Use of Steel Cord Rubber Belts Predicted to Drive the Global Conveyor Belt Market until 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research study released by Technavio, the global conveyor belt market is expected to reach USD 7.39 billion by 2020.
This research report titled ‘Global Conveyor Belt Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various product segments, including medium-weight, light-weight, and heavy-weight conveyor belts.
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“One of the major drivers for the growth of the global conveyor belt market is rising demand for steel cord rubber belts. Steel cord conveyor belts are used in many applications in heavy industries such as coal, automotive, metal, and mining industries. Steel conveyor belts have a longer life span than any other type of conveyor belt,” said Sharan Raj, one of Technavio’s lead analysts for warehouse and storage research.
“The process of steel cord rubber belts with a nominal work load is 10-12 times smaller than that of the synthetic fabrics belts. This results in transportation of loads over longer distances,” added Sharan.
Global conveyor belt market by product type 2015 (revenue %)
- Medium-weight conveyor belt 30.52%
- Light-weight conveyor belt 30.02%
- Heavy-weight conveyor belt 24.81%
Source: Technavio research
Global conveyor belt market by lightweight conveyor belts
The global conveyor belt market by lightweight conveyor belts was valued at USD 1.7 billion in 2015. Some of the major factors that have led to the growth of this segment are process automation, market globalization, and competition. Competition and globalization have inspired equipment manufacturers to keep up with the latest in lightweight and energy efficient designs. Process automation has given rise to heightened demand for belts that often require properties of a lightweight belt design. The shift toward faster process and transport speeds, combined with the need to adhere to increasingly strict standards in areas such as noise and sanitation is expected to propel the demand for lightweight conveyor belts during the forecast period.
Global conveyor belt market by medium-weight conveyor belts
The global conveyor belt market by medium-weight conveyor belts was valued at USD 3.59 billion in 2015. The global conveyor belt market by medium-weight conveyor belts will grow rapidly during the forecast period. China is one of the major contributors to the growth of this medium-weight conveyor belt market. Owing to the availability of cheaper factors of production such as raw material, labor, and equipment, many international corporations from developed countries have set up production facilities in China for medium-weight conveyor belts. Spurts in manufacturing activities have further enhanced the adoption of conveyor belts in this country.
Global conveyor belt market by heavyweight conveyor belts
The global conveyor belt market by heavyweight conveyor belts was valued at USD 863 million in 2015. The global conveyor belt market by heavyweight conveyor belts segment will grow at a steady rate during the forecast period. Power, mining, and manufacturing industries are the major end-users of heavyweight conveyor belts. The growth of these industries helps generate high revenues for the heavyweight conveyor belt segment. Heavyweight conveyor belts can handle higher capacity loads at a much lower cost and cover much longer distances.
Browse related reports:
- Global Handling and Lifting Equipment Market 2016-2020
- Global Conveyor Systems Market 2015-2019
- Global Conveyor Equipment Market 2015-2019
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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