Conveyor Belt Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.60 Billion |
| Market Size (2029) | USD 6.87 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Conveyor Belt Market Analysis
The Conveyor Belt Market size is estimated at USD 5.60 billion in 2024, and is expected to reach USD 6.87 billion by 2029, at a CAGR of 4.20% during the forecast period (2024-2029).
- The global trend toward industrial automation is driving market growth. As industries worldwide focus on enhancing productivity, reducing labour costs, and improving operational efficiency, the demand for automated material handling systems is rising. Conveyor belts are integral to automated systems because they enable continuous and uninterrupted material flow, reducing the need for manual labour. By automating repetitive and time-consuming tasks, manufacturers can focus on higher-value activities, boosting overall productivity.
- The rapid expansion of e-commerce and retail is another major factor driving the demand for conveyor belts, particularly in distribution centres, warehouses, and fulfilment hubs. E-commerce companies need efficient and rapid systems to handle the growing volumes of orders. Conveyor belts play a crucial role in speeding up the sorting, packaging, and delivery processes. Conveyor systems in warehouses help in sorting and efficiently moving goods, reducing the time required to process and fulfill orders.
- Conveyor belts are indispensable in industries like mining, construction, and bulk material handling, where they are used to transport heavy materials such as coal, ores, cement, and gravel. In mining operations, conveyor belts transport mined materials from the extraction site to processing plants. Conveyor systems are more cost-effective and safer compared to manual labour or other material handling methods.
- As urbanisation continues and infrastructure projects, such as roads, bridges, and airports, increase in emerging markets, the demand for raw materials like cement, sand, and gravel, which are transported using conveyor belts, rises. A growing demand for construction materials and expansion in mining operations in regions like Africa, Latin America, and Asia-Pacific are expected to contribute to the increasing use of conveyor systems.
- High initial investments pose a challenge in the conveyor belt market, particularly when acquiring and installing advanced automated or custom-built conveyor systems. Industries like mining and material handling, which often demand specialized or heavy-duty belts, face significant installation costs for these conveyor systems.
- Conveyor belt production relies heavily on raw materials such as steel, rubber, and nylon. When inflation occurs, it can elevate the prices of these essential materials, subsequently affecting the cost structure for conveyor belt manufacturers. For example, in inflationary times, heightened demand or shortages can push rubber prices up, resulting in increased manufacturing costs for rubber-based conveyor belts.
Conveyor Belt Market Trends
Automotive is Expected to Witness Remarkable Growth
- Rising demand for automotive production drives the demand for the conveyor belt market. Globally, the automotive industry stands as a leading consumer of conveyor belt systems. These belts play a pivotal role in the vehicle manufacturing process, spanning from assembly lines and paint shops to engine testing and handling of the final product. Demand for vehicles is surging worldwide, with notable growth in emerging markets across Asia-Pacific, Latin America, and Africa.
- Data from OICA (Organisation Internationale des Constructeurs d'Automobiles) indicated that global car production surpassed 76 million units in 2023, with projections pointing to continued growth. As production ramps up, automakers are turning to more efficient and reliable conveyor systems to handle the increased throughput.
- The rise of automation in the automotive sector is significantly boosting the demand for conveyor belts. With the adoption of Industry 4.0 technologies such as IoT, robotics, and AI, automotive manufacturers are increasingly seeking more intelligent conveyor systems. As the global automotive market expands, automakers are channeling investments into manufacturing facilities in emerging markets, directly benefiting the conveyor belt industry.
- The surge in electric vehicles (EVs) is reshaping the automotive landscape, necessitating new manufacturing processes, particularly in material handling and assembly. This shift towards EVs is prompting carmakers to upgrade production lines, requiring advanced conveyor systems tailored for electric vehicle assembly. A key focus for automakers is the production of electric vehicle batteries. In battery manufacturing, conveyor belts play a crucial role in efficiently transporting large volumes of materials such as lithium, cobalt, and nickel. Additionally, battery production lines demand high-quality heat-resistant and chemical-resistant conveyor belts to ensure safe and efficient material handling.
