Conveyor belts are one among many types of conveyor systems, which are used to carry objects from one place to another. These belts rotate in incessant circles with the help of two or more pulleys. The objects to be moved from one place to another are placed on the belt. The conveyor belt should be uniform and the conveyor material should have consistent thickness for the belts to provide better performance. Conveyor belts find applications in various end-use industries such as transportation of goods and machinery in industrial applications such as automobiles, electronics, construction, and aviation.
Rising air passenger traffic has increased the need for expansion, modernization, and development of new airports. According to Coherent Market Insights’ analysis, Asia plans to complete construction of 20-23 airports by 2020. For instance, the Beijing Daxing International Airport (China) is currently under construction and is expected to be functional by 2019. The new airport plans to have a total of 7 runways in the future to accommodate 620,000 flights and 100 million passengers each year. This is expected to increase the demand for conveyor belts in the airport industry and drive growth of the global conveyor belts market over the forecast period.
Moreover, growth of infrastructure sector, which includes increasing construction of malls and others, is another major factor fueling demand for conveyor belts, thereby driving growth of the market.
However, setting up of conveyor belt requires high initial investment, which is a major factor that restraints growth of the global conveyor belts market. Also, economic turmoil hinders growth of the market.
On the basis of region, the global conveyor belts market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the global conveyor belts market and is expected to retain its position over the forecast period. Increasing industrial investment in India and China is the major factor that is increasing demand for conveyor belt in Asia Pacific.
North America is the second largest market in the global conveyor belts market. However, the demand for these belts is expected to witness sluggish growth due to market saturation in several end-use industries.
Some of the major players operating in the global conveyor belts market include Siemens AG, TGW Logistics Group, Emerson Electric Co., Intelligrated, Daifuku Co. Ltd., Interroll Holding GmbH, Vanderlande Industries B.V., Taikisha Ltd., Fives, Bando Chemical Industries, Bridgestone, ContiTech AG, Goodyear, QingDao Rubber Six, Zhejiang Double Arrow, and Swisslog.
Major players operating in the conveyor belts market are adopting various strategies such as mergers & acquisitions and new product launch in order to maintain their market share in the global market. For instance, in August 2016, The Yokohama Rubber Co., Ltd., introduced “Tuftex α”, cover compound for conveyor belt. The product is designed for using in most demanding applications including coal at pork stock yard facilities and high-capacity reclaimers handling iron ore.
In June 2017, Dynamic Conveyor Corporation, U.S.-based machinery manufacturer launched new conveyor belt top for food industry, which offers rough-textured surface to protect sticky foods from sticking to the conveyor belt material.
In May 2018, Habasit Holding AG, a leading manufacturer of light conveyor and power transmission belt, acquired the majority stakes in NGI Holding A/S, previously held by Adelis Equity Partners, private equity company. NGI Holding A/S is a world’s leading manufacturer of hygiene conveyor levelling components. The acquisition aimed towards expanding market coverage and product portfolio of Habasit Holding AG.