Conveyor Systems Market for Heavy Industries | 2031

Report Description

Market Outlook

The Global Conveyor Systems Market for Heavy Industries was valued at USD 5,983.1 million in 2022 and is projected to reach USD 11,338.8 million by 2031, expanding at a CAGR of 7.6% during the forecast period. Conveyor systems are industrial machinery that are used to transport several materials with minimum effort.

Conveyor systems usually consist of a frame that supports either wheels, rollers, or a belt, upon which the materials move from one place to another. Heavy-duty conveyor systems are a type of industrial machinery used in material handling applications. Conveyor belts of these systems are often made from rubber, which makes them long-lasting.

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Heavy-duty conveyor belts are manufactured using different materials, such as vulcanized fibre fabric or non-vulcanized fibre fabric reinforced with steel cord. They have various applications, including power generation, mining, industrial handling, and material transport, among others.

Conveyor belts are widely used in the assembly, testing, debugging, packaging, and transportation of objects in the manufacturing industry. Belt conveyors are cost-effective and are typically used for conveying products over long distances, at places such as mines, building & construction, cement industries, and others.

Conveyor belts transport extracted materials from mines to processing points. Similarly, in construction, they are employed to move building materials across sites, increasing efficiency and reducing manual labour. They are also used for moving scrap metal in the recycling industry.

Selection of heavy-duty conveyor belts is primarily based on the weight it needs to carry and the conditions it is exposed to. A conveyor system transports bulk materials, which are mixed or homogeneous, from one place to another. It has a variable distance, ranging from meters to kilometres.

Market Dynamics 

Driver: Rapid Infrastructural Development across the World

Consistent infrastructural development in developing countries is attributed to the increasing migration to the urban parts of the nation. International migration, primarily from poor countries, plays a significant role in the current and future urban growth in the developed world.

For instance, At the June 2022 G7 summit, leaders from the world’s richest countries announced the launch of the Partnership for Global Infrastructure and Investment (PGII) to mobilize up $600 billion in public and private investments by 2027.

The population of most developing countries is anticipated to grow over the coming decades, which is expected to boost the expansion of cities in terms of proper amenities and well-maintained residential areas. Urban zones around the world are becoming multicultural as a result of rising international migration waves. This ultimately leads to a rise in demand for conveyor systems, as it is a crucial equipment used in infrastructure developmental projects.

Increasing Demand for Minerals & Metals Globally

Demand for metals and minerals to fulfil energy needs is increasing globally. As per the recent reports of the International Energy Agency (IEA), the market for minerals required for electric vehicles, wind turbines, solar panels and other key technologies required in the clean energy production has doubled in size over the past five years.

Population increase, especially in developing nations, is a significant factor that influences mineral consumption. The global minerals industry is expected to be influenced by several factors, such as the increasing applications of mineral products, the population that consumes them, and the living standards. The global population is expanding rapidly, leading to a rise in mineral & metal consumption.

Consumption of minerals is increasing, as the standard of living is rising. Thus, the increasing demand for minerals and metals is anticipated to boost the need for extraction. Conveyor systems are economical to carry raw materials from one place to another as compared to rails or trucks. This is expected to drive the market.

Restraint: High Maintenance Costs

Conveyor systems are manufactured by using various components such as belts, rollers, drums, clamps, and others. Companies are increasingly investing in advanced conveyor technologies to make their operation efficient and cost-effective. Therefore, the high cost associated with the system installation and acquiring advanced conveyor systems require a high capital investment from manufacturers.

The high capital cost in conveyor system installation acts as a barrier for small manufacturers. Moreover, conveyor systems require frequent servicing/maintenance, which adds up cost to the company and acts as a key restraining factor that hamper the market during the forecast period.

The heavy-duty conveyor systems market is exposed to other threats such as the fluctuation in raw material prices that may negatively impact production costs. Furthermore, the threat of substitutes looms, providing customers with similar products at possibly lower prices. Lastly, economic instability and currency rate fluctuations can impact foreign trade, adding risk to the market as well.

Opportunity: Green Conveyor System Initiatives

Green conveyors aid in reducing energy use and the quantity of material used in conveyors. Use of green conveyors results in less noise and improved safety for workers. Green conveyors reduce carbon emissions, aiding manufacturers in cost-cutting and addressing the urgent issue of climate change.

Conveyor controls such as sleep mode, which turns off the motors to conserve energy while the belt is not in use or variable speed controls, contribute to the environmental benefits of conveyor systems.

