Conveyor belts are primarily employed for carrying objects, from one point to another. The belts typically comprise two or more pulleys to rotate a belt in continuous circles. The material to be transported in placed on the belt and is carried to the end point on the belt. Commonly, two pulleys are employed for functioning of one conveyor belt one of the pulleys is rotated and it drives the other pulley while it is rotating. The belts are generally used for transportation in close distances, generally within a building.
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Conveyor belts may comprise one or multiple layers of materials such as rubber strapped around pulleys that rotate circularly and carry objects or materials along with the rotation. The pulleys are commonly called roller heads. Compounds of rubber are used in the production of belts; the compounds are plasticized to increase their efficiency. The belt has to be uniform and material thickness has to be consistent for better performance of conveyor belts. Single layered conveyor belts are preferred over multi layered belts owing to the risk of air inclusion in multi layered belts leading to lower efficiency and reduced life span of conveyor belts. Thickness of the belts differs depending on the end user and generally has thickness of nearly 20 mm. The belt is treated with heat to improve friction. Belts and roller heads are coated to improve wear and tear resistance and friction depending on the end user application. The belts find application in several industries including transportation of goods and machinery in industrial applications such as automobiles, electronics, construction, aviation, etc.
Demand for conveyor belt is profoundly dependent on increase in industrial investments in a region. Therefore, macroeconomic factors such as GDP growth are among major growth drivers for conveyor belt market. Growth in infrastructure activities such as malls, airports, etc. is also among foremost factors driving growth for conveyor belt market. Economic turmoil is among major factors restraining demand for conveyor belts.
Asia Pacific dominates the global demand for conveyor belts and the trend is anticipated to continue for a foreseeable future. Asia Pacific comprises two of the fastest emerging economies across the globe, India and China. Increasing industrial investment in India and China has been among foremost factor driving demand for conveyor belt in Asia Pacific. Therefore, Asia Pacific is anticipated to be the fastest growing region for conveyor belts during the forecast period. North America is the second largest market for conveyor belts; moreover owing to market saturation in several end user industries in North America, the demand for conveyor belts is anticipated to exhibit a sluggish growth during the forecast period. Demand for conveyor belts in RoW region is anticipated to grow at a better pace in the near future primarily owing to developing economies in South America and Africa.
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Conveyor belt market is fragmented and dominated by regional players that constitute major portion of the global market share. The industry is characterized by high degree of competition and the players compete on their pricing strategy as well as product differentiation to manufacture customized conveyor belts for varied purpose at low cost. Some major manufacturers of conveyor belts include Bando Chemical Industries, Bridgestone, ContiTech AG, Goodyear, ContiTech AG, QingDao Rubber Six and Zhejiang Double Arrow among several others.