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Rubber Conveyor Belt Market Growth to Witness an Upswing with Rising Demand from Mining Industry
Use of rubber conveyor belt in the mining industry to carry out material handling and transportation has been witnessed since past couple of years. Government-owned companies in various countries are investing in rubber conveyor belt, positioning them as a cost-effective replacement to road transport between wagons and mines. For instance, in 2020, Coal India, a government-owned company floated 15,700 crore tender and the investment would be towards rubber conveyor belt to replace road movement between wagons and mines. Moreover, investing in rubber conveyor belt to carry out direct transportation of coal from mines is a relatively cleaner and a cheaper mode, thus eliminating use of heavy-duty commercial vehicles such as trucks. Likewise, mining sector in Latin America, especially in Chile and Brazil is expected to witness significant investments, given its potential as an iron ore producer. Moreover, Argentina and Chile being one of the leading producers of lithium in the region are relying on rubber conveyor belts. On the back of its perceived benefits such as handling large quantity of material, efficient transportation of material and a cost-effective solution, demand of rubber conveyor belt in the mining industry is expected to witness a spike in the years to follow. In this backdrop, significant demand from the mining industry is expected to provide an impetus to the growth of the rubber conveyor belt market.
Demand from Power Generation Plants to Bolster Growth of Rubber Conveyor Belt Market
Power generation plants, like any other company, are seeking ways that can enhance their production output by improving day-to-day processes. This factor goes hand-in-hand with automation that these plants have been using to improve productivity and reduce operational costs. To carry out internal operations including material handling and significantly reducing downtime, demand for rubber conveyor belt is expected to rise in the coming years. Moreover, rubber conveyor belt has good resistance to heat, chemicals, oil and fire, which makes it a viable solution in industries such as manufacturing and power generation sector. According to the analysis of World Bank, demand for electricity is growing at a rate of 2.1% each year globally and is expected to maintain the pace till 2040. This has triggered a rise in power generation plant establishments worldwide, which is expected to fuel demand for rubber conveyor belt, in turn bolstering growth of the market in the coming years.
Alternatives to Rubber in Conveyor Belts Due to their Functional Limitations Expected to Hinder Growth
Availability of different material serving as alternatives for conveyors is likely to question the growth of the rubber conveyor belt market. Lightweight material, for instance polyvinyl chloride (PVC) has gained significant traction. Conveyor belts made from polyvinyl chloride are much lighter as compared to conventional rubber conveyor belts. Moreover, they do not require heavy conveyor construction and consume comparatively less energy when in operation. Their lightweight, better material life and less power consumption decreases carbon footprint and at the same time reduces operational costs of the facility, making them an apt support system across various businesses. On the other hand, rubber conveyor belt requires larger pulleys due to their high weight which translates into additional need of energy to carry out operations. Moreover, high energy needed for its functionality is likely to cause high percentage of wear and tear of the rubber conveyor belt, in turn increasing maintenance cost. This aspect continues to challenge the adoption of rubber conveyor belt in businesses, especially the recycling industry, consequently embossing a negative impact on the growth of the rubber conveyor belt market worldwide.
Asia Pacific to Showcase High Growth Potential for Rubber Conveyor Belt Market
Emerging economies in the Asia Pacific region such as China and India are expected to showcase higher lucrativeness apropos to adoption of rubber conveyor belts. This can be attributed towards growing urbanization, favorable regulations and rising manufacturing sector. Asia Pacific being the hub of manufacturing, several industries are eyeing the region, which is translating to a significant rise in investments. Moreover, construction industry in Asia Pacific is also witnessing steady growth, which has triggered sue of material handling systems such as rubber conveyor belts. These factors continue to influence growth of the rubber conveyor belt market in Asia Pacific, making it an opportunistic marketplace for rubber conveyor belt manufacturers.
Rubber Conveyor Belt Market: Competitive Landscape
Key players in the rubber conveyor belt Market are Muller Beltex B.V., Bando Chemical Industries Ltd., Oxford Rubbers Pvt. Ltd., T-Rex Rubber International B.V., and Yokohama Rubber.
Global Rubber Conveyor Belt Market Is Segmented As Below:
By Material
By End Use Industry
By Application
By Region
Key Elements Included In The Study: Global Rubber Conveyor Belt Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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