Conveyor Belt Market
Robust growth of mining sector to boost rubber conveyor belt market forecast
Global rubber conveyor belt market will grow substantially in the years to come mainly due to widespread demand in the mining sector. Ease and convenience of these belts in transportation of bulk materials make them best-suited for a range of open pit and underground mining applications. These belts offer excellent power saving capabilities and can efficiently transfer materials over short, medium as well as long distances, even across topographically difficult terrains with steep angles.The anti-abrasive, heat-resistant, flame-resistant and oil-resistant characteristics of rubber conveyor belts make them suitable for long-distance coal conveying. A growing global population along with robust economic growth is leading to increased utilization of resources such as coal, iron ore and copper, in turn fostering the growth of the global mining sector.
The costs for setting up of rubber conveyor belts in a mine or a plant are a considerably high. Moreover, high maintenance and replacement costs associated with these belts may slightly impede the industry growth in the coming years. However, the fact that these belts substantially reduce labor and transportation costs will present favorable opportunities for conveyor belt manufacturers worldwide.
Global rubber conveyor belt industry share is segmented into textile reinforced belts, steel reinforced belts, and solid woven belts, among others based on materials. Textile reinforced rubber conveyor belts are further classified into performance textiles and commodity textiles. These belts offer excellent dimensional stability and have low moisture absorption.
Textile reinforced belt segment was valued at more than USD 3 billion in 2018. Nylon and polyester blends are generally used to manufacture textile reinforced belt carcasses. This helps them achieve exceptional abrasion and fatigue resistance and ensure high strength and durability.
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On the basis of application, rubber conveyor belt industry share is classified into light weight, medium weight, and heavy weight. Rubber conveyor belts used for light weight applications generally have lower tensile strengths. These belts facilitate transportation of lightweight materials within a plant, production or a mining facility. Light weight rubber conveyor belt market size is estimated to register a CAGR of more than 3% over 2019-2026.
Rubber conveyor belts are deployed across mining, metal processing, power generation, cement manufacturing, and recycling, among few other end-users. The mining sector is further segmented into coal, metals and others. Mining industry captured over 41% share of global rubber conveyor belt market during 2018 and will continue to be the largest end-user over the forecast timeline.
North America rubber conveyor belt industry will garner revenues in excess of USD 1.5 billion by 2026. The presence of several prominent mining companies in the region will open up promising opportunities for regional manufacturers. The U.S. is also one of the leading mining countries in the world with an extensive range of ferrous and non-ferrous metals which will complement the regional outlook.
Asia Pacific is anticipated to account for a major share of global rubber conveyor belt market forecast. This can be largely attributed to rapid growth of mining, manufacturing, power generation, and recycling industries in the region. Europe will likely record slightly slower growth rate compared to other regions mainly due to increased adoption of renewable energy sources for power generation.
Author Name : Hrishikesh Kadam
Conveyor belt market from the F&B sector to register the fastest CAGR over 2019-2025, proliferating packaged food consumption trends to augment the industry landscape
A highly profitable vertical of the expanding construction space, conveyor belt market stands tall in terms of revenue in today’s industrial cosmos. With the global populace growing consistently by the day and improving economic conditions, the commercialization prospects of food & beverages industry has observed quite an incline. As conveyor belts have become an integral part of any typical F&B production facility, it goes without saying that the expansion of the F&B space will help conveyer belt industry chart out a lucrative growth path in the years ahead.
U.S. Conveyor Belt Market Size, by Product, 2014 – 2025 (USD Million)
According to Cushman & Wakefield, the world’s food & beverage industry has witnessed healthy growth over the previous decade and is expected to grow further in the years ahead. In fact, the lure of food is expected to become a crucial motivator behind the construction of public spaces such as shopping centers & parks experiencing substantial footfall on a daily basis.
Meanwhile, the adoption of conveyor belts across the world’s mining sector is on the cusp of witnessing a complete overhaul as the industry undergoes a digital transformation in an attempt to move itself beyond stagnant growth and deliver exceptional value to the shareholders, the customers as well as the environment. Driven by technological advancements and given the product’s ability to boost production by a substantial margin while also cutting down labor costs, the conveyor belt industry is expected to consolidate itself as the backbone of the world’s manufacturing sector, mainly characterized by mass production.
Impact of the expanding food & beverage industry on the conveyor belt market
According to the Franchise India Holdings Limited, the economic growth experienced by developing nations such as India, Brazil, Russia & China is bringing significant changes to the regional meal consumption landscape. An increasing preference toward packaged food purchase has been observed, thereby providing a lucrative growth opportunity to the conveyor belt market players.
The Drivers: Urbanization is being highlighted as a key driver promoting the expansion of the F&B industry. The populace across the developing nations are immigrating to emerging cities in search for better opportunities, which is making a conspicuous change on their lifestyles & eating habits.
Most of the population sprawled across urban locales seem to often struggle to find the time, or the energy required to preparing their own meals & beverages from scratch at home, which increasingly pushes them towards packaged food & beverages. This consequently leads to the F&B sphere experiencing an exponential growth, bringing about renewed prospects to the global conveyor belt market.
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The Numbers: According to the World Economic Forum, as the global population rises to 9.7 billion by 2050, it is estimated that humanity would require 70% more food than it is consumed today. With a majority of the aforementioned population slated to live in urban areas, packaged food & beverages would be accounting for a significant chunk of the meal requirements, ensuring an abundant source of growth for the global conveyor belt market.
The Projection: The packaged processed food industry of India alone is estimated to be worth somewhere between $10.87 billion to 13.05 billion. With rapid urbanization and the subsequent rise in the population migrating to cities, the conveyor belt market share from F&B applications is expected to witness a CAGR of more than 4.5% over 2019-2025.
Impact of the mining sector’s digital transformation on the conveyor belt market
Initially, the mining industry used conveyor belts that were quite rudimentary & durable to keep up with the taxing conditions in a mine. Ironically, these taxing work environments were exactly why conveyor belts previously struggled to foray further in the mining industry.
The Impact: The influx of substantially high-grade technological advancements have made it possible for conveyor belts to be used on a large scale in the mining sector. Digital technologies are expected to enable the market foray beyond its current stance through automation, operational hardware & robotics.
The Numbers: The World Economic Forum estimates that the digitalization of the mining industry would be bringing in more than $425 million of value to the sector by 2025.
The Projection: The growing demands from mining operations, coupled with the digital transformation of the industry, are expected to provide the conveyor belt market the footing it requires to attract more investments over the upcoming years.
Driven by the digitalization of the mining industry and the expansion of the F&B space, the global conveyor belt market is expected to command significant growth in the years to come. In fact, a Global Market Insights, Inc., report estimates that the conveyor belt market size would be surpassing the $5 billion renumeration mark by 2025.
Author Name : Akshay Kedari