The global Conveyor Belts Market Growth Accelerated by Increased Industrialization and Mechanization

 

Conveyor Belts Market

Conveyor belts are widely used in various industries for material handling and logistics needs due to their ability to transport materials efficiently over short and long distances with less labor cost and improved productivity. These belts are made from various materials depending on the type of application and operating conditions such as temperature, abrasiveness of material etc.

The global Conveyor Belts Market is estimated to be valued at US$ 4.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased industrialization and mechanization are driving the growth of conveyor belts market. With growing manufacturing sector globally, the need for efficient material and logistic handling has risen exponentially. Conveyor belts help in bulk transportation of materials over assembly lines with reduced manual labor. This has propelled their demand from industries like food processing, automotive, airports etc. Further, introduction of innovative belt designs that can withstand high temperatures and abrasive materials without wear and tear is boosting their utilization. Lightweight belts allowing flexible configurations is another factor fueling their adoption across industries.

Segment Analysis
The global conveyor belts market is segmented by product type into bare chain, plastic type, metal type and others. The metal type segment holds the dominant market share currently as it is highly durable and suitable for heavy loads transportation in industries such as mining, automotive and food & beverage.

Key Takeaways
The Global Conveyor Belts Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Conveyor Belts Market is estimated to be valued at US$ 4.61 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024-2031.

The conveyor belts market in Asia Pacific region is growing at the fastest pace currently owing to rapid industrialization and infrastructure development activities taking place in countries such as China and India. China is currently the dominating regional market within Asia Pacific region accounting for over 30% of the global conveyor belts sales.

Key players
Key players operating in the conveyor belts market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A. The metal type belt segment is dominated by BENTLEY SYSTEMS, INCORPORATED owing to their wide product portfolio and global distribution network.

For more details on the report, Read- https://www.pressreleasebulletin.com/conveyor-belts-market-growth-demand-and-overview/

Get more insights on this topic: https://www.pressreleasebulletin.com/enterprise-artificial-intelligence-ai-market-share-growth-analysis-size-and-demand-forecast/

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