by Conveyor belts are integral components used in material handling across various industries such as food & beverage, packaging, automation, airport baggage handling systems, and others. They are often used to transport materials over short or long distances. Conveyor belts find widespread applications from transportation on assembly lines and distribution centers to movement of raw materials and finished goods within and outside the manufacturing premises. Some key uses of conveyor belts include carrying cartons or unit loads in supermarkets and warehouses, moving packages along delivery routes in airports and post offices, and transporting materials like gravel, coal, fertilizers in mining and other industries.
The global conveyor belts market is estimated to be valued at US$ 4.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Strong demand from end-use industries such as food processing, airport baggage handling, e-commerce and third-party logistics is expected to drive the market during the forecast period.
Market Dynamics:
One of the key drivers for the growth of the conveyor belts market is the robust growth of the e-commerce sector globally. Expanded online retailing has increased the volumes of packages and goods that need to be sorted and transported within warehouses and distribution centers. This has augmented the implementation of conveyor belt-based automation solutions to achieve higher efficiency. Furthermore, growing industrialization and focus on automation across developing regions offers lucrative opportunities. Manufacturers are also producing customized conveyor belts with improved properties like high tensile strength, corrosion and abrasion resistance to better suit the demands of specific applications. The innovative belt designs allow reliable performance in hostile production environments. Such product innovations are helping expand the application scope of conveyor belts.
Segment Analysis
The conveyor belt market is dominated by material handling applications which accounts for over 40% of the global demand. Material handling dominates owing to wide use of conveyor belts in manufacturing, warehouse, and distribution industries for movement of goods. Industrial machinery is the second largest segment driven by use of conveyor belts in packaging machinery, construction machinery, food processing machinery, and recycling machinery.
PEST Analysis
Political: Governments across regions are heavily investing in development of infrastructure and modernization of industries which is positively impacting demand for conveyor belts. Some regulations pertaining to safety and emissions from industries can impact market players.
Economic: Growth in manufacturing, e-commerce, construction, and mining industries globally is driving demand for conveyor belts. Rising incomes are increasing demand for processed and packaged food and consumer goods propelling growth of packaging machinery.
Social: Changing consumer preferences towards packaged, frozen, and ready to eat foods is fueling investments in food processing plants augmenting belt conveyor installation. Growth in urbanization is boosting logistics and warehousing infrastructure development.
Technological: Industry 4.0 trends of automation, IoT, data analytics are spurring modernization of manufacturing facilities and warehouses with automated conveyor systems for material movement and tracking. Advancements in conveyor designs for speed, precision and flexibility are gaining adoption.
Key Takeaways
The Global Conveyor Belts Market Demand is expected to witness high growth supported by rapid industrialization and infrastructure development across developing regions. Material handling segment dominates owing to extensive use of conveyor belts in movement of goods in manufacturing plants, warehouses, and distribution centers. The global conveyor belts market is estimated to be valued at US$ 4.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position owing rapidly developing manufacturing sector, infrastructure and ongoing modernization of industries. China accounts for over 30% of global demand.
Key players: 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. These players are focusing on new product development and partnerships to facilitate Industry 4.0 trends in industries and gain shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
