Conveyor Belt Market Report 2022, Industry Overview, Growth Rate and Forecast 2027
The global conveyor belt market size reached US$ 6.33 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.77 Billion by 2027, exhibiting at a CAGR of 3.23% during 2022-2027.
What is conveyor Belt ?
Conveyor belts are mechanical devices that are used to transport goods from one place to another. They are manufactured from materials like polyvinyl chloride, styrene-butadiene rubber, nylon, thermoplastics, and polyesters and consist of two or more pulleys that rotate the belt in continuous circles. Conveyor belts are generally utilized for short-distance movements within a facility and are connected to assembly lines to final inspection and packing lines. They are employed in automated distribution, warehousing, and manufacturing and production facilities. Materials that are to be transported are placed on the belt and hauled horizontally as well as along the inclined slope to their destination. In recent years, conveyor belts have gained traction as they are cost-effective, lightweight, and highly adaptable. As a result, they find applications in power, mining, food processing, warehouse, manufacturing, electric vehicles, and industrial sectors.
COVID-19 Impact Analysis
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Key Industry Trends of the Global Conveyor Belt Market
The market is primarily driven by the significant expansion of the aviation and e-commerce industries. Conveyor belts reduce the operation time and cost, which form an integral part of automation solutions. Along with this, the growing power and mining industries are increasing their reliance on efficient techniques to increase their productivity. Besides this, the rising industrial development activities and rapid infrastructure development projects, especially across emerging economies, are also propelling the demand for conveyor belts across various end-use industries. Moreover, the increasing demand for packaged food products is also positively influencing the market growth. Furthermore, manufacturers are introducing eco-friendly conveyor belts with self-cleaning properties and reduced operational costs, which is creating a positive outlook for the market. In addition, they are continuously working on improving the efficiency of conveyor belts and incorporating advanced systems to ensure better results.
Global Conveyor Belt Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being BANDO CHEMICAL INDUSTRIES LTD (5195.T), Fenner, Intralox, Volta Belting Technology Ltd and Fives.
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The report has segmented the market on the basis of Product Type, End-Use, and Region.
Market Breakup by Product Type
Medium-Weight Conveyor Belt Light-Weight Conveyor Belt Heavy-Weight Conveyor Belt
Market Breakup by End-Use
Mining and Metallurgy Manufacturing Chemicals, Oils and Gases Aviation Others
Market Breakup by Region
Asia Pacific Europe North America Middle East and Africa Latin America Conveyor Belt Market Report Report Coverage Details Market size value in 2021 US$ 6.33 Billion Market forecast in 2027 US$ 7.77 Billion Growth Rate CAGR of 3.23% from 2022 to 2027 Base year for estimation 2021 Historical data 2016-2021 Forecast period 2022-2027
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