Lightweight Conveyor Belts Market Size, Share, Growth, and Industry Growth, By Type (Coating Process and Calendaring Process), By Application (Food & Tobacco, Transport, and Logistics Industry, Printing and Packaging Industry, Textile Industry, Agriculture, and Others), Regional Insights, and Forecast To 2031

Lightweight Conveyor Belts Market REPORT OVERVIEW

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The global lightweight conveyor belts market size is expected to be USD 5818.5 million in 2022 and market is projected to touch USD 7725.61 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period.

Lightweight conveyor belts are used in an industrial component that help simplify the process of carrying multiple materials and objects from one place to the other place in the industrial environment. It works with the help of two more pulleys. The conveyor belts rotate around the transported objects throughout the predefine conveyor belt’s area. The rising urbanization and industrialization globally, especially in developing countries. The demand for the product is increasing due to higher demand from the industrial sectors, which is surging exponentially. 

Two types of lightweight conveyor belts are present in the market: single-layered and multi-layered. These belts are used in various industrial applications during conveyor belt production. Whereas, many industries prefer using single-layered belts to overcome the risk of air inclusion in the multi-layered counterparts, which is anticipated to lead to the decline in life span and efficiency of the conveyor belts. The industries are focused on restoring the customized options of the product that can more precisely suit some specific applications. 

COVID-19 Impact: Shut Down of Industries Due to Strict Laws Affected Growth Rate

The COVID-19 epidemic has affected various global industries' business process operations. Lockdown measures taken in various nations to stop the spread of COVID-19 are anticipated to have a negative effect on several end-user businesses. In the second quarter of 2020, the exponential increase of positive COVID-19 cases in the nations had a negative effect. Additionally, it might take the sector two years to resume its prior growth rate. The machinery and equipment sector witnessed a severe downfall in the demand as manufacturing industries were shut which ultimately reduces the demand for equipment. 

LATEST TRENDS

"Rapidly Expanding Food and Beverage Industry to Foster Market Growth"

The food and beverages industry relies on industrial lightweight conveyor belts, rollers, and mini conveyor systems as they are durable and escalate the daily processes. Using these systems reduces human contact, decreases material handling, and makes the entire process efficient and safer. It also reduces the chances of accidents that used to occur between idlers, tensioners, rollers, pulleys, and mechanical devices. Using lightweight conveyor belts ensures quality and food safety. These factors are anticipated to propel the lightweight conveyor belts market growth.   

Lightweight Conveyor Belts Market Segmentation

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• By Type Analysis

By type, the market is segmented into the coating process and calendaring process.

• By Application Analysis

Based on application, the market is classified into food & tobacco, transport, and logistics industry, printing and packaging industry, textile industry, agriculture, and others. 

DRIVING FACTORS

"Rising Number of E-Commerce Industries to Boost Growth"

The expansion of warehousing and distribution facilities around the world as a result of the e-commerce industry's continued growth has made it an increasingly prominent end-user in the worldwide conveyor belts market. Additionally, the expansion of conveyor belt applications in these merchants' warehouses is being driven by the successful growth of supermarkets and retail store chains, which in turn is boosting demand across the consumer products industry. These factors are projected to foster market growth in the forecast period. 

"Escalating Investment by End-User Industries to Aid Product Demand"

Increasing investments in the construction, mining, and food & beverage industries around the world, rising concerns over the environmental effects of mining activities, coupled with the high investments at the initial stage, requires the installation of the plant and is expected to be the major factors responsible for propelling the lightweight conveyor belts market growth. Constant developments in the power generation sector, falling cost of conveyor belts made of rubber, increasing transportability to longer distances, and escalating investments in food and beverage, construction, and mining activities around the world are other crucial factors. Further expanding the market for conveyor belts made of rubber over the aforementioned projected period will be increased demand from emerging economies, modernizing production methods, and increasing technical breakthroughs.

RESTRAINING FACTORS

"High Initial Investment and Increased Maintenance Cost to Affect the Growth Rate"

The installation and setup of the product costs are expensive, which is forecasted to be the major factor restraining growth. Additionally, it is coupled with the increased maintenance costs of the product. These factors are projected to create tough challenges for market growth.

Lightweight Conveyor Belts Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Owing To the Increasing Number of End-User Industries"

Asia Pacific is anticipated to dominate the global lightweight conveyor belts market share owing to the increasing number of end-user industries coupled with the steadily increasing economies. 

North America is estimated to show significant growth in the market; the growth is attributable to the region being the second largest market for equipment.

Latin America and Africa are likely to gain healthy growth due to the positive growth prospects of the emerging countries of the region.

KEY INDUSTRY PLAYERS

"Key Companies to Focus on Enhancing Products to Gain a Competitive Advantage"

The market consists of various-sized companies. The global players are emphasizing on adopting organic and inorganic strategies to consistently grow in the global market. The key companies are also focused on expanding their product portfolio by launching new products in the market. The competitors are likely to target various industries for enhancing their sales. The competitors emphasize on research and development of the machinery and equipment to launch other advanced products. The manufacturers are focused on increasing sustainability and reducing the cost of the product. The key competitors are striving for various growth strategies to gain lightweight conveyor belts market share. 

LIST OF TOP Lightweight Conveyor Belts COMPANIES

• Habasit (India)
• Ammeraal Beltech (U.S.)
• Forbo-Siegling (Germany)
• Derco (Netherlands)
• Esbelt (Spain)
• Intralox (U.S.A.)
• Mitsuboshi (Japan)
• Nitta (India)
• YongLi (U.S.)
• Continental AG (Germany)
• Wuxi Shun Sheng (China)
• Bando (Japan)
• CHIORINO (Italy)
• Sparks (U.S.)
• LIAN DA (New Zealand)
• Jiangyin TianGuang (China)
• Sampla

REPORT COVERAGE

The report covers insightful details of the industry which is anticipated to offer an idea of the market to the stakeholders. The report offers an overall evaluation of the market. It includes a comprehensive analysis of trends, drivers, restraints, competitive landscape, and other aspects. Elaborative details on the factors playing a substantial role in the global lightweight conveyor belts market are covered. The report covers past, present, and future business opportunities. It also represents a detailed analysis of market insights. The report lays a major emphasis on winning strategies adopted by the key players and the post effects of the pandemic.