Conveyor Belt Market Expected to Reach $8.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Conveyor Belt Market," The conveyor belt market size was valued at $5.1 billion in 2022, and is estimated to reach $8.3 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032. 

The commonly available belt types of conveyor belts in the market are lightweight, medium-weight, heavy-weight. They are primarily categorized as per the weight of load which they can carry. Light-weight conveyor belts are used in small-scale manufacturing facilities, airports, warehouses, food and beverages processing facilities for light-weight loads. Similarly, medium and heavy weight conveyor belts are used for excessive loads and are used in the mining industry, heavy equipment and other product manufacturing. Among these, the medium-weight conveyor belt segment accounted for a higher conveyor belt market share in 2022 in terms of revenue. On the other hand, the heavy-weight conveyor belt segment is expected to grow with a higher CAGR during the forecast period.

Moreover, the market is segmented on the basis of type, which includes overhead, and floor. The floor segment registered a high market share in 2022, in terms of revenue. Floor conveyor belts are highly efficient industrial machinery that is used for the smooth movement of items along the designated path. Industrial users such as manufacturing, distribution, warehouses, airports, and retail make extensive use of this system owing to its ease of use and easy installation. However, the overhead segment is expected to grow with the highest CAGR in the coming years.

A wide range of industries such as manufacturing and baggage handling, transportation and logistics, and various others, make extensive use of roller conveyors for handling of boxes, cartons, and other. Thus, growth in these industries and advantages of roller conveyors is expected to have a positive impact on the conveyor belt market outlook.

Furthermore, the market is analyzed with respect to different end users of conveyor belts including retail, food and beverage, automotive, manufacturing, transport and logistics, and others. The transport and logistics segment accounted for a higher market share in terms of revenue in 2022, due to the increase in demand for consumer goods, industrial and non-industrial machinery, packaging media, and others. However, the other segment is expected to grow with the highest CAGR during the forecast period.

The market is mainly driven by growth in the manufacturing sector, mining industry, and growth in the number of automated warehouses. Other drivers include a rise in demand for food and beverages and a rising number of baggage handling facilities driven by increasing travel by people. However, fluctuations in the cost of raw materials used for manufacturing conveyor belts are expected to restrain the conveyor belt market growth in the coming years.

In 2022, Asia-Pacific dominated the conveyor belt market, in terms of revenue, followed by North America and Europe. Moreover, the conveyor belt market in LAMEA is anticipated to dominate the conveyor belt market forecast during the forecast by growing with a higher CAGR. Growth in industrial sectors in countries, such as China, India, Malaysia, and Indonesia, has been an instrumental factor for the high market growth in Asia-Pacific.

Various key players in the conveyor belt market have adopted many development strategies such as product launches, business expansion, acquisitions, partnerships, and mergers. For example, in June 2022, Pacline Overhead Conveyors, installed overhead conveyors for the production of fiberglass products by Frontline Manufacturing, a company located in Warsaw, IN. This installation helped the company reduce its employee fatigue, product damage, and eliminate labor waste as well as increase production throughput.  Such development strategies are expected to enhance the market positions of the key players in the market.

However, various businesses in the conveyor belt market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of materials in various industrial sectors, which are the end-user industries of conveyor belts and related products.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging conveyor belt market trends and dynamics. 
• Depending on the belt type, the medium-weight segment dominated the conveyor belt market, in terms of revenue in 2022, the heavy-weight segment is projected to grow at a significant CAGR during the forecast period.
• By installation type, the floor segment dominated the conveyor belt market share in terms of revenue generated in 2022.
• By end user, transport and logistics segment registered highest revenue in 2022.
• LAMEA is projected to register the highest growth rate in the coming years.
• The key players within the conveyor belt market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the conveyor belt industry.
• The report provides an extensive conveyor belt market analysis of the current trends and emerging opportunities.