Global Conveyor Belt Market 2017-2021
About Conveyor Belt
A conveyor belt is a part of conveyor systems, which provides controlled movement of materials from one place to another. It consists of pulleys that keep the belt rotating with an endless loop.The basic types of conveyor belts consist of light-weight, medium-weight, and heavy-weight conveyor belts market based on the type of product conveyor belts carry.
Technavio’s analysts forecast the global conveyor belt market to grow at a CAGR of 5.92% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global conveyor belt market for 2017-2021. To calculate the market size, the report considers the revenue generated by different vendors through the sales of several types of conveyor belts, which include lightweight, medium-weight, and heavy-weight conveyor belts.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Conveyor Belt Market 2017-2021
Technavio recognizes the following companies as the key players in the global conveyor belt market: Bando Chemical Industries, Ltd., The Bridgestone Group, ContiTech, Fenner, and YOKOHAMA.
Other Prominent Vendors in the market are: The Chiorino Group, GRT Rubber Technologies, Intralox, Volta Belting Technology Ltd., YongLi Group, Omtech Food Engineering, HIC International, and Habasit.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing demand for steel cord conveyor belts. The demand for the steel cord conveyor belt is rising, which is helping the global conveyor belt market to grow. This is because these belts are extensively used in applications like coal mining. The coal mining sector accounted for more than 38% share in the global underground mining equipment market.”
According to the report, one driver in the market is increasing demand for automation in material handling. The global conveyor belt market is growing because of an increasing demand for automation in handling the materials. This is primarily because of the rising need for handling the materials, especially bulky materials, as they vary in texture and size. The yearly growth rate for global automated material handling equipment market is expected to be more than 6% during the forecast period. The demand for automation is high in various industries, with the automotive industry carrying the highest market share. The others industry segment includes retail and healthcare industries.
Further, the report states that one challenge in the market is storage and handling challenges of conveyor belt. The storage and handling of a conveyor belt are complex procedures, which creates a challenge for the global conveyor belt market. Before installing, belts are required to be stored in a cool and dry place and rotated 90° in a span of 5 to 6 months. This is to protect the belt from moisture accumulation. Moreover, handling of the roll is crucial before the installation. The packaging of belts is required to be done in cylindrical reels.
Bando Chemical Industries, Ltd., The Bridgestone Group, ContiTech, Fenner, YOKOHAMA, The Chiorino Group, GRT Rubber Technologies, Intralox, Volta Belting Technology Ltd., YongLi Group, Omtech Food Engineering, HIC International, and Habasit.
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