Rubber Conveyor Belts Market Global Research Report 2019 Analysis & Forecast to 2025
Global Rubber Conveyor Belts Market Expected to Grow at 4.3% CAGR
APAC Holds the Largest Share of Rubber Conveyor Belts Market
Market Overview
A conveyor belt is designed to offer excellent tear, impact resistance, and rip, in many applications, such as hard rock mining (granite, limestone, trap rock and other components) and recycling. An abrasion resistant material is incorporated in building a rubber conveyor belt which is a combination of nitrile, styrene butadiene rubber (SBR), and neoprene and implanted with a cloth fabric. The styrene butadiene rubber offers improved durability, while the nitrile and neoprene rubbers conveyor belt extend superior level of chemical resistance. This attribute limits the degrading influence of different chemicals and other petroleum-based solvents. The fabric-based rubber conveyor belt is perfect for usages in different industrial level pads, industrial machines, flaps, and strips. Market Research Future (MRFR) has conducted a comprehensive study on the global rubber conveyor belts market. In the report published by them, it has been stated that the rubber conveyor belts market is expected to grow at 4.3% CAGR by 2025.
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The major factors propelling the market growth include the increasing investments in construction, surging demand for mining activities, collectively with the growing application of rubber additives. The increasing concerns regarding adverse ecological impact of mining activities coupled with the substantial investments required for setting up a plant contributes to the limitation of the market growth to a large extent. However, the increasing per capita income in economies such as India and China, increased recycling activities, rising demand for eco-friendly conveyor belts with self-cleaning, and the consistent development in the emerging economies such as Brazil, Argentina, and India, are playing vital roles in driving the demand of the global rubber conveyor belts market. Besides, the players operating within the market are increasingly making use of latest technologies like artificial intelligence and automation in their activities which improves the storage, production, and manufacturing speed of rubber conveyor belts. For instance, renowned rubber conveyor belts manufacturer Intralox went automated with its recent warehouse in Hammond, La. A retrieval system and an automated storage are the key attributes of the latest warehouse. It includes three fully automated cranes for put away and pallet picking. Owing to the height of the warehouse, the print of the warehouse is only 30,600 sq ft having a volume of 23,000 filled pallets. A conventional warehouse would need 103,000 sq ft to accommodate the same storage. Such technological integrations also boost the rubber conveyor belts market significantly.
Key Players
Global rubber conveyor belts market includes renowned players such as Intralox (US), Bando Chemical Industries Ltd (Japan), Volta Belting Technology Ltd (Israel), Fenner Dunlop (US), Bridgestone (Japan), Fives (France), Goodyear Rubber Products. Inc, (US), ContiTech AG (Germany), The Yokohama Rubber Co., Ltd (Japan), and Qingdao Rubber 6 Conveyer Belt Co., (China).
Market Segmentation
The global rubber conveyor belts market is segmented based on application, type, and region. Based on application, the global rubber conveyor belts market is segmented into mining, food, airline, construction, and others. Based on type, the global rubber conveyor belts market is segmented into heavy weight, light weight, and medium weight conveyor belts.
Regional Analysis
In the geographical context, the global rubber conveyor belts market is segmented into Europe, Asia-Pacific, North America, and the rest of the world. Asia-Pacific market is likely to represent the largest share of rubber conveyor belts over the review period. The growth is attributed to the expanding construction and mining activities in China and Australia. Additionally, the steadily expanding population in economies such as India and China coupled with the developing economic condition in Vietnam, India, and Thailand drive the demand for rubber conveyor belts within the APAC market. Also, the increasing outlay in food industry is estimated to further accelerate the demand for rubber conveyor belts in this market. North America is projected to experience a remarkable growth over the forecast period owing to the increasing adoption of rubber conveyor belt in Canada, Mexico, and the US. Besides, the emerging economies in Africa and South America is estimated to boost the market growth within the RoW during the review period.
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