Machinery Equipment-Construction

Conveyor Belt Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : November 2023

Format :Pdf Ppt Xls

Report ID:KR250

Author : Saket A.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 4.13 Billion

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Forecasted Value (2030)

USD 5.63 Billion

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CAGR (2023 – 2030)

3.94%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Conveyer Type

Crescent, Floor, Pallet, Overhead, Roller

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By Material

Polymer, Metal

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By End User

Industrial, Airport, Automotive, Food & Beverage, Others

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By Capacity

Heavy-weight, Medium-weight, Light-weight


Market Perspective

The global Conveyor Belt Market was valued at USD 4.13 billion in 2022 and is projected to reach USD 5.63 billion by 2030, growing at a CAGR of 3.94% from 2023 to 2030.

The global conveyor belt market is witnessing robust growth due to the increasing demand for efficient material handling solutions across various industries. Furthermore, numerous factors such as technological advancements, industrial automation, and the growing need for streamlined logistics and supply chain management have fueled market growth. However, it faces challenges such as the high initial investment required for conveyor belt systems. Nonetheless, the market is witnessing significant opportunities for expansion and innovation due to advancements in technology, such as the integration of sensors, robotics, and artificial intelligence. These technologies enhance the efficiency and productivity of conveyor belt systems, leading to increased adoption across industries.

Analyst’s Review on the Conveyor Belt Market

The growth of the conveyor belt market can be attributed to the increasing demand across various industries. Upon closer examination, several crucial factors have been identified as driving this upward trend. The increasing focus on automation and the need for efficient material handling solutions has propelled the adoption of conveyor belts. Their ability to streamline operations, reduce manual labor, and enhance productivity has made them indispensable in sectors such as manufacturing, logistics, and mining. Furthermore, the presence of established players and the implementation of strategic business models and deals among associated companies are likely to support market expansion.

Market Definition

The global conveyor belt market refers to the industry that encompasses the production, distribution, and utilization of conveyor belt systems across various sectors and regions. It is a dynamic and diverse market that plays a crucial role in efficient material supply chains, logistics, and transportation.

Conveyor type is a significant aspect of this market, encompassing various varieties tailored to specific Materials. Crescent conveyors, commonly used in mining and agriculture, feature a curved shape that enables efficient material transport. Floor conveyors, on the other hand, find widespread use in manufacturing and warehousing, providing a flat surface for the smooth movement of goods. Pallet conveyors are prevalent in logistics and distribution, facilitating the handling of palletized goods. Overhead conveyors, commonly employed in automotive and garment industries, utilize overhead tracks to ensure efficient item transport. Lastly, roller conveyors, known for their versatility, are used in diverse sectors such as retail and food processing. These conveyors use rotating rollers to facilitate the efficient movement of goods.

The choice of material is another critical factor in the conveyor belt market. Polymer belts, typically made of synthetic materials such as PVC or polyurethane, offer flexibility, resistance to chemicals, and ease of cleaning. Consequently, they are highly sought after in the food and beverage industry, where hygiene is of utmost importance. Metal belts, on the other hand, constructed from materials such as stainless floors or carbon floor, provide durability and strength, which makes them well-suited for heavy-duty materials such as those used in mining and automotive manufacturing.

The industrial sector, encompassing manufacturing, mining, and construction industries, plays a crucial role in driving product demand. Airports rely heavily on conveyor belts for efficient baggage handling systems, ensuring seamless luggage movement. Automotive manufacturers extensively employ conveyors in assembly lines to streamline production processes. The food and beverage sector, with its stringent safety and hygiene requirements, relies on conveyor belts to maintain cleanliness and uphold product integrity. Furthermore, various industries such as retail, pharmaceuticals, and electronics are contributing to the growth of the market.

Capacity is a crucial consideration in conveyor belt selection. Conveyor belts are designed to handle different weight capacities, categorized as heavy-weight, medium-weight, and light-weight conveyors. Heavy-weight conveyors are specifically engineered for transporting bulky items and materials in industries such as mining and construction. Medium-weight conveyors strike a balance between capacity and versatility and are thus considered suitable for general industrial materials. Light-weight conveyors, utilized in sectors such as retail and food processing, excel at efficiently transporting smaller items.

Market Dynamics

Technological advancements and industrial automation are revolutionizing the modern manufacturing and logistics landscape, creating a strong impetus for the growth of the global conveyor belt market. Automation systems are being integrated with conveyor belt systems, resulting in enhanced productivity, reduced labor costs, and improved operational efficiency. These advancements enable seamless integration with other automated systems, such as robotics, sorting machines, and automated storage and retrieval systems (AS/RS). Moreover, the integration of smart sensors and IoT technology allows real-time monitoring, predictive maintenance, and data-driven decision-making, further optimizing operations.

Additionally, the exponential growth of the e-commerce industry presents a significant opportunity for market development. With the rising popularity of online shopping, there is an increasing demand for automated warehousing and distribution centers. Conveyor belt systems play a crucial role in facilitating the smooth flow of goods, sorting, and order fulfilment. As the e-commerce sector continues to expand, there is a rising need for conveyor systems that can handle high volumes of packages efficiently, providing a lucrative opportunity for manufacturers in the market.

