructive testing system for the steel cord conveyor, which identifies accurate and reliable detection of splice twitch and steel cord breakage. The technological processes in the mining industry include various raw material transportation operations that consume remarkable amounts of energy and generate a significant share of the overall mining costs. Thus, the biggest savings that can be achieved by a mining company are through an energy-efficient conveyor belt, resulting in reducing CO2 emissions. It has been estimated that 41% of global electricity is provided by coal-fired power plants, and coal is one of the primary sources of carbon dioxide emissions worldwide. It is, therefore, imperative to reduce the energy consumption of the conveyor system.