NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global rubber conveyor belt market is around US$ 3,431.20 million in 2023 and is projected to exhibit a CAGR of 2.70% over the forecast period. The market is likely to cross a valuation of US$ 4,693.60 million by 2034.
The increasing demand for sustainable and effective material handling equipment solutions is projected to drive the future of the rubber conveyor belt market. A few key trends to create immense opportunities in the market in the following years include the development of new materials, the integration of smart technologies, and the increasing acceptance of automation.
Producers are entering new markets throughout the developed and emerging regions. In order to increase brand awareness, manufacturing businesses are focusing on developing strategic collaborations with retailers. Conveyor belt manufacturers are increasingly developing new materials, such as high-performance polymers, to enhance the durability, performance, and lifespan of the belt.
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“Rising demand for material handling infrastructures in various types of industries to improve operating speed is driving the market. Moreover, manufacturers are eying on conveyors with high impact resistance due to the robust demand for power generation." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study
- The global rubber conveyor belt market is estimated to register a CAGR of 2.70% with a valuation of US$ 4,693.60 million by 2034.
- The United States is anticipated to dominate the global market by registering a 2.30% CAGR during the forecast period.
- With a 3.20% CAGR, China is significantly driving the global market by 2034.
- During the forecast period, Japan is anticipated to secure a CAGR of 1.80% in the global market.
Competitive landscape
In recent years, there has been a surge in investment and collaboration within the industry with venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach. Key players have strategized promotional activities to introduce the design and engineering of novel devices with enhanced efficacy.
Key Players in the Rubber Conveyor Belt Market
- ContiTech AG
- Fenner Dunlop
- Bridgestone Corporation
- Oxford Rubbers
- Muller Beltex
- T-Rex Rubber International
- The Yokohama Rubber
- Bando Chemical Industries
- Oriental Rubber Industries
- Wuxi Boton Belt
Recent Development
- In December 2022, Intralox, LLC, an American manufacturer of specialized conveyor belts, announced a partnership with a leading provider of automation solutions to develop robotic conveyor systems for e-commerce fulfillment centers. These systems utilize Intralox's high-performance belts to handle products efficiently and accurately in automated warehouses.
- In October 2022, Martin Engineering, an American manufacturer of industrial products, announced the expansion of its rubber conveyor belt manufacturing plant in India to meet the growing demand. This expansion aims to increase production capacity and cater to developing countries' growing infrastructure and industrialization.
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Key Segments
Product Type:
- Heavy Duty
- Medium Duty
- Light Duty
By End Use:
- Logistic
- Mining
- Metal processing
- Manufacturing
- Automotive
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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