SELBYVILLE, Del.—The conveyor belt market is expected to expand at a 3.5 percent compound annual growth rate to surpass $5 billion by 2025, according to a new research report by Global Market Insights Inc.
The growth will be propelled primarily by developing nations with robust industrialization through a consumer base with rising per capita incomes, as well as government policies designed to attract foreign investments to boost mining and manufacturing sectors, said GMI.
"According to the World Mining Congress, the total mining production accounted for 16.9 billion metric tons in 2016, showing approximately 50 percent growth from 2000 (because of) increasing population." GMI said in a news release. The research firm also noted that a rise in demand for commodities such as iron ore, coal and copper played a role in the growth . The report said those trends "are expected to continue and will drive the conveyor belts market growth rate in near future."
The growth, however, may not be as apparent to new entrants into the conveyor belt market, GMI said, noting they often experience high maintenance costs and face large capital investments, which are required for the establishment of manufacturing facilities.
"By material, the polymer segment is further classified into polyester, nylon and others including thermoplastics, synthetic rubbers and aramid fibers," GMI said in the release. "The demand for polymer conveyor belts is expected to remain high due to their exceptinal impact resistance and tensile strength.
"The polymer segment will see expansion of about 3.5 percent from 2019 to 2025."
Light weight or light duty conveyor belts that are primarily used in food and beverage and packaging sectors "will hold a substantial conveyor belt market share of more than 20 percent in 2025," GMI said, adding that the food and beverage industry is likely to experience the swift growth rate, driven applications in processing, packaging and conveying systems.
"Rising demand for packaged food will lead to a segment CAGR of about 4.5 percent from 2019 to 2025," GMI said.
GMI's report is "Conveyor Belts Market Size by Material (Metal, Polymer [Polyester, Nylon]), By Product (Flat Belt, Modular Belt, Cleated Belt), By Installation (Portable, Stationary), By Application (Light weight, Medium Weight, Heavy Weight), by End-use (Mining, Food and Beverage, Power Generation, Recycling, Supply Chain, General Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Growth Potential, Price Trends, Competitive Market Share and Forecast, 2019-2025."
The report can be found at gminsights.com/industry-analysis/conveyor-belt-market, and costs $5,150 for a single user, $7,150 for multiple users and $9,150 for an enterprise license.