April 18, 2024
Conveyor Belts Market

Conveyor Belts Market is booming with increased mechanization in industries

The conveyor belts market has been witnessing tremendous growth over the past few years due to increased mechanization and automation across industries for material handling applications. Conveyor belts offer advantages like flexibility of design, reduction in manual lifting and transport of materials, improved productivity and workflow. They find widespread use in industries like automotive, food & beverage, airport baggage handling, e-commerce and more.

The Global Conveyor Belts Market size 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 increasing adoption of conveyor belts across industries like automotive, airport, e-commerce for material handling applications is driving the market growth. The growing international trade and e-commerce sectors are also augmenting the demand for conveyor belts for applications like package sorting and airport baggage handling.

With the growing globalization, companies are expanding their operations internationally. The key players are focusing on emerging markets in Asia Pacific and Latin America to leverage growth opportunities. The growing infrastructure and construction activities in developing regions are also fueling the sales of conveyor belts.

Market key trends

The introduction of smart conveyor belts integrated with sensors and IoT is one of the key trends gaining traction in the market. Smart conveyor belts provide real-time status monitoring and prevent production delays. They help optimize operational efficiency with functions like predictive maintenance alerts. Growing automation and industry 4.0 trends are propelling the demand for smart conveyor belts. The development of lightweight and durable conveyor belts using high-strength materials is another emerging trend in the market. Lightweight belts help reduce energy consumption and cost of operations.

Porter’s Analysis

Threat of new entrants: The conveyor belt manufacturing industry requires high initial investments in machinery and production facilities which creates entry barriers for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of numerous established conveyor belt manufacturers. However, customized product requirements give some bargaining power to large buyers.

Bargaining power of suppliers: Major raw material suppliers like steel and rubber manufacturers have low-to-moderate bargaining power due to availability of substitute materials.

Threat of new substitutes: Mechanized transport systems like pipelines pose minimal threat as substitute due to high costs and inflexibility compared to conveyor belts.

Competitive rivalry: The global conveyor belt market is highly fragmented with the presence of numerous regional and global players. Intense competition keeps pricing largely stable.

Geographical Regions

North America accounts for the largest share of the global conveyor belt market in terms of value led by the US. Strong manufacturing and mining industries are primary end-users driving high consumption.

The Asia Pacific region is expected to witness the fastest growth during the forecast period led by China and India. Robust economic growth, expanding manufacturing sectors, and rising mineral extraction are fueling conveyor belt installations.

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