The global conveyor and drive belt market is forecast to achieve growth on the back of the need for efficient conveyor systems to handle and move large volumes of goods and materials at airports, manufacturing facilities, and industrial plants.
Los Angeles, CA -- (SBWIRE) -- 01/16/2020 -- QY Research has announced the release of a new market research report on the global conveyor and drive belt market. Titled "Global Conveyor and Drive Belt Market Report, History and Forecast 2014-2025," the report sheds light on key factors influencing the global market growth. It is a compilation of exhaustive studies on important aspects of the global conveyor and drive belt market. According to the report, the global conveyor and drive belt market is anticipated to improve its revenue to over US$15.0 Bn by the end of 2025 while growing at a projected CAGR of 2.6% between 2019 and 2025. In 2018, the global market revenue reached above US$13.0 Bn.
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Factors Contributing to Growth of Global Conveyor and Drive Belt Market-
? Increasing industrialization and adoption of advanced industrial processing equipment
? Increasing mining activities and recommencement of suspended mining projects
? High demand from road construction, waste treatment, and cement production industries
? Need for development of public infrastructure creating demand from building and construction companies
? Strong demand for material handling systems in the manufacturing sector
Conveyor Belt Used in Underground and Opencast Mining: The authors of the report have segmented the global conveyor and drive belt market into drive belt and conveyor belt on the basis of type of product. Based on application, the global conveyor and drive belt market is segmented into automotive, logistics/warehousing, industrial, mining, and others. Overland conveyor belt system is largely used in mining operations, especially in open pit mines, for safe and reliable transportation of extracted materials such as base metals and precious metals. Mining conveyor belt is used in different mining applications such as ore mining and conveying, stockpiling and transportation, disposal, and shipment.
Key Region: Asia Pacific
Leading growth drivers of the Asia Pacific conveyor and drive belt market are:
? High use of conveyor belt in car tire production and ecommerce facilities
? Modernization of airports and airport facilities such as airport baggage conveyor belt
? High demand for conveyor belt in food processing facilities
? Increase in steel demand and crude steel production
? High production of automobiles increasing the demand for timing belt
Market Experts Expect Global Market to Stay Fragmented: Important players operating in the global conveyor and drive belt market are ContiTech AG, Gates, Volta Belting, Partners Group, Esbelt, Habasit, Sparks, Mitsuboshi, Jiangyin TianGuang, Intralox, Wuxi Shun Sheng, Forbo Movement Systems, CHIORINO, Bando Chemical Industries, Ltd., YongLi, Nitta, SANLUX, and Dayco. The nature of the competitive landscape could be moderately fragmented, according to market analysts. Merger and acquisition, launch of new products, partnership with manufacturing plants, and adoption of more advanced technology are expected to help players to achieve a position of strength in the global conveyor and drive belt market.
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