The global homogenous conveyor belt market was valued at USD 2,279.5 Mn in 2019 and is projected to reach USD X,XXX.0 Mn by 2027, expanding at a CAGR of 4.5% during the forecast period. The market is driven by factors such as an increase in the use of homogenous conveyor belts in food applications, rising industrial demand activities in emerging economies, and increasing demand for automation in various industries. However, high maintenance & service costs and limited use of homogenous conveyor belts are key restraints of this market. Rising R&D investments and growing e-commerce industry are expected to boost the market in the future.
Global Homogeneous Conveyor Belt Market
On the basis of types, the homogenous conveyor belts market is segmented into thermoplastic polyester elastomer, thermoplastic polyurethane, polyvinyl chloride, and others. The thermoplastic polyester elastomer segment holds X0.6% share of the market in 2019 due to increasing demand from various industries. The thermoplastic polyurethane segment is anticipated to expand at a CAGR of X.8% during the forecast period owing to its capabilities of withstanding extreme temperatures without warping and melting, which is suitable for the food & beverage industry.
Based on applications, the homogenous conveyor belt market is classified as the food & beverage industry, automotive industry, chemical industry, agricultural industry, packaging industry, and others. The food & beverage industry segment is projected to constitute X6.4% share of the market in 2027, as homogenous conveyor belts are considered to be one of the safest and cleanest types of conveyor belts in the food industry.
Global Homogeneous Conveyor Belt Market Segment
In terms of regions, the market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted a X2.0% share of the market in 2020. The market in the region is projected to expand at a CAGR of X.8% during the forecast period. The demand for homogenous conveyor belts is expected to rise in Asia Pacific due to the rapid urbanization and growth in industrialization sector.
Global Homogeneous Conveyor Belt Market Key Player Analysis
Global Homogeneous Conveyor Belt Market Trends
- On the basis of types, the homogenous conveyor belts market is segmented into thermoplastic polyester elastomer (TPE), thermoplastic polyurethane (TPU), polyvinyl chloride (PVC) and others. The thermoplastic polyester elastomer (TPE) segment accounts for a major share of the market; however, the thermoplastic polyurethane (TPU) segment is anticipated to expand at a high CAGR during the forecast period.
- TPE has properties of conventional thermoplastic and rubber. Its elastic recovery and flexibility property are similar to that of rubber; however, its processability is much better than that of rubber. Moreover, it offers UV stability, weather resistance, heat resistance, and mechanical properties, which are better than conventional rubber; therefore, TPE is ideal in various industries such as textiles, food & beverage, and heavy-duty metal transfers.
- The use of TPU in the homogenous conveyor belt is the industries is increasing, as it is environment-friendly, fully recyclable, and biodegradable, which is a suitable alternative for PVC and other polymers. Additionally, the use of TPU in conveyor belts is increasing as it can withstand extreme temperatures without warping and melting.
Homogeneous Conveyor Belt Market Report Attribute
|Market Value in 2019
||USD 2,279.5 Mn
||By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Asia)
||By Type (Thermoplastic Polyester Elastomer (TPE), Thermoplastic Polyurethane (TPU), Polyvinyl Chloride, Other), By Application (Automotive, Food & Beverage, Chemical, Packaging, Agriculture, Paper and Printing, Other)
|Key Companies Profiled
||Ammeraal Beltech, Chiorino S.p.A., ContiTech AG, Esbelt, Forbo Movement Systems, Habasit, Intralox, Mafdel, MEGADYNE S.P.A, NITTA Corporation, REVEYRON SAS, Sparks Belting, Volta Belting, Yong li