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Conveyor Belt Market Size
- Report ID: GMI3267
- Published Date: May 2024
- Report Format: PDF
Conveyor Belt Market Size
Conveyor Belt Market was valued at USD 5.5 billion in 2023 and is anticipated to register a CAGR of 3.4% between 2024 and 2032. The growth can be attributed to the expanding mining, steel, cement, and convenience food & beverage sectors.
As the global demand for minerals, metals, and other natural resources grows, mining operations increase to supply that demand. Conveyor belts enhance the efficiency and productivity of mining processes and have become an essential component of the industry's growth. Furthermore, the steel and cement industries are witnessing a rising demand for use in buildings & infrastructure, mechanical equipment, and automotive products. Conveyor belts are used to transport crushed limestone blocks, ores, coke, pallets, and rocks up to furnaces that are located at steep angles and for other heavy-duty chip-handling applications in steel manufacturing plants. As a result, the rising demand for steel will boost the adoption of conveyor belts. According to the World Steel Association, the global iron and steel market was valued at USD 1,599.4 billion in 2022 and is expected to reach USD 1,928.6 billion by 2027, indicating a CAGR of 3.8%.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Conveyor Belt Market Size in 2023: | USD 5.5 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 3.4% |
| 2024 – 2032 Value Projection: | USD 7.7 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 444 |
| Tables, Charts & Figures: | 648 |
| Segments covered: | Material, Product Type, Installation, Application, End Use, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, China's rapid urbanization and infrastructure development projects, as well as the Indian government's efforts, such as the construction of 100 smart cities and metro projects, will drive the demand for cement in the future. Over the projection period, the cement sector will benefit from increased building and construction activity around the world, boosting the conveyor belt market growth.
Conveyor belt adoption in various industries is frequently hampered by significant barriers such as the high initial investment required to establish production facilities and ongoing maintenance expenses. These financial difficulties discourage some organizations from fully embracing conveyor belt systems, affecting the overall adoption rate. Establishing a conveyor belt manufacturing facility requires investment in infrastructure, machines, and technology. Many organizations, particularly smaller enterprises or those in emerging countries, may struggle to allocate this significant amount of capital.
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Conveyor Belt Market Scope
