Global Heavy Duty Conveyor Belts Market Report 2022: Automation and Robotics Are Becoming Increasingly Popular in Various Industries Driving Growth
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05 Apr, 2023, 18:00 ET
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DUBLIN, April 5, 2023 /PRNewswire/ -- The "Global Heavy Duty Conveyor Belts Market by Product Type (Multiply Fabric Conveyor Belts, Steel Cord Conveyor Belts, and Solid Woven Conveyor Belts), Deployment, Application, and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The heavy duty conveyor belts market had a global size of USD 3.40 billion in 2021 and is expected to experience a revenue Compound Annual Growth Rate (CAGR) of 4.0% throughout the forecast period.
The market growth is attributed to factors such as the increasing industrialization, rising mining industry, and the rapid expansion of warehouses and distribution centers for online merchants.A conveyor belt is a continuous loop consisting of two or more pulleys/drums and is primarily made of rubber with a nylon or steel wire frame. Heavy duty conveyor belts are used in industries such as steel, coal, cement, mining, building construction, and others due to their ability to withstand pressure from demanding use.Market growth is expected to be driven by the growing industrialization and urbanization in emerging countries, which will increase activities in various industry verticals, including mining, oil & gas, construction, and others. Heavy duty conveyor belts help save time, optimize processes, and increase productivity when moving goods from one location to another. Additionally, the construction of new airports in response to increased air traffic and rising demand for luggage transfers will drive revenue growth of the heavy-duty conveyor belt market.The use of heavy duty conveyor belts in building and construction industries, as well as the Food & Beverage (F&B) industries, is also expected to contribute to market growth due to rising demand and consumption.Before the emergence of industrial conveyor belts, manufacturers and suppliers relied heavily on labor, which posed safety risks for workers and quality concerns for products. The current industry-driven scenario uses rotating pulleys and belts for product handling, which is considered safer and more efficient.Industrial conveyor belts are currently preferred to basic belt conveyor systems because they use more advanced technology. Advanced belts are chosen based on their application in various industries. For instance, a simple metal belt may not be able to handle delicate materials such as stones. Material handling industries select belt conveyor systems that best meet their needs based on applications.Stationary heavy conveyor belts dominate the heavy-duty conveyor belts market, but portable heavy-duty conveyor belts are expected to witness significant growth due to an increase in the number of construction projects worldwide. The heavy duty conveyor belt market in the Asia Pacific region is expected to see promising developments due to an increasing number of manufacturing plants from various sectors aided by favorable government policies to increase foreign direct investments.
Increasing Demand in the Construction IndustryThe construction industry is growing at a rapid pace, involving a range of tasks related to building, modifying, and repairing infrastructure. To ensure optimal topographical conformity, heavy-duty conveyor belts are used in construction, which allows for high material handling efficiency. This is especially important in construction, where numerous operations are carried out simultaneously to complete projects as quickly as possible. Moreover, this industry requires a durable selection of beltings to ensure superior material handling, as it involves many hazardous applications. Heavy-duty conveyor belts excel at protecting materials being transferred for mixing into concrete from outside influence and have excellent load-carrying capacity, allowing bulk materials to be loaded into mixers.High Maintenance CostsOne significant factor that could impede the market's revenue growth over the forecast period is the high maintenance cost associated with these belts due to their susceptibility to abrasive wear and damage. Conveyor belts must be properly maintained to avoid partial or complete shutdowns. Routine maintenance and inspections are necessary to ensure smooth operation, as these belts are susceptible to loss of flexibility, abrasive wear, mechanical damage, and other issues that increase the overall maintenance cost.
Product Type:The global heavy-duty conveyor belt market is segmented into multiple fabric conveyor belts, steel cord conveyor belts, and solid woven conveyor belts. The multiply fabric conveyor belt segment is expected to dominate the market over the forecast period due to its ability to handle a variety of bulk material handling applications. The cover rubber grades have been designed to improve cut, gouge, and wear properties, making it ideal for moving loose, high-density mineral locks, coal materials, and other materials. On the other hand, the steel cord conveyor belt segment is expected to have moderate revenue growth due to its resistance to wear and ability to handle long distances, heavy loads, and abrasive materials.Deployment:The global heavy-duty conveyor belt market is segmented into portable and stationary. The portable segment is expected to register a rapid revenue growth rate due to the adaptability of a portable conveyor system, which can be adjusted in length as needed. Portable conveyor belts work well in many different industries including mining, construction, and transportation, and they increase efficiency by reducing labor requirements and accident risks.Application:The global heavy-duty conveyor belt market is segmented into mining, industrial, construction, transportation, oil & gas, and others. The mining segment is expected to have rapid growth over the forecast period due to the rising demand for minerals and rare earth elements. Mining equipment manufacturers have responded to the need for better mining operations by producing technologically advanced equipment. The conveyor belts used in mining must be abrasion and impact-resistant because they must handle thousands of tonnes per hour. Early stages of mineral production have a particularly high impact on the conveyor belts. Therefore, abrasion resistance is essential to prevent rips and tears due to heavy impacts.Regional OutlookThe North America market is predicted to hold the largest revenue share during the forecast period. North America is among the world's top markets for conveyor belts because of the increasing demand for automation across various sectors such as aviation, retail, and automotive. The mining sector has also been a significant contributor to the economy, particularly in regions such as Nevada, Arizona, and Utah. Heavy-duty conveyor belts are in high demand in the mining industry, which is expected to drive revenue growth during the forecast period.The Asia Pacific market is anticipated to have a significant revenue compound annual growth rate (CAGR) over the forecast period. The increasing use of heavy-duty conveyor belts instead of vehicle transportation is expected to drive market revenue growth significantly. For instance, Coal India Ltd. proposed to invest Rs 15,700 crore in conveyor belts to replace vehicle transportation between mines and transporters, which will update infrastructure at 35 mines in the first phase. Similarly, The National Thermal Power Station in India's Jharkhand has begun using Asia's longest conveyor belt to transport coal from its Pakri-Barwadih mines to Banadag railway siding.The Europe market is expected to have a moderate growth rate during the forecast period, with Germany projected to dominate the European heavy-duty conveyor belts market. The country's highly proficient automobile industry and growing food & beverage industries are expected to drive demand for conveyor belts. The food & beverage market in Germany offers over 170,000 different products, which stimulates the use of automated technology such as belt conveyor systems.Key Topics Covered: Chapter 1. Market SynopsisChapter 2. Executive SummaryChapter 3. Indicative MetricsChapter 4. Heavy Duty Conveyor Belts Market Segmentation & Impact AnalysisChapter 5. Heavy Duty Conveyor Belts Market By Product Type Insights & TrendsChapter 6. Heavy Duty Conveyor Belts Market By Deployment Insights & TrendsChapter 7. Heavy Duty Conveyor Belts Market By Application Insights & TrendsChapter 8. Heavy Duty Conveyor Belts Market Regional OutlookChapter 9. Competitive LandscapeChapter 10. Company ProfilesCompanies Mentioned
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