Despite the growth anticipated through the forecast period, one of the challenges faced by the global conveyor belt market is the high initial investment required for setting up conveyor systems. The cost includes not only the purchase of conveyor belts but also installation, maintenance, and integration with other systems. This can deter small and medium-sized enterprises (SMEs) from adopting conveyor belt solutions, limiting market growth.

Segmentation Analysis

The global conveyor belt market is segmented based on conveyer type, material, capacity, end user, and geography.

Based on end user, the market is further categorized into industrial, airport, automotive, food & beverage, and roller. The industrial segment is anticipated to account for the largest share of the global conveyor belt market revenue by 2030 owing to substantial product demand from manufacturing industries. Conveyer belts are used in every type of manufacturing industry for smooth operations and flow of any product from start to end. The development of the manufacturing industry in emerging regions is further supporting the market growth.

Based on capacity, the market is further divided into heavy-weight, medium-weight, and light-weight. The heavy-weight conveyor belt segment dominated the global conveyor belt market in 2022 and is anticipated to continue its dominance in the forthcoming years, owing to the expansion of industrial and freight sectors. However, increasing penetration of medium-weight conveyers across sectors such as food & beverage and retail is fueling the demand for these products. Medium-weight conveyors are thus estimated to experience the fastest growth.

Geographical Analysis

Based on region, the global conveyor belt market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

The conveyor belt market in North America is witnessing steady growth, driven by several factors, such as the region's robust industrial sector, particularly in the manufacturing, automotive, and food processing industries, which are creating a strong demand for efficient material handling solutions. Conveyor belt systems offer enhanced productivity, reduced labour costs, and improved safety, which makes them indispensable in these industries. For instance, the automotive industry extensively utilizes conveyor belts for assembly lines and material transportation, ensuring smooth operations and minimizing production downtime. Additionally, the region's focus on technological advancements and automation further propels the demand for conveyor belt systems in the region. Integration of smart sensors, IoT, and robotics with conveyor belts allows real-time monitoring, predictive maintenance, and efficient handling of goods and materials. Furthermore, the e-commerce boom in North America is a significant driver for the growth of the conveyor belt market. The exponential growth of online shopping has led to the expansion of warehousing and distribution centres, creating a need for advanced conveyor belt systems. These systems enable efficient sorting, order fulfilment, and seamless movement of packages, catering to the high volume demands of the e-commerce sector.

The conveyor belt market in Europe is experiencing significant growth, primarily driven by the region's thriving manufacturing and logistics sectors. The automotive industry holds a prominent position in Europe, and conveyor belts play a critical role in ensuring efficient and streamlined production processes. Conveyor belt systems are extensively used in automating assembly lines, transportation of components, and handling finished products. Automotive manufacturers in Europe rely on conveyor belts to improve production efficiency, reduce costs, and enhance overall quality. Moreover, the region's stringent regulations regarding worker safety and environmental protection have led to increased adoption of conveyor belt systems, which offer improved ergonomics and eco-friendly operations. Additionally, the logistics & distribution sector in Europe has witnessed rapid growth on account of the expansion of e-commerce and the need for efficient supply chain management.

Competitive Landscape

The global conveyor belt market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and improve their market presence across different regions. Expansion and investment plans encompass a variety of strategic initiatives, which include allocating resources toward research and development activities, establishing new manufacturing facilities, and optimizing the supply chain. The major players in the market are

  • Siemens
  • ContiTech Deutschland GmbH
  • Bridgestone Corporation
  • Interroll Group
  • Semperit AG Holding
  • Intralox
  • Elcon Elastomers Pvt. Ltd.
  • Fenner Conveyors
  • TGW Conveyor
  • THE YOKOHAMA RUBBER CO., LTD.

Key Developments

  • July 2022 (Acquisition) - Continental expanded its portfolio in the conveyor belt systems and services sector by acquiring NorrVulk AB, a specialist company based in Gällivare, Sweden. This strategic acquisition enhanced the technology company's offerings in terms of conveyor belt systems and related services, while also fortifying its presence and relationships with industrial customers in the region.

The global Conveyor Belt Market is segmented as:

By Conveyer Type

  • Crescent
  • Floor
  • Pallet
  • Overhead
  • Roller

By Material

  • Polymer
  • Metal

By End User

  • Industrial
  • Airport
  • Automotive
  • Food & Beverage
  • Others

By Capacity

  • Heavy-weight
  • Medium-weight
  • Light-weight

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
What is the total CAGR expected to be recorded for the conveyor belt market during the forecast period? The global conveyor belt market is projected to reach USD 5.63 billion by 2030, growing at a CAGR of 3.94% from 2023 to 2030.
The global conveyor belt market was valued at USD 4.13 billion in 2022.
Technological advancements and industrial automation are revolutionizing the modern manufacturing and logistics landscape, creating a strong impetus for the global conveyor belt market.
Top manufacturers of conveyor belt market are Siemens, THE YOKOHAMA RUBBER CO., LTD., ContiTech Deutschland GmbH, Bridgestone Corporation, TGW Conveyor, Interroll Group, Semperit AG Holding, Intralox, Elcon Elastomers Pvt. Ltd., Fenner Conveyors and few others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By material, polymer will hold the maximum share in the conveyor belt market in 2030.
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