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What’s Driving the Rubber Conveyor Belt Market Share? Bridgestone, YOKOHAMA, Bando, Trelleborg, Garlock
Rubber Conveyor Belt Market
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The size of the Rubber Conveyor Belt Market was accrued at USD 3.63 billion in 2018 and is presumed to accumulate over USD 4.87 billion by the year 2026. According to research, the Rubber Conveyor Belt Industry is expected to grow with a CAGR of 3.8% during the period of 2019-2026.
Rubber conveyor belt for light weight applications is projected to grow with a CAGR over 3% by 2026. The tensile strength of these belts are generally lower and are mainly used in applications for carrying light weights within a plant or production facility.
Rubber Conveyor Belt Market Growth Drivers: -
1. Growth in the mining industry
2. Advancements in steel and cement industry
3. Regular developments in the power generation sector
4. Low cost of rubber conveyor belts
5. Transportability to longer distances
The major companies operating in the rubber conveyor belt market include: -
ContiTech, Fenner, Bridgestone, YOKOHAMA, Bando, Trelleborg, Garlock, LUTZE, ARTEGO, Oxford Rubbers and SIG Società Italiana Gomma
Intensifying rubber conveyor belt usage in the mining industry will likely enhance the product use during the forecast timespan. These are widely used in underground mining and open pit mining applications as they offer efficient transportation services of bulk materials over short, medium, and long distances through topographically difficult terrains having steep angles. For long-distance coal conveying, these belts are preferred due to their anti-abrasive, flame-resistant, heat resistant, and oil-resistant properties and power savings capability.
Rubber Conveyor Belt Market By Application: -
1. Light weight
2. Medium weight
3. Heavy weight
Increasing population and improving economic conditions are leading to an increase in the utilization for commodities, such as iron ore, coal, and copper, fueling the growth of mining industry. This is also directly bolstering the usage for rubber conveyor belts by 2026.
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The mining industry is further classified into coal, metals and few other mines. Mining industry will be the largest end-user in the forecast timeframe recording over 41% share in 2018.
On the basis of materials, the rubber conveyor belt market is classified into steel reinforced belts, textile reinforced belts and solid woven belts. The textile reinforced belts are then further bifurcated into commodity textiles and performance textiles. The textile reinforced rubber conveyor belts carcass is made up from nylon and polyester blends, providing high strength, along with exceptionally good abrasion and fatigue resistance. It also provides extremely low moisture absorption, good dimensional stability, that generated a revenue over USD 3 billion in 2018.
Some major findings of the rubber conveyor belt market report include: -
1. The surging global demand across power generation, mining, and manufacturing industries will propel the rubber conveyor belt usage
2. The high versatility, lightweight nature, and cost-effectiveness have made conveyor belts highly popular across various end-use industries
3. Asia Pacific holds the major share in the overall rubber conveyor belt market due to significant presence of the end user industries such as mining, power generation, general manufacturing, recycling, etc.
4. The steel cord reinforced conveyor belts have high tensile strength at maximum conveying capacity as well as excellent impact resistance, they also exhibit only slight elongation even over long conveyor distances.
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