According to research by the German Federal Environmental Agency, electric motors accounts for more than 60% of the industrial manufacturing power consumption in Germany. Thus, high-efficiency motors significantly lower the energy consumption of conveyor systems.

Scope of the Report

The report on the Global Conveyor Systems Market for Heavy Industries includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

The Global Conveyor Systems Market for Heavy Industries is segmented on the basis of Type, End Use Industry.

In terms of Component Type, the Global Conveyor Systems Market for Heavy Industries is categorized into belts, belt accessories, belt service-in-house, and belt service-outsource. The belts segment held a market value of USD XX million in 2022. Expansion of the electronics industry is driving the demand for conveyor belts. Conveyor belts play an important role in the automation of electronics manufacturing.

The belt accessories segment held a market share of more than XX% in 2022. Components such as idlers, pulleys, and rollers are crucial accessories and essential components of conveyor systems. Increasing use of conveyor belt is expected to drive the segment.

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Based on the belt type, the market is bifurcated into light-duty & heavy-duty. The heavy-duty conveyor belt segment holds a major share in the market owing to its high costs as well as extensive applications in the mining sector.

The market for light duty is expected to hold a market share of XX% as light duty conveyor systems are not employed often in the heavy-duty applications. Factors such as low cost, process automation, market globalization, and competition are the few of the major reasons to the expansion of lightweight conveyor belts. Increased demands for belting, as a result of process automation, frequently necessitate lightweight belt design characteristics.

The major factor driving the heavy-duty conveyor belt is the growing mining sector across the globe. As per the recent reports of IEA, the demand for rare earth element has been increasing substantially owing to the rising energy needs. For instance, materials such as lithium are required to make EVs that are extracted from mines where heavy duty belts are required.

In Terms of Belt Material, the global Conveyor Systems Market for Heavy Industries is segmented into steel, rubber, PVC, fabric, and others. The steel segment is expected to expand at a CAGR of 8.2% during the forecast period. Steel conveyor belts are utilized for mechanically demanding applications, long-distance conveying, and big loads, due to their exceptional wear resistance. They are particularly suited for large mass or volume and abrasive materials.

All other segments are also expected to hold a significant market share during the forecast period. The growth of rubber segment is due to the flexible characteristics of rubber as compared to other materials. Rubber is known for its mechanical, thermal, and chemical properties that make it suitable for use in extreme conditions.

The increase in use of fabric conveyor belt is attributed to its characteristics such as high strength, low elasticity, moderately absorbing, moderate elongation, moderate cut & abrasion resistance, low-temperature resistance, and high mildew resistance.

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In terms of end-use industry, the global conveyor systems market for Heavy industries is segmented into mining, automotive, steel, cement, port, forest, and power plants.

The mining segment held a market value of USD 2,673.2 million in 2022. Mining operations involve the transport of solid materials such as ore, mineral, and other waste material for long distances. Mines such as open pit and underground mines rely heavily on conveyor systems for efficient material handling.

The automotive segment held a market share of XX% in 2022. Conveyor belts are used in the automotive industry for streamlining manufacturing activities. Conveyor systems aid in the transportation of heavy parts such as stamped sheets and car body parts such as bonnets. The automotive industry is growing steadily over the years, owing to the increasing demand for passenger and commercial vehicles from developing countries.

Regional Outlook

Based on country, the global conveyor systems market for heavy industries market is segmented into China, the US, Germany, Japan, India, Brazil, Russia, Italy, Mexico, France, Poland, Australia, the UK, Romania, Spain, Chile, Turkey, South Africa, Canada, and Rest of the World.

China held a market value of USD 1352.2 million in 2022. Expanding steel industry in China is driving the demand for conveyor belts in the country. China is one of the largest producers of crude steel in the world. The country produces around 1017.9 million tons of crude. Conveyor belts play an important role in the steel industry. These belts transfer heavy components from one place to another. Increasing demand for steel is expected to boost the demand for conveyor belt and systems.

The market in the US is projected to expand at a CAGR of XX% during the forecast period. The automotive industry in the US is one of the largest industries in the world, in terms of annual sales and manufacturing output. According to International Trade Administration, the US exported 1.4 million new light vehicles and 108,754 medium and heavy trucks in 2020.

Conveyor belts play an important role in the automotive industry. It transfers heavy components from one place to another. Increasing demand for vehicles is expected to boost the demand for conveyor belts and systems.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Conveyor Systems Market for Heavy Industries

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Conveyor Systems Market for Heavy Industries Performance