Conveyor Belt Market Share, Size, Trends, Forecast and Analysis of Key players 2024

NEW YORK - Oct. 21, 2019 - PRLog -- According to the latest report by IMARC Group, titled "Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global conveyor belt market reached a value of more than US$ 5.68 Billion in 2018. Conveyor belts are mechanical devices which include two or more pulleys with a moving belt or chain deployed for carrying objects from one place to another. The objects placed on the belt can be transported horizontally or along an inclined slope. A continuous loop of rubber, leather, metal, plastic or fabric is formed by the belt which is supported either on a metal slider pan or on rollers. Nowadays, different lightweight and cost-effective varieties of conveyor belts are available in the market.

With the consistent use of industrial conveyor systems, the producers are enabled to reduce their inventory levels. This helps in decreasing the overall production cost which is one of the primary factors driving the growth of the market. In addition to this, conveyor belts help in enhancing the order-to-delivery cycle on account of a rising need of rapid delivery and production techniques. This has, in turn, contributed towards an augmented demand for conveyor belts across the globe. Moreover, the growth of the market is being positively impacted by a significant increase in the demand for automation in material handling, advancements made in technologies as well as a surge in environmental concerns due to which eco-friendly conveyor systems have been developed. However, the installation, repairing and maintaining costs of conveyor systems are immensely high owing to which small- and medium-sized industries have become increasingly reluctant to invest in the market. Looking forward, the market value is projected to exceed US$ 6.94 Billion by 2024, expanding at a CAGR of 3.38% during 2019-2024.

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Insights on Market Segmentation:

Breakup by Product Type

1. Medium-Weight Conveyor Belt

2. Light-Weight Conveyor Belt

3. Heavy-Weight Conveyor Belt

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Breakup by End-Use

1. Mining and Metallurgy

2. Manufacturing

3. Chemicals, Oils and Gases

4. Aviation

5. Others

Breakup by Region

1. Asia Pacific

2. Europe

3. North America

5. Middle East and Africa

6. Latin America

Competitive Landscape

The competitive landscape of the global conveyor belt market has also been examined with some of the key players being Bando Chemical Industries, Ltd., Fenner, Intralox, Volta Belting Technology Ltd and Fives.

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