Jul 25, 2017   SOURCE: BusinessWire

Global Conveyor Belt Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global conveyor belt market to grow at a CAGR of almost 6% during the forecast period, according to their latest report.

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Technavio has published a new report on the global conveyor belt market from 2017-2021. (Photo: Busi ...

Technavio has published a new report on the global conveyor belt market from 2017-2021. (Photo: Business Wire)

The research study covers the present scenario and growth prospects of the global conveyor belt market for 2017-2021. The market is segmented based on the product (medium-weight conveyor belt, light-weight conveyor belt, and heavy-weight conveyor belt) and geography (APAC, the Americas, and EMEA).

The global conveyor belt market is growing because of an increasing demand for automation in handling the materials. The global automated material handling market accounted for over 14% to 15% of the global material handling equipment market. With an increasing demand for automation and the need for cost reduction, the global conveyor belt market is expected to grow during the forecast period.

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Technavio transportation and logistics research analysts highlight the following three factors that are contributing to the growth of the global conveyor belt market:

  • Increasing demand for automation in material handling
  • Rising aging population
  • Increasing need for cost-reduction

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Increasing demand for automation in material handling

The global conveyor belt market is growing because of an increasing demand for automation in handling the materials. This is primarily because of the rising need for handling the materials, especially bulky materials, as they vary in texture and size.

Shakti Jakhar, a lead warehouse storage research analyst at Technavio, says, “The demand for automation is high in various industries, with the automotive industry carrying the highest market share. With an increasing number of manufacturing facilities, the demand for conveyor belts is also increasing for transporting the materials from one place to another.”

Rising aging population

The demand for conveyor belts is increasing, with the increase in older population globally. The global older population was more than 2 billion in 2016. It is estimated that the number of people with age more than 60 years will grow by more than 45% during the forecast period.

“This increasing number of aging population is also increasing the older workforce in various industries. In 2016, the older male workforce was more than 28%, and the older female workforce was more than 12% of the global older population. With rising older workforce, the demand for automated systems like conveyor belts is increasing, primarily because conveyor belts reduce the effort of handling the materials. This is further helping the global conveyor belt market to grow.” adds Shakti.

Increasing need for cost-reduction

The global conveyor belt market is growing because of an increasing need for cost reduction. The material handling requires a substantial amount of cost in a manufacturing unit. The use of an automated system like conveyor belts can reduce the overall cost by 10% to 30%. This will primarily reduce the labor cost, increase the efficiency, and reduce the space utilization in a factory. This need for cost reduction is driving the global conveyor belt market.

Top vendors:

  • Bando Chemical Industries, Ltd.
  • The Bridgestone Group
  • ContiTech
  • Fenner
  • YOKOHAMA

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