Selbyville, Delaware, Nov. 18, 2019 (GLOBE NEWSWIRE) --
Rubber conveyor belt market revenue is slated to hit US$ 4 billion by 2026, according to a forecast growth analysis by Global Market Insights, Inc. Growing industrial usage for cleaning agents will propel the industry growth in the upcoming years.
Intensifying rubber conveyor belt usage in the mining industry will likely enhance the product use during the forecast timespan. These are widely used in underground mining and open pit mining applications as they offer efficient transportation services of bulk materials over short, medium, and long distances through topographically difficult terrains having steep angles. For long-distance coal conveying, these belts are preferred due to their anti-abrasive, flame-resistant, heat resistant, and oil-resistant properties and power savings capability. Moreover, increasing population and improving economic conditions are leading to an increase in the utilization for commodities, such as iron ore, coal, and copper, fueling the growth of mining industry. This is also directly bolstering the usage for rubber conveyor belts by 2026.
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Some major findings of the rubber conveyor belt market report include:
- The surging global demand across power generation, mining, and manufacturing industries will propel the rubber conveyor belt usage.
- The high versatility, lightweight nature, and cost-effectiveness have made conveyor belts highly popular across various end-use industries.
- Asia Pacific holds the major share in the overall rubber conveyor belt market due to significant presence of the end user industries such as mining, power generation, general manufacturing, recycling, etc.
- The steel cord reinforced conveyor belts have high tensile strength at maximum conveying capacity as well as excellent impact resistance, they also exhibit only slight elongation even over long conveyor distances.
- North America and Europe will show sluggish growth rate in comparison to other regions due to more adoption of renewable sources for power generation and slow growth rate in mining and other manufacturing sectors.
However, the expense for setting up conveyor belts in a plant or in a mine is considerably high. Furthermore, the maintenance and replacement cost of the product incurs a huge expenditure that may hamper the rubber conveyor belts market size in the forecast span. Nevertheless, its property to minimize the labor and transportation cost may bring ample prospects for the rubber conveyor belt industry by 2026.
On the basis of materials, the industry is classified into steel reinforced belts, textile reinforced belts and solid woven belts. The textile reinforced belts are then further bifurcated into commodity textiles and performance textiles. The textile reinforced rubber conveyor belts carcass is made up from nylon and polyester blends, providing high strength, along with exceptionally good abrasion and fatigue resistance. It also provides extremely low moisture absorption, good dimensional stability, that generated a revenue over USD 3 billion in 2018.
Browse key industry insights spread across 250 pages with 396 market data tables & 19 figures & charts from the report, “Rubber Conveyor Belt Market Size By Material (Steel Reinforced Conveyor Belts, Textile Reinforced Conveyor Belts, Solid Woven Belts [Performance Textiles, Commodity Textiles]), By Application (Light-weight, Medium-weight, Heavy-weight), By End-use (Mining, Cement Manufacturing, Power Generation, Recycling, Metal Processing), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/rubber-conveyor-belt-market
Based on its application, the rubber conveyor belt market is categorized into light weight, medium weight, heavy weight. Rubber conveyor belt for light weight applications is projected to grow with a CAGR over 3% by 2026. The tensile strength of these belts are generally lower and are mainly used in applications for carrying light weights within a plant or production facility.
According to the end-use industries, the industry is characterized into mining, cement manufacturing, power generation, recycling, metal processing, and few others. The mining industry is further classified into coal, metals and few other mines. Mining industry will be the largest end-user in the forecast timeframe recording over 41% share in 2018.
North America rubber conveyor belt market will be primarily driven by the demand from mining and manufacturing industries. The U.S. in one of the major mining countries of the world with the regional mineral deposits ranging from various ferrous and non-ferrous metals. The prevalence of several mining companies in the region will boost the regional product demand. In terms of revenue, the industry is estimated to reach over USD 1.5 billion by 2026.
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Crucial rubber conveyor belt manufacturers include Bridgestone, YOKOHAMA, ContiTech, Fenner, Trelleborg, LUTZE, Bando, Garlock, SIG Società Italiana Gomma, Oxford Rubbers and ARTEGO etc.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.