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Global Conveyor Belt Market Scope 2024, Forecast To 2033

25 Sep, 2024

The conveyor belt market size has grown steadily in recent years, increasing from $5.38 billion in 2023 to $5.61 billion in 2024, with a compound annual growth rate (CAGR) of 4.2%. The growth during the historic period is attributed to industrialization, mining industry growth, automated manufacturing, food and beverage industry expansion, global trade increase, and efficiency in agriculture. The conveyor belt market is expected to see steady growth in the next few years, reaching $6.74 billion in 2028, reflecting a CAGR of 4.7%. This anticipated growth is driven by renewable energy projects, focus on sustainability, smart conveyor systems, urbanization and infrastructure needs, and e-commerce fulfillment centers. Major trends in the forecast period include advanced conveyor belt materials, smart conveyor monitoring systems, lightweight and modular belts, automation and robotics in conveyor systems, conveyor belt recycling initiatives, and customization for specific industries.

Major Driver In The Conveyor Belt Market

A surge in air passenger journeys will propel the growth of the conveyor belt market. Rapid growth in disposable income, living standards, and increasing availability of affordable air travel contributed to the surge in air passenger journeys across the globe. The rapid growth in air passenger journeys is forcing governments to establish new airports, which is predicted to boost demand for conveyor belts, as they are an integral part of airports that help to transport the luggage of the passenger from one location to another. For instance, according to a report published in May 2022 by the International Civil Aviation Organization (ICAO), a UN agency and a global forum for civil aviation, the number of passengers carried by air climbed by 65% from January to April 2022 compared to January to April 2021, while the number of aircraft flight departures rose by 30%. Hence, an increase in air passengers and air travel is expected to boost demand for conveyor belts during the forecast period.

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Conveyor Belt Market Competitive Landscape

ContiTech AG, Bridgestone Corporation, Bando Chemical Industries Ltd., Apache Inc., Sandvik AB, The Yokohoma Rubber Co. Ltd., Rexnord Corporation, Habasit AG, Zhejiang Sanwei Rubber Item Co. Ltd., Intralox LLC, Zhejiang Double Arrow Rubber Co. Ltd., Megadyne Group, Chiorino S.p.A., Ashworth Bros. Inc., GKD Gebr. Kufferath AG, Wire Belt Company Limited, Smiley Monroe Ltd., Phoenix Conveyor Belt Systems GmbH, Oriental Rubber Industries Pvt. Ltd., Fenner Group Holdings Ltd., Elastomerik Belts Private Limited, Tenova SpA, Sempertrans Conveyor Belt Solutions GmbH, Forbo Siegling GmbH, Ammeraal Beltech Holding B.V., Derco BV, Dunlop Conveyor Belting, Mafdel, Esbelt S.A., Sparks Belting Company

Key Conveyor Belt Market Trend

Technological advancements are key to the conveyor belt market, with innovations like eco-friendly and smart conveyors becoming popular. For instance, in April 2022, BEUMER Group, a German manufacturer of intralogistics systems, introduced an eco-friendly U-shaped conveyor belt. This design supports larger mass flows, reduces dust and material loss, and improves environmental sustainability.

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Conveyor Belt Market Segmentation

The conveyor belt market covered in this report is segmented –
1) By Type: Overhead, Floor, Roller, Pallet, Crescent
2) By Installation: Portable, Stationary
3) By Material: Metal, Polymer
4) By Application: Light Weight, Medium Weight, Heavy Weight
5) By End-User: Mining, Food and Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing, Other End-Users
By Geography:The regions covered in the conveyor belt market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. Asia-Pacific was the largest region in the conveyor belt market in 2023.

The Conveyor Belt Global Market Report 2024 furnishes information about the global conveyor belt market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.