The global conveyor and drive belt market is forecast to achieve growth on the back of the need for efficient conveyor systems to handle and move large volumes of goods and materials at airports, manufacturing facilities, and industrial plants. Conveyor and drive belt manufacturers could focus on expanding their product portfolio and forming strategic partnerships with key end users.
Airport and Automotive Parts Replacement Markets Likely to Strengthen Demand
Increase in the number of infrastructure development projects in emerging countries and the subsequently rising demand for cement and concrete materials are expected to positively impact the global conveyor and drive belt market. Conveyor belt is one of the widely used equipment in the cement and construction industries. It finds application in the handling and transportation of cement and other construction materials. Growing number of airline passengers could be a crucial factor increasing the need for airport conveyor belt. The automotive parts replacement market is anticipated to create demand for drive belt in future. Rising automobile production could be another factor increasing the demand for drive belt.
Demand for Conveyor Belt to Improve with Increasing Manufacturing Automation
On the basis of product type, the global conveyor and drive belt market is segmented into drive belt and conveyor belt. Increasing automation in the manufacturing sector and need to reduce material loss, cost, and operation time in high-growth industries such as automotive are expected to strengthen the demand for conveyor belt. High investments in the improvement of process efficiency in key sectors such as manufacturing could further add to the growth of the conveyor belt segment. The global conveyor and drive belt market is also segmented on the basis of application. Important applications of conveyor and drive belt are automotive, logistics/warehousing, industrial, mining, and others.
Rising Need for Industrial Automation Expected to Help Create Demand in Asia Pacific
Asia Pacific is predicted to gain growth in the global conveyor and drive belt market mainly because of the advancement of the food and beverages, steel, and automotive industries. Increase in the adoption of automation solutions for industrial processes in key countries such as Japan, China, India, and South Korea could create more opportunities for players in the emerging region.
North America is also anticipated to show growth in the global conveyor and drive belt market. Robust growth of the residential and commercial construction sectors increasing the demand for cement and other raw materials could benefit the North America conveyor and drive belt market. Conveyor and drive belts find important application in cement and concrete production plants.
Readers of the report are provided with in-depth analysis of the vendor landscape and company profiling of leading players competing in the global conveyor and drive belt market. Key manufacturers covered in the report are ContiTech AG, Gates, Volta Belting, Partners Group, Esbelt, Habasit, Sparks, Mitsuboshi, Jiangyin TianGuang, Intralox, Wuxi Shun Sheng, Forbo Movement Systems, CHIORINO, Bando Chemical Industries, Ltd., YongLi, Nitta, SANLUX, and Dayco. The competition in the global conveyor and drive belt market could be chiefly based on product differentiation, price, and innovation.