February 25, 2024
Middle East Conveyor Belts Market

Foreign Direct Investment Is Anticipated To Open Up The New Avenue For Middle East Conveyor Belts Market

The Middle East Conveyor Belts Market is estimated to be valued at US$ 214680.93 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Conveyor belts are widely used in various industry verticals for efficient material handling and transportation. They are extensively deployed in mining, airports, ports, manufacturing units, warehouses and distribution centers. Conveyor belts offer benefits such as minimized maintenance costs, flexibility of operations and reduced dependency on labor. The belts are available in varieties to suit diverse industrial applications involving movement of raw materials, intermediate goods and finished products.

Market Dynamics:
Increased foreign direct investment: The conveyor belts market in Middle East is largely driven by rising foreign direct investment across industries like mining, manufacturing and logistics. Growing investments in infrastructure development projects are also fueling the demand for conveying equipment for bulk material movement.
Automation in airports and ports: Growing automation through implementation of advanced technologies is boosting the use of conveyor systems in airports and ports for efficient cargo and baggage handling. This widespread automation trends in cargo terminals is positively impacting the market growth.

Segment Analysis
The Middle East conveyor belts market is dominated by the food and beverage segment. Conveyor belts find wide applications in the F&B industry for transporting food items from one processing stage to another. The growing food & beverage sector in the Middle East on account of rising population is driving the demand for conveyor belts. Countries like Saudi Arabia are witnessing a boom in the processed food industry necessitating the use of conveyor belts.

PEST Analysis
Political: Political stability in the Gulf countries is attracting major investments in the manufacturing sector, thereby boosting the conveyor belts market. Economic: Rising urbanization and industrialization are fueling economic growth in the Middle East. This is increasing infrastructure projects and spurring demand for conveyor belts. Social: Changing lifestyles and growing working population are augmenting demand for packaged and processed food. This is positively impacting the food industry and conveyor belt usage. Technological: Advancements in conveyor belt materials for higher strength and durability as well as introduction of smart conveyor belts is promoting adoption.

Key Takeaways
Global Middle East Conveyor Belts Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing industrial production and manufacturing activity. The food & beverage segment will remain the major revenue generator for conveyor belts market players.

Regional analysis indicates that Saudi Arabia will dominate the Middle East conveyor belts market during the projected period due to extensive industrial development programs underway. The “Vision 2030” aimed at economic diversification is attracting major FDI in the Kingdom’s manufacturing sector.

Key players operating in the Middle East conveyor belts market are Al Kuwaiti Industrial Solutions, Ziligen A.S., Arabian Universal, Semperit AG Holding, Bridgestone Corporation, Schieffer Magam Industries Ltd., ContiTech AG (Continental AG), Phoenix Conveyor Belt Systems Gmbh, Derby Conveyor Belt Industry and Trade Inc., Kale Conveyor, FaBa Commercial Services, and Fenner Dunlop Conveyor Belting. The market is consolidated in nature with top players accounting for over 60% share.

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