Conveyor Or Transmission Belt Market

The article discusses the increasing demand for conveyor or transmission belts worldwide, with market consumption projected to grow at a CAGR of +1.6% for the period from 2022 to 2030. The market volume is expected to reach 2.7M tons by 2030, with a market value of $32B. Global consumption, production, exports, and imports of conveyor belts are analyzed, highlighting key trends and leading countries in each category.

Market Forecast

Driven by increasing demand for conveyor or transmission belts or belting worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 2.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $32B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Conveyor Or Transmission Belts Or Belting

Global conveyor or transmission belt consumption reduced to 2.4M tons in 2022, with a decrease of -5.5% against 2021. The total consumption volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Global consumption peaked at 2.5M tons in 2021, and then reduced in the following year.

The global conveyor or transmission belt market revenue fell modestly to $24.2B in 2022, with a decrease of -3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level of $25.2B, and then shrank modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (436K tons), China (290K tons) and India (141K tons), together comprising 36% of global consumption. Russia, Indonesia, Italy, Pakistan, Bangladesh, Brazil, Mexico, Nigeria, Germany and Japan lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +14.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest conveyor or transmission belt markets worldwide were the United States ($2.6B), Italy ($1.4B) and Mexico ($1.1B), together accounting for 21% of the global market.

Italy, with a CAGR of +10.8%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of conveyor or transmission belt per capita consumption in 2022 were the United States (1,299 kg per 1000 persons), Italy (1,121 kg per 1000 persons) and Russia (565 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +14.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Conveyor Or Transmission Belts Or Belting

Global conveyor or transmission belt production shrank modestly to 2.5M tons in 2022, waning by -4.7% against the year before. The total output volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. Global production peaked at 2.7M tons in 2021, and then declined slightly in the following year.

In value terms, conveyor or transmission belt production declined to $21.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 18%. As a result, production reached the peak level of $24B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (753K tons), the United States (391K tons) and India (164K tons), with a combined 51% share of global production. Italy, Russia, Indonesia, Pakistan, Turkey, Mexico, Bangladesh, Poland, Nigeria and Japan lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Italy (with a CAGR of +15.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Conveyor Or Transmission Belts Or Belting

In 2022, approx. 815K tons of conveyor or transmission belts or belting were imported worldwide; increasing by 14% on 2021 figures. The total import volume increased at an average annual rate of +1.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, conveyor or transmission belt imports rose significantly to $6.8B in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 17%. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, the United States (128K tons), distantly followed by Germany (41K tons) were the key importers of conveyor or transmission belts or belting, together mixing up 21% of total imports. The following importers - Brazil (34K tons), the Netherlands (33K tons), Russia (30K tons), Australia (25K tons), Indonesia (24K tons), Italy (23K tons), South Korea (22K tons), Chile (21K tons), Belgium (20K tons), France (19K tons) and India (18K tons) - together made up 33% of total imports.

From 2012 to 2022, average annual rates of growth with regard to conveyor or transmission belt imports into the United States stood at +4.1%. At the same time, South Korea (+8.5%), the Netherlands (+8.0%), Brazil (+5.8%), Italy (+3.0%), India (+2.6%), Indonesia (+2.3%), Chile (+2.1%), Belgium (+1.7%) and Germany (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +8.5% from 2012-2022. France and Russia experienced a relatively flat trend pattern. By contrast, Australia (-7.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States and the Netherlands increased by +3.4 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest conveyor or transmission belt importing markets worldwide were the United States ($856M), Germany ($504M) and France ($245M), together accounting for 24% of global imports. Brazil, Italy, Belgium, Australia, the Netherlands, Russia, Chile, Indonesia, India and South Korea lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, Brazil, with a CAGR of +4.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average conveyor or transmission belt import price amounted to $8,348 per ton, dropping by -5.7% against the previous year. In general, the import price recorded a mild downturn. The pace of growth appeared the most rapid in 2021 an increase of 8%. Over the period under review, average import prices attained the peak figure at $9,751 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was France ($12,661 per ton), while Russia ($4,619 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Conveyor Or Transmission Belts Or Belting

In 2022, overseas shipments of conveyor or transmission belts or belting increased by 13% to 970K tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when exports increased by 26% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, conveyor or transmission belt exports expanded significantly to $6.7B in 2022. The total export value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 20%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (477K tons) was the key exporter of conveyor or transmission belts or belting, generating 49% of total exports. It was distantly followed by the United States (83K tons), mixing up an 8.5% share of total exports. The following exporters - India (41K tons), Germany (39K tons), Poland (37K tons), Turkey (30K tons), the Netherlands (22K tons), Canada (19K tons), Japan (19K tons), Taiwan (Chinese) (17K tons), Romania (16K tons), Italy (15K tons) and Hungary (15K tons) - together made up 28% of total exports.

Exports from China increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, Turkey (+9.9%), Germany (+7.6%), India (+5.1%), the Netherlands (+4.3%) and Italy (+1.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.9% from 2012-2022. Romania, Poland, the United States, Canada and Hungary experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-4.6%) and Japan (-5.1%) illustrated a downward trend over the same period. China (+16 p.p.) and Turkey (+1.5 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese), the United States and Japan saw its share reduced by -1.9%, -2.4% and -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.4B), Germany ($933M) and the United States ($478M) constituted the countries with the highest levels of exports in 2022, with a combined 43% share of global exports. Japan, Italy, Poland, the Netherlands, India, Romania, Canada, Turkey, Taiwan (Chinese) and Hungary lagged somewhat behind, together comprising a further 30%.

In terms of the main exporting countries, Turkey, with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average conveyor or transmission belt export price amounted to $6,862 per ton, waning by -5.4% against the previous year. In general, the export price showed a mild curtailment. The most prominent rate of growth was recorded in 2016 an increase of 10% against the previous year. The global export price peaked at $8,383 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($24,199 per ton), while China ($3,037 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform