Rising Demand from Power, Mining, and Manufacturing Industries Predicted to Drive the Conveyor Belt Market in China Until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the conveyor belt market in China is expected to grow at a CAGR of close to 6% until 2020.

This research report titled ‘Conveyor Belt Market in China 2016-2020, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including heavyweight conveyor belts, lightweight conveyor belts, and medium weight conveyor belts.

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“There is an inherent demand for power and minerals in China because of urbanization. Implementation of more efficient conveyor belts in these industries can help meet this demand. An increase in oil consumption is directly related to power, mining, and manufacturing industries. If there is a rise in oil consumption, demand for these industries also increases, which further augments the demand for conveyor belts. The oil consumption growth in China accounted for around 40% of the world’s oil consumption growth in 2014. All these factors significantly contribute to the growth of this market,” said Sharan Raj, one of Technavio’s lead analysts for warehousing and storage research.

Segmentation of conveyor belt market in China by material 2015

  • Heavyweight conveyor belt 10.93%
  • Lightweight conveyor belt 29.24%
  • Medium weight conveyor belt 59.82%

Lightweight conveyor belt market share in China

The lightweight conveyor belt market share in China was valued at USD 361.9. The lightweight conveyor belt market share has increased moderately over the past couple of decades and is also expected to grow moderately during the forecast period. Some of the primary reasons for the growth are process automation, market globalization, and competition.

Process automation requires properties associated with lightweight belts, and hence process automation has given rise to increased demands for lightweight belts. Globalization and competition have inspired equipment manufacturers to keep up with the latest in lightweight, low-cost, and energy-efficient designs, a trend that is likely to significantly buoy the market until 2020.

Medium-weight conveyor belt market share in China

The medium-weight conveyor belt market share in China was valued at USD 740.3 million in 2015. The medium-weight conveyor belt market share in China is expected to grow moderately during the forecast period. Because China has cheaper production costs (in terms of labor, raw material, and equipment), many international corporations from developed countries have set up production facilities for medium-weight conveyor belts there. The spurt in the growth of manufacturing activities has thus enhanced the adoption of medium-weight conveyor belts in China.

Heavyweight conveyor belt market share in China

The heavyweight conveyor belt market share in China was valued at USD 207.8 million. The heavyweight conveyor belt market share in China is expected to grow at a steady rate during the forecast period. The main end-users for heavyweight conveyor belts in China include power, mining, and manufacturing industries. The growth of these industries help generate high revenues for the heavyweight conveyor belt segment.

Some of the major factors driving the growth of the heavyweight conveyor belt segment are the mining industry and the growing demand for energy and raw materials. Advantages of these conveyor belts includes the ability to handle higher capacity loads at a much lower cost and to cover longer distances.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the conveyor belt market in China is expected to grow at a CAGR of close to 6% until 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com