February 11, 2020
According to a recent study titled ‘Conveyor Belt Market Size By Material (Metal, Polymer [Polyester, Nylon]), By Product (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary) By Application (Light-weight, Medium-weight, Heavy-weight), By End-use (Mining, Food & Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global conveyor belt market is anticipated to exceed USD 5 billion by the year 2025.
Favorable government initiatives aimed at strengthening manufacturing capabilities have fueled conveyor belt market growth. Conveyors systems are proven to be extremely beneficial across the manufacturing and mining sectors as they can transfer materials with ease. These systems ensure minimal material loss, reduced operational time, and lower labor cost.
However, these belts are prone to mechanical damage, flexibility loss, and abrasive wear among others. Constant need for inspection and high maintenance cost will negatively impact the growth of conveyor belt market in the near future.
With respect to the product type, modular belt segment is expected to record 3.4% CAGR in the forthcoming years. The food & beverage industry has widely implemented modular conveyor belts for efficient transportation of food products. Rising population, coupled with increasing number of working women has emphasized the need for processed food, thereby predominantly driving the demand for modular conveyor belts.
Based on the material, the conveyor belt market is classified into polymer, metal, and others. Conveyor belts manufactured from metals and polymers are increasingly being used across several industry sectors. In fact, the study suggests that polymer segment is slated to grow with 3.5% CAGR over forecast period, due to unprecedented demand for fast and better material handling solutions in the manufacturing sector.
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Geographically, Asia Pacific is expected to offer lucrative growth avenues to companies operating in this market. The region has a strong presence of several end-user industries like power generation, mining, general manufacturing, and recycling, hence fueling the growth of Asia Pacific conveyor belt market.
Some of the prominent players of the conveyor belt market are Nitta Corporation, Zhejiang Double Arrow Rubber, The Yokohama Rubber, Fenner Dunlop, Bando Chemicals, Sempertrans Conveyor Belt Solutions, Ammeraal Beltech, and Bridgestone Corporation among others.
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