IMARC Group, a leading market research company, has recently releases report titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global conveyor belt market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the conveyor belt market?
The global conveyor belt market size reached US$ 6.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.15% during 2023-2028.
What is the conveyor belt?
A conveyor belt is a mechanized system consisting of a continuously moving surface that transports various materials from one point to another. The strap is typically produced from durable materials such as rubber, polyvinyl chloride (PVC), or metal, powered by electric motors or other mechanisms. It operates through a pulley and motor system that propels the belt forward, allowing it to carry goods or materials along predefined paths. They enhance efficiency and reduce manual labor in material handling processes. Additionally, several types of conveyor belts are designed to accommodate numerous shapes, sizes, and weights of items, making them versatile solutions for various industries. As a result, the conveyor belt finds extensive application in industries such as manufacturing, mining, agriculture, and logistics across the globe.
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What are the growth prospects and trends in the conveyor belt industry?
The conveyor belt market is primarily driven by the increasing adoption of automation and advanced technologies in various industries. Additionally, conveyor systems have proven to be instrumental in enhancing operational efficiency, reducing labor costs, and minimizing errors, resulting in greater productivity and cost-effectiveness that streamline material handling and logistics processes, thus contributing to market growth. Moreover, continuous technological advancements allowed for the development of innovative conveyor systems with enhanced capabilities, from advanced sensors and controls to improved conveyor belt materials, by offering more efficient, reliable, and adaptable solutions, representing another major growth-inducing factor. Besides this, the rapid growth of e-commerce and the retail sector and the need for efficient order fulfillment, sorting, and distribution centers are resulting in the adoption of conveyor systems for managing the high volume of packages and goods, ensuring seamless movement through warehouses and distribution hubs, thus accelerating the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Medium-Weight Conveyor Belt
- Light-Weight Conveyor Belt
- Heavy-Weight Conveyor Belt
End Use Insights:
- Mining and Metallurgy
- Manufacturing
- Chemicals, Oils and Gases
- Aviation
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Bando Chemical Industries, Ltd.
- Fenner
- Intralox
- Volta Belting Technology Ltd
- Fives
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