Market Size of Conveyor Belt Industry In Mining Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 1.89 Billion |
Market Size (2029) | USD 2.28 Billion |
CAGR (2024 - 2029) | 3.80 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Mining Conveyor Belt Market Analysis
The Conveyor Belt Market In Mining Industry is expected to grow from USD 1.89 billion in 2024 to USD 2.28 billion by 2029, at a CAGR of 3.80% during the forecast period (2024-2029).
The demand is boosted owing to increasing government initiatives and the number of coal mines in countries such as India. For instance, during the second pandemic wave, the Technology Roadmap document released by Coal India outlines that conveyors that may handle coal up to 4,500 tph/hr have been planned in Coal India. Conventional conveyors are limited to inclined angles around 16 to 18 degrees. The focus on upgrading the mines with advanced conveyor belts is aiding the market's growth.
- In mining industry practices, the required output is desired, and the mining operator specifies rotary speed as a design parameter, determining the heat to be dissipated. This may strongly influence the dimensioning processes. This resulted in operating conditions that make a gear unit advisable larger than the output originally necessitates. If the conveyor belts operate in climatic zones that are unusually warm or even prone to extreme heat-cold fluctuations, much attention must be paid to cooling. For this reason, Siemens developed correspondingly efficient cooling solutions for its three gear-unit series, comprising 46 conveyor belt drive sizes. Therefore, in various cases, a smaller gear unit may be sufficient.
- India's journey toward becoming a developed nation by 2047 depends on improving its infrastructure. This is a cornerstone for fostering liveable, climate-resilient, and inclusive cities that drive economic growth. The government's commitment is evident through its allocation of 3.3% of GDP to the infrastructure sector in the fiscal year 2024, focusing on building high-end industrial segments.
- Ensuring occupational health and safety is a top priority in the mining industry. Mining operations are inherently challenging and pose various hazards and risks to workers. By prioritizing safety and implementing effective safety measures, companies may protect their workers, prevent accidents and injuries, and contribute to the overall sustainability of their operations.
- The mining industry operates under critical regulations and standards to ensure safety, environmental protection, and responsible practices. These include mine safety and health regulations, such as the Mine Safety and Health Administration (MSHA) in the United States.
- High initial costs have been the primary reason for restricting the use of automated material-handling systems, including conveyor belts and systems, to only large-scale organizations. At the same time, their long-term benefits are also considered. Small—and medium-scale enterprises may not benefit from this bargain. These systems require high levels of maintenance.
- Besides the direct impact on various market verticals, the global pandemic is also anticipated to have a long-term effect. For instance, since the pandemic, economies of multiple countries, which feel significant, are still unable to recover as anticipated, bringing a shadow of economic recession, especially in North American and European regions.
- For instance, according to the International Monetary Fund (IMF) estimates, the US real GDP growth is anticipated to remain slowed until 2024 before regaining momentum. Such trends may slow down the market by reducing investments in new metal and mining plants.
- According to the International Monitory Fund's (IMF's) July 2023 update, global economic growth was anticipated to fall from 3.5% in 2022 to about 3% in both 2023 and 2024 owing to the rising central bank policy rates to fight inflation, which is slowing down economic activities.
Mining Conveyor Belt Industry Segmentation
Conveyor belts are essential for automation systems in various industries, including mining, because they cut down on operational costs and time. They are also essential for moving minerals to processing facilities in the mining industry. The revenue accrued from conveyor belt companies across geographies is used to estimate the market.
The conveyor belt market in the mining industry is segmented by type (steel cord, textile reinforced, and other types) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report offers market forecasts and size in value (USD) for all the above segments.
By Type | |
Steel Cord | |
Textile Reinforced | |
Other Types |
By Geography*** | |
North America | |
Europe | |
Asia | |
Australia and New Zealand | |
Latin America | |
Middle East & Africa |
Conveyor Belt Market In Mining Industry Size Summary
The mining conveyor belt market is poised for growth, driven by increasing government initiatives and the expansion of coal mining operations, particularly in countries like India. The focus on upgrading mining infrastructure with advanced conveyor systems is a significant factor contributing to market expansion. The demand for conveyor belts is further supported by the need for enhanced occupational health and safety measures in the mining industry, which operates under stringent regulations to ensure worker safety and environmental protection. Despite the high initial costs associated with automated material-handling systems, the long-term benefits are recognized, although they remain accessible primarily to large-scale enterprises due to maintenance requirements. The market is also influenced by global economic conditions, with the pandemic's lingering effects impacting investment levels in new mining projects, particularly in North America and Europe.
The market landscape is characterized by a mix of small and medium-sized enterprises and global players, with major companies like Sanwei Holding Group, Fenner Dunlop, and Bando Chemical Industries leading the charge. These players are actively engaging in strategic partnerships and acquisitions to enhance their product offerings and maintain a competitive edge. The use of textile-reinforced conveyor belts is expected to rise, offering a cost-effective alternative to steel cord belts for shorter distances and lesser capacities, while providing flexibility and high strength. Government initiatives such as China's 'Made in China 2025' and India's 'Make in India' are expected to further stimulate market growth by boosting industrialization and infrastructure development. Recent developments, including mergers and rebranding efforts by key players, underscore the dynamic nature of the market and its potential for continued expansion.
Conveyor Belt Market In Mining Industry Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitutes
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1.3.5 Intensity of Competitive Rivalry
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1.4 Impact of COVID-19 Aftereffects and Other Macroeconomic Trends on the Market
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1.5 Various Types of Conveyor Solutions for Various Payloads Handled in the Mining Industry
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1.6 Average Cost for Conveyor Systems in a Mining Setup
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Steel Cord
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2.1.2 Textile Reinforced
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2.1.3 Other Types
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2.2 By Geography***
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia
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2.2.4 Australia and New Zealand
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2.2.5 Latin America
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2.2.6 Middle East & Africa
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Conveyor Belt Market In Mining Industry Market Size FAQs
How big is the Conveyor Belt Market In Mining Industry?
The Conveyor Belt Market In Mining Industry size is expected to reach USD 1.89 billion in 2024 and grow at a CAGR of 3.80% to reach USD 2.28 billion by 2029.
What is the current Conveyor Belt Market In Mining Industry size?
In 2024, the Conveyor Belt Market In Mining Industry size is expected to reach USD 1.89 billion.