Conveyor Belt Market will Record a Sluggish 4.1% CAGR through 2032
The global conveyor belt market is anticipated to reach a value of US$ 5,818.5 Mn in 2032, with sales growing at an average CAGR of 4.1% over the forecast period 2022 to 2032. Valued at an estimated US$ 3,893.20 Mn in 2022, the conveyor belt market is driven by the fast and efficient transportation of various heavy and bulky materials, particularly in the aerospace and industrial sector. The escalating adoption of these belts in the advancing power and mining industries will further contribute to the conveyor belt market during the forecast period.
Escalating activities of various industry verticals like manufacturing, power, and mining because of growing urbanization and industrialization, especially in emerging economies, will bolster the future prospect of the conveyor belt market. The application of these belts in different industries saves time, optimizes operations, and increases efficiency while transporting goods from one place to another. In addition to this, the development of new airports due to growing air traffic and rising need for smooth transfer of passenger luggage will further propel the conveyor belt market. Again, the application of conveyor belts in the food and beverage industry, construction and building sector because of the growing demand and consumption will contribute to the target market growth.
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With the incorporation of technological advancements into the conveyor belt system like the emergence of the green conveyor belt concept is expected to facilitate the market growth for the conveyor belt. Green conveyor belts are self-cleaning, prevent environmental pollution, and lessen the emission of harmful chemicals. The green conveyor belts are gaining more popularity amidst growing awareness of sustainability practices and environmental preservation. Along with healthy market possibilities, the conveyor belt market is faced with restraints like high initial investment and stringent regulations that may hamper the market growth over the forecast period.
“Increasing aerospace and industrial activities due to growing consumption and demand will likely supplement the market growth of conveyor belt over the forecast period,” says an FMI analyst.
- Application in multiple industry vertical boosts market expansion over the forecast period.
- Expensive periodic maintenance may stunt the market growth.
- North America to account for 20.3% of the total revenue share.
- Asia Pacific is predicted to offer lucrative market opportunities to the target product.
- Start-ups in the market will benefit from distribution and implementation benefits.
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Bridgestone Corporation, QingDao Rubber Six Conveyor Belt Co. Ltd., Goodyear, ContiTech AG, Zhejiang Double, Siemens AG, TGW Logistics Group, Emerson Electric Co., Intelligrated, Daifuku Co. Ltd., Interroll Holding GmbH, Vanderlande Industries B.V., Taikisha Ltd., Fives, and Swisslog among others, are some of the major players in the conveyor belt market that are profiled in the full version of the report.
Major market players are concentrating on new product development and supplying the product to multiple industries. Technological integration into the product is a strategy employed by many businesses in the market to gain a competitive advantage.
More Insights into the Conveyor Belt Market Report
In its latest report, FMI offers an unbiased analysis of the global conveyor belt market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type (crescent, floor, overhead, pallet, roller), belt type (heavy-weight, medium-weight, lightweight), material (polymers, metals), installation (stationary, portable), end user (automotive, airport, retail, industrial, poultry & dairy, food & beverage), and region.
According to the latest FMI reports, based on region, the conveyor belt market in North America is expected to exhibit impressive growth over the forecast period. The region is expected to lead the market, accounting for 20.3% of the market revenue. The thriving food and beverage industry coupled with the opening up of numerous airports is fueling the regional market growth.
In the Asia Pacific region, the conveyor belt market is predicted to be offered several profitable opportunities. The swift expansion of airports and expanding steel, food, mining, and cement industries, specifically in countries like India and China will likely supplement the market growth over the forecast period.
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