April 15, 2024
Conveyor Belts Market

The Global Conveyor Belts Market is Estimated to Witness High Growth Owing to Rising Demand in Mining and Automotive Industries

The conveyor belts market is used widely across various industries such as mining, automotive, airport baggage handling, and food & beverage industries. Conveyor belts help in bulk handling and transportation of materials over short to long distances. They provide ease of transportation and handling of materials with minimal manual efforts.

The global conveyor belts market is estimated to be valued at US$ 4.61 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the conveyor belts market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A.

The key opportunities in the conveyor belts market include growing construction activities in developing countries and increasing requirement for automation across industries. Technological advancements such as development of conveyor belts with advanced features such as temperature resistance, oil resistance, and dust-resistance are expected to boost the market growth.

Market drivers

The key driver for the Conveyor Belts Market size is the rising demand from the mining industry. Conveyor belts help in transporting heavy mining materials and ores over long distances easily. They reduce reliance on manual labor and improve productivity. Increasing automotive production worldwide is another major factor fueling the demand for conveyor belts in automotive plants for in-house material movement applications. Rapid growth of e-commerce and need for efficient logistic operations is also augmenting the conveyor belts market.

Current Challenges in the Conveyor Belts Market

The conveyor belts market is facing challenges in terms of rising raw material prices and stringent environmental regulations around the globe. Volatility in raw material prices such as rubber and plastic is putting pressure on manufacturing costs. Additionally, conveyor belt manufacturers have to adhere to stringent environmental norms regarding material disposal and carbon footprint. Non-compliance can lead to penalties which increase overheads. Sourcing reliable and cost-effective raw materials remains a major hurdle for smooth operations.

SWOT Analysis

Strength: Established brand names and long-standing relationships with OEMs provide stability. Energy-efficient conveyor belts with variable speed motors help cut costs.

Weakness: Rising dependence on imported raw materials increases susceptibility to price and supply fluctuations. High R&D investments required to develop innovative products.

Opportunity: Growing infrastructure spending and industrial automation in developing nations to boost demand. Adoption of Industry 4.0 technologies opens up new areas of application.

Threats: Stiff competition from local and international players exerts pricing pressure. Stringent workplace safety regulations during installation and operation.

Geographical Regions

North America accounts for the largest share of the global conveyor belts market in terms of value, led by the US. Strong presence of automotive, food & beverage, and e-commerce industries drive belt consumption. Asia Pacific region grows the fastest due to rising industrialization and manufacturing hub status of China and India. Government initiatives to modernize facilities and expand capacities support regional growth.

The European conveyor belts market remains highly concentrated in Germany, Italy, UK and Poland. Stringent workplace safety norms coupled with expansion of airport infrastructure and logistics networks sustain demand levels. Africa and Latin America present immense opportunities for penetration on back of increasing foreign investments in mining, construction and agriculture.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it