Conveyor Belt Market - By Material (Metal, Polymer (Polyester, Nylon, Others), Others), By Product Type (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary), By Application, By End Use & Forecast, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Conveyor Belt Market - By Material (Metal, Polymer (Polyester, Nylon, Others), Others), By Product Type (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary), By Application, By End Use & Forecast, 2024 – 2032

Conveyor Belt Market Size

Conveyor Belt Market was valued at USD 5.5 billion in 2023 and is anticipated to register a CAGR of 3.4% between 2024 and 2032. The growth can be attributed to the expanding mining, steel, cement, and convenience food & beverage sectors.

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With the world needing more minerals, metals, and other resources, mining has become more important. To keep up with this need, mining teams have been using more conveyor belts. These belts are like moving sidewalks that make mining faster and easier. At the same time, construction keeps growing, which means more steel and cement are needed for buildings, roads, machines, and cars. Conveyor belts are also used in the steel industry to move heavy stuff like crushed rocks, ores, and coke. As more steel is needed, more conveyor belts will be used. In 2022, the steel industry was worth about 1,599.4 billion US dollars. By 2027, it's expected to grow to 1,928.6 billion US dollars, which is an increase of 3.8% each year.

Conveyor Belt Market Report Attributes
Report Attribute Details
Base Year 2023
Conveyor Belt Market Size in 2023 USD 5.5 Billion
Forecast Period 2024 – 2032
Forecast Period 2024 – 2032 CAGR 3.4%
2024 – 2032 Value Projection USD 7.7 Billion
Historical Data for 2021 - 2023
No. of Pages 444
Tables, Charts & Figures 648
Segments covered Material, Product Type, Installation, Application, End Use, Region
Growth Drivers
  • Growing mining industry
  • Rising steel and cement industries
  • Growth in the convenience food & beverage sector
Pitfalls & Challenges
  • High capital investment in setting up manufacturing facilities
  • Conveyor belt maintenance costs

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Furthermore, China's rapid urbanization and infrastructure development projects, as well as the Indian government's efforts, such as the construction of 100 smart cities and metro projects, will drive the demand for cement in the future. Over the projection period, the cement sector will benefit from increased building and construction activity around the world, boosting the conveyor belt market growth.

Conveyor belt adoption in various industries is frequently hampered by significant barriers such as the high initial investment required to establish production facilities and ongoing maintenance expenses. These financial difficulties discourage some organizations from fully embracing conveyor belt systems, affecting the overall adoption rate. Establishing a conveyor belt manufacturing facility requires investment in infrastructure, machines, and technology. Many organizations, particularly smaller enterprises or those in emerging countries, may struggle to allocate this significant amount of capital.

Conveyor Belt Market Trends

Innovation and sustainability are significant factors affecting the conveyor belt industry, spurring the development of new technologies, materials, and operational techniques. Conveyor belt manufacturers are focused on producing lightweight yet durable materials such as advanced composites and high-strength fibers. This saves energy during operation and increases the belt's lifetime. Sustainable conveyor belts frequently use recyclable materials, leading to a circular economy. Recyclability reduces waste and promotes environmental sustainability.

Conveyor Belt Market Analysis

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When it comes to materials, the conveyor belt market has three main categoriesmetal, polymer, and others. In 2023, polymer was the clear winner, taking up a whopping 77% of the market. And get this, within the polymer category, polyester, nylon, and other materials make up the subcategories. Experts predict that by 2032, the polymer segment is going to skyrocket to reach a staggering 6.07 billion. Why is polymer so popular? It's all about convenience and cash. Polymer conveyor belts are super versatile and can be used in tons of industries. They're also crazy strong, so they can handle heavy loads without breaking a sweat. Plus, they're cheaper than metal belts, which makes them a smart choice for businesses that want to save some dough. And since they're so affordable, you can use them to build a whole conveyor system without breaking the bank.

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When it comes to conveyor belts, there are three main typesflat, modular, and cleated. In 2023, the flat belt market was worth a whopping $4.03 billion, and it's predicted to keep growing by 5.4% each year until 2032. Flat belt conveyors are popular because they're so versatile. They're used in all sorts of industries, like manufacturing, packaging, food processing, and shipping. They can handle a wide range of materials and products, including small, loose items and heavy, bulky loads. These conveyors work with a system of powered pulleys and idlers that move the belt. They can handle objects on an incline of up to 16 degrees, making them suitable for a variety of applications.

