Conveyor Belt Market Share, Revenue, Trends, Growth Drivers, Key Manufacturers, Opportunities and Future Investment Strategies Till 2033


Conveyor Belt Market Share, Revenue, Trends, Growth Drivers, Key Manufacturers, Opportunities and Future Investment Strategies Till 2033: SPER Market Research

 Published: Dec-2023
 Author: SPER Analyst

Global Rubber Conveyor Belt Market is projected to be worth USD 5.88 billion by 2033 with a CAGR of 4.3%.

Goods are moved from one place to another using a conveyor belt. They are usually used to link assembly lines to packing and final inspection lines, as well as for short-distance mobility within a facility. Once on the belt, the material to be conveyed is moved to its destination either horizontally or along an inclined slope. This method rotates the belt in continuous circles using two or more pulleys. Due to its great versatility, low weight, and affordability, conveyor belts are utilised extensively in many different industries. Growing demand from the mining, industrial, and power sectors is one of the key drivers propelling the global conveyor belt market.

Global Rubber Conveyor Belt Market Driving Factors and Challenges
The expansion of the e-commerce sector is the primary driver behind the rise in the use of conveyor belts. The proliferation of warehouses has increased the demand for material handling and decreased downtime. E-commerce conveyors are provided by US-based SpanTech LLC to automate e-commerce fulfilment procedures. Conveyor belts are very versatile, lightweight, and economical, which makes them ideal for a wide range of applications. A primary driver of the global conveyor belt market is the increasing demand from the mining, power, and industrial sectors.

The need for industrial facility automation has increased as a result of businesses across all industries, including manufacturing, mining, electric cars, food processing, warehouses, and other material handling facilities, always looking for methods to streamline their operations. Automation in the workplace will become increasingly commonplace, which will be very beneficial for conveyor belt systems. The need for rubber conveyor belts is also being driven by the industries that are expanding quickly, including manufacturing, construction, and mining. Within various industries, these belts make it easier to move components, completed goods, and raw materials quickly and efficiently.  Moreover, belt demand is being driven by the growing use of automation in manufacturing operations. Automated conveyor systems drive market expansion by providing increased productivity, lower labour costs, and better efficiency.

However, a significant impediment to market expansion is the heavy lifting industries' increasing involvement with costly setup and maintenance costs; this will provide further hurdles to the rubber conveyor belts market during the previously anticipated period. Price fluctuations for raw materials like rubber and steel can have a significant impact on the market for rubber conveyor belts. These fluctuations in pricing have the capacity to harm manufacturers' profits margins and obstruct market growth. Furthermore, disposing of an outdated or damaged conveyor belt might have negative environmental effects. The industry is placing an increasing amount of attention on recycling and sustainable production methods in order to address these problems. However, these programmes have an additional fee, which could be a limitation.

Impact of COVID-19 on Global Rubber Conveyor Belt Market
The COVID-19 outbreak has a variety of effects on the rubber conveyor belt market. Demand increased in some areas of the economy, such as food processing and e-commerce, while temporarily contracting in others, such as mining and construction. The pandemic refocused attention on conveyor belt technologies by highlighting the importance of automated and efficient material handling systems.

Rubber Conveyor Belt Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bando Chemical Industries Ltd., Bridgestone Corporation, Fenner Grouo Holdings Ltd., Mitsuboshi Belting Ltd/JP, Muller Beltex B.V., Oriental Rubber Industries Pvt. Ltd., Oxford Rubbers Pvt. Ltd., The Yokohama Rubber Co. Ltd., T-Rex Rubber International B.V., Wuxi Boton Belt Co. Ltd., Others.

Global Rubber Conveyor Belt Market Segmentation:

By Material: Based on the Material, Global Rubber Conveyor Belt Market is segmented as; Solid Woven Belts, Steel Reinforced Conveyor Belts, Textile Reinforced Conveyor Belts.

By Application: Based on the Application, Global Rubber Conveyor Belt Market is segmented as; Light-weight, Medium-Weight, Heavy-Weight.

By End User: Based on the End User, Global Rubber Conveyor Belt Market is segmented as; Cement Manufacturing, Metal Processing, Mining, Power Generation, Recycling.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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