Technology Revolutionizes the Global Rubber conveyor belts Industry: Forecasting Growth in 2030 and Beyond
Market Analysis
The global rubber conveyor belts market is predicted to grow at a 5.1% CAGR between 2022- 2030 forecast period, as per the recent Market Research Future (MRFR) analysis. Rubber conveyor belts, simply put, are belts used to carry loads and heavy rocks in application industries like hard rock mining and surface mining. Generally, the product is used to carry components, parts, materials, or loads with heavy oil/machinery oil treated coal. Such transportation belts are usually manufactured with materials that are highly flame resistant. Heavy-weight conveyor belts, medium-weight conveyor belts, and light-weight conveyor belts are the different types of rubber conveyor belts. Owing to its alluring features and key benefits, it has wide applications in various end use industries such as airline, construction, mining, food, and others.
Various factors are propelling the global rubber conveyor belts market size growth. According to the latest MRFR report, such factors include the presence of developing economies, burgeoning demand for eco-friendly conveyor-belts with self-cleaning, rising per capita disposable income in China and India, growing use of rubber additives, and growing investments in mining, food and beverage, and construction activities. Additional factors adding market growth include rapid industrialization and technological advances in conveyor systems like smart conveyor belts and green conveyor.
On the contrary, high initial investments and rising concerns about environmental impact are factors that may impede the global rubber conveyor belts market size growth over the forecast period. Besides, the COVID-19 impact is also hampering the market growth.
Regional Analysis
Based on the region, the global rubber conveyor belts market size report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Rising investments in pharmaceutical, chemical, & food and beverage sectors coupled with the increasing disposable income in India & China are adding to the global rubber conveyor belts market size growth in the region.
The global rubber conveyor belts market size in North America is predicted to hold the second-largest share over the forecast period. The presence of top manufacturers in Mexico, Canada, and the US is adding to the global rubber conveyor belts market size growth in the region. But this region may experience sluggish growth in the future due to strict regulations.
The global rubber conveyor belts market size in Europe is predicted to have healthy growth over the forecast period for the presence of some leading manufacturers in the region.
The global rubber conveyor belts market size in the RoW is predicted to have sound growth over the forecast period for the positive growth prospects of the developing economies here.
Key Players
Leading players profiled in the global rubber conveyor belts market size report include The Yokohama Rubber Co., Ltd (Japan), Qingdao Rubber 6 Conveyer Belt Co., (China), Goodyear Rubber Products. Inc, (US), ContiTech AG (Germany), Bridgestone (Japan), Fives (France), Volta Belting Technology Ltd (Israel), Fenner Dunlop (US), Intralox (US), and Bando Chemical Industries, Ltd (Japan). Industry players have incorporated several strategies to stay ahead in the competition, such as mergers, joint ventures, partnerships, and more.
Market Segmentation
The MRFR provides an inclusive segmental analysis of the global rubber conveyor belts market size based on type and application.
By type, the global rubber conveyor belts market size is segmented into heavy-weight conveyor belts, medium-weight conveyor belts, and light-weight conveyor belts. Of these, the heavy-weight conveyor belts segment is predicted to lead the market over the forecast period.
By application, the global rubber conveyor belts market size is segmented into the airline, construction, mining, food, and others. Of these, the mining segment will dominate the market over the forecast period.
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