Based on application, the conveyor belt market is segmented into lightweight, medium-weight, and heavy-weight. The medium-weight segment was valued at 2.41 billion in 2023 and is expected to grow at a CAGR of 3.6% from 2024 to 2032. Medium-weight belts are majorly used in mining, cement manufacturing, steel manufacturing, recycling plants, and foundries. Also, the increasing per capita income has fueled the demand for automobiles and white goods, which will propel general manufacturing businesses around the world, boosting the demand for medium-weight conveyor belts in the near future.

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In 2023, the Asia Pacific region ruled the world of conveyor belts, claiming a massive 49% of the market. And it's not slowing down anytime soon! Over the next few years, this region is set to keep growing strong, with a predicted annual growth rate of 3.7%. Why the big buzz? It's all thanks to the region's booming industries like mining, steel, cement, and food and drinks. Asia Pacific is like the mining powerhouse of the world, producing more than half of all the minerals we use. And with the growing need for these minerals, the mining industry is pumping up its conveyor belt game. China and India are the superstars in steel and cement production, fueling the region's infrastructure and construction projects. And let's not forget our love for packaged food and busy lifestyles. These are driving up the demand for conveyor belts in the food and beverage sector, making Asia Pacific the undisputed conveyor belt champion!

The U.S. is a powerhouse in the conveyor belt industry in North America, raking in a whopping $830 million in 2023. This isn't surprising, considering the country's vast mining industry. From iron and other metals to stuff like kaolin and bentonite used in ceramics, the U.S. has it all. All these mining companies need belts to move their stuff around, so that's good news for the conveyor belt industry. But wait, there's more! The U.S. is also home to a ton of cement manufacturers and is a major player in the construction market. And when you build stuff, you need conveyor belts. So, the future looks bright for the conveyor belt industry in the U.S., with all these industries driving demand. Throw in some fancy new tech in areas like food and beverages, supply chains, and recycling, and you've got a winning combination for growth over the next few years.

Germany led the Europe market, accounting for a share of about 22% in 2023 owing to its considerable presence in the manufacturing and supply chain sectors. Furthermore, increased investment in the country is projected to augment the growth rate in Germany's market.

Conveyor Belt Market Share

The prominent players such as Bridgestone Corporation, ContiTech AG, Intralox, L.L.C., Fenner Dunlop, Sumitomo Rubber Industries together hold 40 – 44% Market share in the global market in 2023. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaborations, to consolidate their market position and meet the growing consumer demand.

Conveyor Belt Market Companies

Major players operating in the market include

  • All-State Belting, LLC
  • Ammega Italia Spa
  • Ammeraal Beltech
  • Bando Chemical Industries, Ltd.
  • Bridgestone Corporation
  • Bridgestone Corporation
  • Continental Belting Private Limited
  • ContiTech AG
  • ContiTech AG
  • Elastomerik Belts Private Limited
  • Fenner Dunlop
  • Fenner Group Holdings Ltd
  • Forbo Holding Ltd.
  • Intralox, L.L.C.
  • Intralox, L.L.C.
  • MRF Limited
  • Nitta Corporation
  • S.I.G. Societa Italiana Gomma S.p.A.
  • Sempertrans Conveyor Belt Solutions GmbH
  • Siban Peosa SA
  • SumitomoRubber Industries
  • The Yokohama Rubber Co., Ltd.
  • Yokohama Rubber Co.,Ltd.
  • Zhejiang Double Arrow Rubber Co., Ltd.

Conveyor Belt Industry News

  • In January 2023, Power, LLC acquired Dunham Rubber & Belting Corporation. This acquisition helped the company cater to the requirements of the food processing, material handling, building products, pharmaceutical, and general industrial markets.
     
  • In July 2022, Continental AG acquired WCCO Belting, Inc., a belting manufacturer based in the U.S. This acquisition helped the company strengthen its conveyor solutions for the agricultural sector.
     
  • In April 2021, Marubeni Corporation acquired Remacan Industries Inc., which operates a conveyor belt distribution business in Ontario, Canada, through Marubeni’s subsidiary, Belterra Corporation

The conveyor belt market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (Thousand Units) from 2021 to 2032, for the following segments

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Market, By Material

 

  • Metal
    • Polymer
    • Polyester
    • Nylon
    • Others 
  • Others

Market, By Product type

  • Flat belt
  • Modular belt
  • Cleated belt

Market, By Installation

  • Portable
  • Stationary

Market, By Application

  • Lightweight
  • Medium-weight
  • Heavy-weight

Market, By End-Use

  • Mining
  • Food & beverage
    • Pre-processing
    • Bottling/Packaging
    • Labelling
    • Others 
  • Power generation
  • Recycling
  • Supply chain
  • General manufacturing
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Portugal
    • Romania
    • Switzerland
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

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