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Conveyor Belt Market Overview 2023-2028 | Industry Analysis Report

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Conveyor Belt Market Overview 2023-2028 | Industry Analysis Report

March 23
02:21 2023
Conveyor Belt Market Overview 2023-2028 | Industry Analysis Report
Global Conveyor Belt Market Driven by the rapid growth of the e-commerce industry
The global conveyor belt market size reached US$ 6.6 Billion in 2022. Looking forward, the market expected to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.15% during 2023-2028, driven by the rapid growth of the e-commerce industry and the introduction of eco-friendly variants.

A conveyor belt is a mechanical device used for transporting supplies, materials, and components efficiently and effortlessly in manufacturing facilities. It comprises two and more pulleys that rotate the belt in continuous circles. It is manufactured from rubber and plastic compounds, such as polyvinyl chloride (PVC), polyester, styrene-butadiene rubber, and nylon fabric. It is used for short-distance movements within a facility and connected to assembly lines for final inspection and packing lines.

Trends and Drivers in Global Conveyor Belt Market:

Significant growth in the e-commerce industry and the increasing adoption of conveyor belts in warehouses and distribution centers are among the major factors bolstering the market growth around the world. They are used for transporting products and services, minimizing labor costs, and improving productivity. The market growth can also be attributed to rising preferences for online shopping among the masses.

In addition, conveyor belts are employed in the construction industry to transport construction materials and connect the broken equipment of different levels and production facilities. This, in confluence with the expanding number of construction activities in the residential, commercial, and industrial areas, is contributing to the market growth. Moreover, the growing product adoption in the aviation industry for baggage handling during check-in, scanning, transporting, sorting, and loading is driving the market. Along with this, the expanding number of airports and remodeling activities of existing airports are favoring the market growth.

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Apart from this, conveyor belts are used in the food and beverage (F&B) industry to reduce human contact, minimize material handling time, and make food processing safer and more efficient. They are also utilized in restaurants for rotating food on tables, providing high-speed food service, and improving customer experience. There is an increase in the consumer awareness about the safety of commercial food products. This, in turn, is providing a thrust to the market growth. Furthermore, conveyor belts find application in the mining industry to transport excavated and crushed rocks in an efficient manner. This, in confluence with the rising number of mining activities, is creating a positive outlook for the market.

Additionally, there is a rise in the usage of conveyor belts in the pharmaceutical industry to transport drugs, bottles, and cans, which is propelling the market growth. Besides this, leading players are introducing eco-friendly products with self-cleaning properties and reducing operational costs. They are also incorporating connected devices with artificial intelligence (AI) and machine learning (ML) solutions to increase productivity and efficiency and minimize spillage and risks of injuries. This is providing lucrative growth opportunities to leading players operating in the conveyor belt industry.

Global Conveyor Belt Market Report Coverage and Industry Segmentation:

 

The report cover the below key market segments:

 

On the basis of Type, the market includes:

  •  
    • Medium-Weight Conveyor Belt
    • Light-Weight Conveyor Belt
    • Heavy-Weight Conveyor Belt

 

On the basis of End-Use, the market includes:

  •  
    • Mining and Metallurgy
    • Manufacturing
    • Chemicals, Oils and Gases
    • Aviation
    • Others

 

Regional Insights:

  •  
    • Asia Pacific
    • Europe
    • North America
    • Middle East and Africa
    • Latin America

 

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of Conveyor belt manufacturers are

  •  
    • Bando Chemical Industries, Ltd.,
    • Fenner, Intralox,
    • Volta Belting Technology Ltd.,
    • Fives.

 

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