Asia Pacific is Expected to Witness a High Market Growth Rate
- The conveyor belt market in the Asia Pacific (APAC) region is poised for substantial growth. This surge is fueled by industrial expansion, heightened automation in manufacturing, a booming e-commerce sector, and ongoing infrastructure development. With its diverse industries and a rapidly expanding manufacturing base, APAC is solidifying its position as a dominant force in the global conveyor belt market.
- As per the Asian Development Bank (ADB), APAC's industrial output is on a steady rise, especially in developing nations such as India, Indonesia, and Vietnam, which are carving out their niches as pivotal manufacturing hubs. In these sectors, conveyor belts play a crucial role in material handling, assembly line tasks, and logistics efficiency.
- Asia-Pacific stands as the globe's leading vehicle producer, spearheaded by China, India, and Japan. Moreover, with South Korea and China making significant strides in electronics manufacturing, both sectors are turning to automated conveyor systems to boost production efficiency. From automotive assembly lines to electronics factories and consumer goods production, conveyor belts are proving indispensable.
- With the rise of Industry 4.0 in APAC, there's a notable shift towards smart conveyor systems in factories and warehouses. These advanced conveyor systems, equipped with IoT sensors, AI analytics, and robotics, are enhancing operational efficiency, minimizing errors, and enabling real-time performance monitoring. This momentum is especially pronounced in China, Japan, and South Korea, where cutting-edge technologies are being seamlessly integrated into manufacturing processes.
- Infrastructure development and urbanization are rapidly expanding in the APAC region, creating significant opportunities for the conveyor belt market. The construction, mining, and energy production sectors heavily depend on conveyor systems to transport materials in large-scale operations. Countries like China, India, and Australia are investing heavily in smart cities, transportation networks, and mega-projects, including bridges, tunnels, and roads. These endeavors demand vast quantities of raw materials.
- At construction sites, conveyor systems play a pivotal role in efficiently transporting essential materials such as sand, gravel, cement, and steel. Furthermore, in the mining sectors of Australia, Indonesia, and China, conveyor belts are indispensable for transporting bulk materials, including coal, ores, and minerals.
Conveyor Belt Industry Overview
The conveyor belt market is highly fragmented, with global and local conglomerates and specialized players operating across various segments. While several large multinational companies dominate specific high-value segments, numerous regional and niche players contribute to the overall competition, making the market highly diverse. This fragmentation is driven by the demand for the conveyor belt market across a wide range of end-user verticals, allowing both large and small companies to coexist and thrive in the market.
Leading companies in the conveyor belt market include The Yokohama Rubber Co., Ltd., Bridgestone Corporation, Michelin Group (Fenner Conveyors), Elcon Elastomers Pvt. Ltd., Bando Chemical Industries, Ltd., Volta Belting Technology, Continental Belting Pvt. Ltd., Huanan Xinhai (Shenzhen) Technology Co., Ltd., Siemens AG, Emerson Electric Co., Mitsuboshi Belting Ltd., and Wire Belt Company. These companies have established strong brand recognition and extensive global operations, enabling them to command significant market share. Their strengths lie in innovation, broad product portfolios, and strong distribution networks. These leaders often engage in strategic acquisitions and partnerships to maintain their competitive edge and expand their market reach.
Conveyor belt vendors are actively expanding their global market presence, with a keen focus on emerging markets witnessing a surge in demand in the automotive, mining, food and beverage industries. In response to the growing emphasis on sustainability by both consumers and businesses, these vendors are aligning their products with eco-friendly practices.
Conveyor Belt Market Leaders
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The Yokohama Rubber Co., Ltd.
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Bridgestone Corporation
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Michelin Group (Fenner Conveyors)
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Bando Chemical Industries, Ltd.
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Continental Belting Pvt. Ltd.
*Disclaimer: Major Players sorted in no particular order
Conveyor Belt Market News
- May 2024: QC Conveyors unveiled its latest innovation, the heavy-duty AS80 conveyor system. Engineered for precision and versatility, the AS80 aims to maximize efficiency across diverse materials handling applications. Designed to meet the stringent demands of contemporary industries, the AS80 can transport heavy loads of up to 600 lb. (272.1 kg). This capability makes it suitable for a broad spectrum of applications, spanning from robotics to automotive, as highlighted by QC Conveyors.
