Conveyor Belt Market Analysis

Conveyor Belt Market Analysis

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Based on material, the market is categorized into metal, polymer (polyester, nylon, others), and others. The polymer segment dominated the market with a share of 77% in 2023. It is further classified into polyester, nylon, and others, and is expected to reach 6.07 billion by 2032. The rising demand for polymer conveyor belts is attributed to their wide range of applications in many end-user sectors as they offer exceptional tensile strength, and impact resistance. Polymer conveyor belts are less expensive than metal versions, making them an appealing option for businesses where cost is a major factor. This affordability can reduce total costs of conveyor system installations.

Based on product, the market is segmented into flat belt, modular belt, and cleated belt. The flat belt segment was valued at 4.03 billion in 2023 and is expected to grow at a CAGR of 5.4% from 2024 to 2032. Flat belt conveyors are versatile and have uses in a variety of industries including manufacturing, packaging, food processing, and logistics. Their versatility with various materials and product kinds contributes to their wide use. This type of conveyor belt has a system of powered pulleys and idlers that can handle a wide range of objects at up to a 16° incline.

Based on application, the conveyor belt market is segmented into lightweight, medium-weight, and heavy-weight. The medium-weight segment was valued at 2.41 billion in 2023 and is expected to grow at a CAGR of 3.6% from 2024 to 2032. Medium-weight belts are majorly used in mining, cement manufacturing, steel manufacturing, recycling plants, and foundries. Also, the increasing per capita income has fueled the demand for automobiles and white goods, which will propel general manufacturing businesses around the world, boosting the demand for medium-weight conveyor belts in the near future.

Asia Pacific dominated the market for conveyor belts with a 49% share in 2023 and is expected to grow at a robust CAGR of 3.7% during the forecast period. This is due to the region’s strong position in the mining, steel, cement, and food and beverage industries. The region accounts for over half of global mining production and is expected to expand rapidly as the demand for various minerals rises and supportive investments increase. China and India are the world's major manufacturers of steel and cement, which are required for infrastructure development plans and future commercial & residential construction. Furthermore, rising disposable income and hectic lifestyles will increase the consumption of packaged food products, propelling the demand for conveyor belts in the food & beverage industry.

The U.S. dominated the North America conveyor belt industry with a share of 0.83 billion in 2023. The U.S. is one of the world's major mining countries, with regional mineral reserves ranging from ferrous and non-ferrous metals to nonmetallic clays such as kaolin, bentonite, and attapulgite. The presence of multiple mining businesses in the region will increase regional product demand. The country also hosts a large number of cement manufacturers, and is one of the world's leading construction markets. These factors, combined with technological improvements in the food & beverage, supply chain, and recycling sectors, will drive the regional market over the projection period.

Germany led the Europe market, accounting for a share of about 22% in 2023 owing to its considerable presence in the manufacturing and supply chain sectors. Furthermore, increased investment in the country is projected to augment the growth rate in Germany's market.