Conveyor belt: Key market research findings
- The increasing demand for steel cord conveyor belts drives the market
- The APAC region dominates the market geographically
- Key vendors—Bando Chemical Industries, Bridgestone, ContiTech, Fenner, and Yokohama
Technavio’s market research analysts predict the global conveyor belt market to grow at a CAGR of almost 4% between 2016 and 2020. The increasing demand for steel cord rubber belts is the primary driver for the market. Steel cord conveyor belts find many applications in heavy industries, such as coal, automotive, metal, and mining sectors, and have a comparatively longer life. The growing demand from power, mining, and manufacturing industries is expected to boost the market during the forecast period. At present, APAC dominated the global conveyor belt market by accounting for over 41% of the market share. The rise in infrastructure activities such as malls, airports and fast-paced growth in manufacturing activities in process and discrete manufacturing industries are some of the factors that are likely to propel growth in the conveyor belt market in the APAC region by 2020.
The new market research report from Technavio presents a breakdown and analysis of the conveyor belt segments based on product type.
“The adoption of eco-friendly conveyor belts is the latest trend in the conveyor belt market across the globe. For instance, EnBW Kraftwerke transports its flue-gas desulfurization (FGD) gypsum on an SICON pocket conveyor belt from ContiTech to its power station in Germany.These belts are extremely curve-negotiable, ultra-eco-friendly in performance, and economical. Their pouch-shaped structure provides an efficient solution to the problem of carrying bulk materials. Another significant advantage of such belts is their self-cleaning property,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
During 2015, the medium-weight conveyor belt segment accounted for more than 58% of the market share to dominate the global conveyor belt market, with China being one of the major revenue contributors. The availability of cheaper factors of production such as raw material, labor, and equipment has encouraged many international corporations from developed countries to set up production facilities in China. Factors such as high spending power, improved standards of living, and high gross domestic product (GDP) are increasing the demand for manufactured goods, which, in turn, is leading to the growing adoption of medium-weight conveyor belts worldwide, thereby boosting the growth of this segment.
The key vendors in the market include Bando Chemical Industries, Bridgestone, ContiTech, Fenner, and Yokohama. This market is composed of a number of conveyor belt suppliers who manufacture and deliver only one or several types of conveyor belts to major international players who offer a broad range of conveyor belts. Owing to the presence of these major developers and recent product developments, this market appears to be highly competitive in the next four years.
A more detailed analysis is available in the Technavio report, Global Conveyor Belt Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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