Market Size of Rubber Conveyor Belt Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rubber Conveyor Belt Market Analysis
Global Rubber Conveyor Belt Market is expected to register a CAGR of 4.02% over the forecast period (2021 - 2026). The market is witnessing major acquisitions and mergers, which are shaping the market landscape.
- The main driving factor for the rise of conveyor belt usage is the growth of e-commerce industry. Warehouses are proliferating, due to which there is an increasing need for material handling and reducing downtime. US-based SpanTech LLC offers e-commerce conveyors for the automation of e-commerce fulfillment processes.
- Conveyor belts are widely used in a variety of sectors because of their high adaptability, lightweight, and cost-effectiveness. One of the major factors driving the worldwide conveyor belt market is rising demand from the power, mining, and industrial industries.
- Companies in all industries, including manufacturing, mining, electric vehicles, food processing, warehouses, and other material handling facilities, are continuously seeking ways to improve their processes, which has boosted the demand for industrial facility automation. Conveyor belt systems will benefit greatly from the widespread adoption of automation in the workplace.
- However, the market is largely affected by fluctuations in raw material prices, which act as a challenge for market growth. An increase or decrease in rubber prices is dependant mainly on market conditions such as global supply/demand position, crude oil price movements, and the consequent impact on prices of synthetic substitutes.
- The conveyor belt market is witnessing a significant slowdown due to the impact of COVID-19 on the industries. The imposed lockdown and trade restrictions caused the factories and industries to shut down their operations. Moreover, due to the uncertainty, shortage of manpower, and material caused due to the supply chain restrictions, new facilities were also not built during the period, therefore, directly hampering the demand for conveyor belt systems. However, the rise in e-commerce during the period partially improved the conveyor belt demand.
