Demand for rubber conveyor belts in the Asia/Pacific region is forecast to advance 6.9% annually through 2022 to $4.4 billion, according to a new study from The Freedonia Group, a Cleveland-based industry research firm.
Gains will be well above the global average as ongoing industrialization efforts and rising mechanization rates in many regional mining markets bolster conveyor belt demand, the report said.
The Asia/Pacific region is a significant net exporter of conveyor belts, with a trade surplus in 2017 equivalent to 11% of production. China is by far the leading global exporter and a key source of low-cost belting products. Japan primarily exports higher-end conveyor belts.
Global demand for rubber conveyor belts is forecast to rise 5.3% per year through 2022 to $7.8 billion. Textile reinforced conveyor belts will remain the most common type of rubber conveyor belt. The lower costs associated with these belts compared to steel cord or other specialty belts and their suitability for use in many applications contribute to their leading position, the report said.
Steel cord rubber conveyor belts are expected to experience faster increases in demand through 2022, with sales stimulated by growth in mining activity, the largest market for rubber conveyor belts. The need for substantial lengths of conveyor belts and belts with an array of resistance strengths boosts the overall value of this market segment.