This can be attributed to various benefits offered by conveyor belts which include improved order-to-delivery cycle, reduction of overall production cost as well as rising demand for material handling automation.

According to the latest report by IMARC Group, titled “Conveyor Belt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global conveyor belt market reached a value of more than US$ 5 Billion in 2017. Conveyor belts are mechanical devices which include two or more pulleys with a moving belt or chain deployed for carrying objects from one place to another. The objects placed on the belt can be transported horizontally or along an inclined slope. A continuous loop of rubber, leather, metal, plastic or fabric is formed by the belt which is supported either on a metal slider pan or on rollers. Nowadays, different lightweight and cost-effective varieties of conveyor belts are available in the market. These are generally utilised for numerous applications such as airports, food processing along with different types of transport sectors.

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Market Summary:

The conveyor belt market has been segmented on the basis of product type which include medium-weight conveyor belt, light-weight conveyor belt and heavy-weight conveyor belt. Amongst these, medium-weight conveyor belts represent the largest segment owing to their vast load bearing capacity.
Based on end-use, the market has been segregated into mining and metallurgy, manufacturing, chemicals, oils and gases, and aviation. Currently, mining and metallurgy sector dominates the market on account of increasing usage of conveyor belts for transporting various materials over short distances.
On a geographical front, Asia-Pacific represents the largest market for conveyor belts. This can be accredited to a substantial rise in the manufacturing activities across the region. Asia-Pacific is followed by Europe, North America, Middle East and Africa, and Latin America.
The import-export trends of the market have been covered, according to which the United States is found to be the largest importer whereas, Germany represents the largest exporter for conveyor belts.
The competitive landscape of the global conveyor belt market has also been examined with some of the key players being Bando Chemical Industries, Ltd., Fenner, Intralox, Volta Belting Technology Ltd and Fives.

Source: https://www.imarcgroup.com/global-conveyor-belt-market