Jan 12, 2021   SOURCE: BusinessWire

Worldwide Conveyor Belt Market in Mining Industry to 2025 - Steel Cord to Witness Significant Growth Rate - ResearchAndMarkets.com

The "Conveyor Belt Market in Mining Industry - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The global conveyor belt market in the mining industry (henceforth, referred to as the market studied) was valued at USD 1,624.2 million in 2019, and it is expected to reach USD 2010.5 million by 2025 registering a CAGR of 3.78% during 2020-2025.

The mining industry heavily relies on conveyor belts to transport materials taken for processing. Hence, the industry witnesses an increase in conveyor belts' investments as it makes operations cleaner, safer, and more productive.

Companies Mentioned

  • Zhejiang Sanwei Rubber Item Co. Ltd
  • Fenner Dunlop Australia Pty Ltd (Michelin Group)
  • Bando Chemical Industries Ltd
  • ContiTech AG
  • Tenova SpA
  • Phoenix Conveyor Belt Systems GmbH
  • Oriental Rubber Industries Pvt. Ltd
  • Zhejiang Double Arrow Rubber Co. Ltd
  • Bridgestone Group
  • GKD Gebr. Kufferath AG

Key Market Trends

Steel Cord to Witness Significant Growth Rate

  • A conveyor belt is a vital element of the conveyor that is used continuously in transport facilities in fields, such as mining, coal, port, electric power, chemical industry, metallurgy, architecture, and food. In the mining field, the strength of the conveyor belt largely determines the carrying capacity and has a great impact on operational safety. Thus, in order to increase the strength of the conveyor belt, steel cords are arranged inside the rubber.
  • There have been increasing cases of belt broken accidents, which was a result of a decrease in splice (the weakest region of the conveyor belt) strength. This has led to the development of detection devices that work using various methods.
  • For instance, German Phoenix Conveyor Belt System Co. Ltd designed a steel cord conveyor belt detection system using X-ray detection technology. It is a non-destructive testing system for the steel cord conveyor, which identifies accurate and reliable detection of splice twitch and steel cord breakage.
  • The technological processes in the mining industry include various raw material transportation operations that consume remarkable amounts of energy and generate a significant share of the overall mining costs. Thus, the biggest savings that can be achieved by a mining company are through an energy-efficient conveyor belt, resulting in reducing CO2 emissions.
  • It has been estimated that 41% of global electricity is provided by coal-fired power plants, and coal is one of the primary sources of carbon dioxide emissions worldwide. It is, therefore, imperative to reduce the energy consumption of the conveyor system.

North America to Dominate Market Share

  • North America is a prominent market for conveyor belts due to its continued adoption across the mining industry. The market growth of conveyor belts is dependent on the inherent demand for mining in the country. According to the United States Geological Survey, the estimated value of non-fuel minerals produced at the US mines in 2019 was USD 86.3 billion, and coal mining represented 24% of the production value of US mining operations in 2019, accounting for 26% of mining employment.
  • In the United States, government support for mining in the form of executive orders, such as for critical minerals development or in the form of regulatory changes, has aided the industry. Despite this, permitting continues to be a deterrent to mining project development in the United States.
  • Canada is home to one of the most active mining industries worldwide. According to the Mining Association of Canada, the country ranks in the top five members involved in the production of 13 major minerals and metals, including uranium, nickel, potash, cobalt, aluminum, diamonds, titanium, and gold.
  • With the United States' high dependence on Canada for the majority of the commodities imported, mines in Canada are expected to grow at a relatively faster pace. As a result, strong demand for base and precious metals has driven exploration and expansion, thus driving the mining industry's growth in Canada.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Industry Stakeholder Analysis

4.3 Industry Attractiveness - Porter's Five Forces Analysis

4.3.1 Bargaining Power of Suppliers

4.3.2 Bargaining Power of Consumers

4.3.3 Threat of New Entrants

4.3.4 Intensity of Competitive Rivalry

4.3.5 Threat of Substitute Products

4.4 Market Drivers

4.4.1 Rise in Infrastructure Development and Building Industry

4.4.2 Increased Emphasis on Workplace Safety

4.5 Market Challenges

4.5.1 High Capital Requirements

4.6 Impact of COVID-19 on the Industry

5 MARKET SEGMENTATION

5.1 Type

5.1.1 Steel Cord

5.1.2 Textile Reinforced

5.1.3 Other Types

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 Latin America

5.2.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/s78fr