Market Trends of Rubber Conveyor Belt Industry
This section covers the major market trends shaping the Rubber Conveyor Belt Market according to our research experts:
Mining Industry to Dominate the Market
- The mining industry heavily relies on conveyor belts to transport materials taken up for processing. In September 2020, Coal India floated a 15,700 Crore tender for its 18 sites. This investment will go towards the conveyor belt system to replace road movement between mines and wagons. Investment in conveyor belts to transport coal directly from mines is a cheaper and cleaner way without using trucks. It will also cut down theft as well as diversion of coal and help maintain quality.
- The mining industry in Latin America, particularly in Brazil and Chile, is anticipated to see a rush of new investments. With about half a billion metric tonnes produced in 2020, the country was the world's second-largest iron ore mine producer. The Latin American region has followed the current trends as well. Chile and Argentina are the region's leading lithium producers, with over 60% of global reserves. Because mining necessitates the handling of larger amounts of materials, the conveyor system is the most efficient and cost-effective solution for long distances.
- With the BeltGauge solution, Fenner Dunlop has added mobile functionality to its suite of iBelt conveyor technology, providing a new approach for customers from all commodities and conveyor industry applications to properly monitor conveyor health. Since its launch in September 2020, the fixed BeltGauge solution has been installed at a number of locations.
- Germany-based ContiTech's conveyor belts are extensively being used in Jamaica for the transport of bauxite, generated 1,300 kW per hour, which can be fed back into the grid. They are also being used by Botswana’s largest diamond producer.
- For usage in subterranean mines, Dunlop conveyor belting manufactured fire-resistant conveyor belts. These belts have been authorized and accredited according to national and international guidelines.
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Asia-Pacific to Witness the Highest Growth
- The increasing demand for conveyor belts in this region is due to the rise in e-commerce operations, especially in China and India, to handle a large volume of goods.
- The market's expansion in this area is mostly due to technical advancements and the increased usage of automation technologies across a variety of end-user industries. Other significant drivers driving the conveyor monitoring demand in the region include rapid urbanization, complementary technical improvements, favorable government regulations, and robust FDI inflows.
- A major boost to the construction sector has resulted in rapid development in Asia Pacific industrial manufacturing and mining activities, as well as increased expenditure on urban infrastructure in the region. Conveyor belt systems are in high demand in the region as a result of this.
- Conveyor monitoring solutions are being deployed in droves in the APAC region to help increase operational efficiency. The biggest mining countries in the region, China and Australia, have been implementing real-time conveyor monitoring systems to boost operational efficiency and productivity.
- Australia is likely to hold a high potential for the market growth owing to the presence of vast reserves of oil and minerals. These have also helped in the establishment of a robust mining sector in the country. Additionally, favorable government policies, coupled with the adoption of the latest technologies in condition monitoring, are expected to augment the market growth in the country over the forecast period. The growing demand for predictive maintenance techniques and tools, along with the rising availability of remote conveyor monitoring and fault diagnosis systems, has resulted in fierce competition among manufacturers.
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