LONDON--(BUSINESS WIRE)--The global conveyor belt market size is expected to grow by USD 1.38 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 4%. Request Free Sample Report on COVID-19 Impacts
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The market is driven by the increasing demand for automation in material handling. In addition, the rising demand for steel cord conveyor belts is anticipated to boost the growth of the conveyor belt market.
The global conveyor belt market is growing because of the increasing demand for automation in handling of materials. This is primarily because of the rising need to move bulky materials that vary in texture and size. Moreover, material handling requires a substantial amount of cost in a manufacturing unit. The use of an automated system like conveyor belts can reduce the overall cost by 10% to 30%. Thus, the demand for automated systems like conveyor belts is increasing, as conveyor belts reduce the effort of handling the materials.
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Major Five Conveyor Belt Companies:
Bando Chemical Industries Ltd.
Bando Chemical Industries Ltd. has business operations under various segments, such as automotive parts, industrial products, and advanced elastomer products. The company offers a wide range of products including synchronous and resin conveyor belts.
Bridgestone Corp.
Bridgestone Corp. operates its business through two segments: tire business and diversified products business. The company offers a wide range of steel conveyor belt, fabric conveyor belt, pipe conveyor belt, energy saving belt, and ready-made belt related equipment.
Continental AG
Continental AG has business operations under various segments, such as chassis and safety, interior components, powertrain components, tires, and ContiTech. The company offers a wide range of products and services including material handling, processing & special belts, and conveyor services.
Daifuku Co. Ltd.
Daifuku Co. Ltd. operates its business under various segments, such as factory and distribution automation, e-factory automation, automotive factory automation, airport technologies, auto washing technologies, and Contec. The company offers various types of conveyors including chain conveyors for heavy cargo, roller-type conveyors for cases, accumulation conveyors, and inclined belt conveyors.
Emerson Electric Co.
Emerson Electric Co. has business operations under two segments: automation solutions and commercial and residential solutions. The company offers various types of conveyor monitoring systems and conveyor belt alignment switches.
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Conveyor Belt Type Outlook (Revenue, USD bn, 2020-2024)
- Medium-weight
- Light-weight
- Heavy-weight
Conveyor Belt Regional Outlook (Revenue, USD bn, 2020-2024)
- APAC
- North America
- Europe
- South America
- MEA
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