- December 2023: YOKOHAMA unveiled the FLAME GUARD SWR-70, the latest addition to its esteemed FLAME GUARD series of flame-retardant conveyor belts. Designed specifically for sintered ore and coke transport lines in steel mills, as well as coal transport lines in coal-fired power plants, the FLAME GUARD SWR-70 boasts enhanced wear resistance. This super-wear-resistant feature not only extends the belt replacement cycle, thereby lowering operational costs, but also ensures a more stable line operation. Furthermore, the FLAME GUARD SWR-70 is self-extinguishing, a flame-retardant quality that has seen a surge in demand as line operators prioritize safety enhancements.
Conveyor Belt Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in Productivity at Manufacturing Facilities
5.1.2 Increasing Industrial Automation
5.2 Market Restraints
5.2.1 Fluctuations in Raw Material Prices
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Heavy-Weight
6.1.2 Medium-Weight
6.1.3 Lightweight
6.2 By End-user Industry
6.2.1 Automotive
6.2.2 Retail
6.2.3 Food and Beverage
6.2.4 Industrial
6.2.5 Manufacturing
6.2.6 Others
6.3 By Geography***
6.3.1 North America
6.3.2 Europe
6.3.3 Asia
6.3.4 Australia and New Zealand
6.3.5 Middle East and Africa
6.3.6 Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 The Yokohama Rubber Co., Ltd.
7.1.2 Bridgestone Corporation
7.1.3 Michelin Group (Fenner Conveyors)
7.1.4 Elcon Elastomers Pvt. Ltd.
7.1.5 Bando Chemical Industries, Ltd.
7.1.6 Volta Belting Technology
7.1.7 Continental Belting Pvt. Ltd.
7.1.8 Huanan Xinhai (Shenzhen) Technology Co., Ltd.
7.1.9 Siemens AG
7.1.10 Emerson Electric Co
7.1.11 Mitsuboshi Belting Ltd.
7.1.12 Wire Belt Company
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Conveyor Belt Industry Segmentation
A conveyor belt, driven by an electric motor, forms a continuous loop wrapped around one or more pulleys. The belt rests on a metal plate bed or rollers for support. The pulley that powers the conveyor belt is termed the drive pulley, whereas the unpowered pulley is referred to as the idler pulley.
The study tracks the revenue accrued through the sale of conveyor belts by various players across the globe. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The conveyor belt market is segmented by type (heavy-weight, medium-weight, lightweight), end-user industry (automotive, retail, food and beverage, industrial, manufacturing, others), and geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The market sizes and forecasts regarding value (USD) for all the above segments are provided.
| By Type | |
| Heavy-Weight | |
| Medium-Weight | |
| Lightweight |
| By End-user Industry | |
| Automotive | |
| Retail | |
| Food and Beverage | |
| Industrial | |
| Manufacturing | |
| Others |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Middle East and Africa | |
| Latin America |
Conveyor Belt Market Research FAQs
How big is the Conveyor Belt Market?
The Conveyor Belt Market size is expected to reach USD 5.60 billion in 2024 and grow at a CAGR of 4.20% to reach USD 6.87 billion by 2029.
What is the current Conveyor Belt Market size?
In 2024, the Conveyor Belt Market size is expected to reach USD 5.60 billion.
Who are the key players in Conveyor Belt Market?
The Yokohama Rubber Co., Ltd., Bridgestone Corporation, Michelin Group (Fenner Conveyors), Bando Chemical Industries, Ltd. and Continental Belting Pvt. Ltd. are the major companies operating in the Conveyor Belt Market.
Which is the fastest growing region in Conveyor Belt Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Conveyor Belt Market?
In 2024, the Asia Pacific accounts for the largest market share in Conveyor Belt Market.
What years does this Conveyor Belt Market cover, and what was the market size in 2023?
In 2023, the Conveyor Belt Market size was estimated at USD 5.36 billion. The report covers the Conveyor Belt Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Conveyor Belt Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Conveyor Belt Industry Report
Statistics for the 2024 Conveyor Belt market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Conveyor Belt analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
