- Conveyor systems work under harsh conditions. They move products at high speeds under intense physical or chemical duress. Thus, even the best designed conveyor belts need repairs and replacements some times.
- Conveyor systems play an important role in production processes. If these systems fail, the entire production line gets affected. Companies proactively strive to prevent the complete breakdown of conveyor systems. Therefore, they routinely check and repair conveyor systems.
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Key Drivers of Global Conveyor Belt Repair Market
- Increase in demand for conveyor belts in mining and power generation industries is expected to drive the conveyor belt repair market in the near future. Mining and power generation industries handle large numbers of products such as rocks, coal, core, and other debris. Furthermore, these industries operate under harsh environment, which often causes damages to conveyor belts. This is boosting the demand for conveyor belt repair in mining and power generation industries.
Global Conveyor Belt Repair Market: Segmentation
- The global conveyor belt repair market can be segmented based on service, method, and end-user
- Based on service, the conveyor belt repair market can be classified into preventive maintenance, breakdown maintenance, scheduled maintenance, and predictive maintenance. Preventive maintenance and predictive maintenance segments are estimated to expand at a high CAGR during the forecast period, as these prevent the complete shutdown of the production line.
- Based on method, the conveyor belt repair market can be divided into vulcanization, metal fastener, cold curing, and others. The vulcanization segment is estimated to expand significantly during the forecast period, as vulcanization can offer a smooth splice with minimal risk of snagging, tearing, and other harmful wear to the belt.
- In terms of end-user, the market can be segregated into mining, manufacturing, power generation, food & beverages, material handling, and others. In terms of demand, the mining segment is estimated to expand at a faster pace in the near future, as working conditions in the mining industry are very harsh. Thus, the requirement of conveyor belt repairs is high in the industry.
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Global Conveyor Belt Repair Market: Regional Segmentation
- Based on region, the global conveyor belt repair market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global conveyor belt repair market in 2020. The market in Asia Pacific is expected to expand during the forecast period, owing to the expansion of infrastructure and rise in industrialization in the region. China, India, and Japan are the leading countries of the conveyor belt repair market in the region. This can be ascribed to significant growth in industries such as mining, manufacturing, power generation, food & beverages, and material handling in these countries in the near future.
- The market in North America and Europe is projected to expand significantly during the forecast period due to rapid increase in infrastructure and industrialization in these regions
- The market in Latin America and Middle East & Africa is projected to expand at a steady pace during the forecast period due to steady increase in investments in end-user industries in these regions
COVID-19 Impact on the Global Conveyor Belt Repair Market
- Lockdowns enforced during the Covid-19 pandemic affected most of the countries across the globe. All major industries were closed or working with limited resources. This resulted in low production, which lead to lower wear & tear of conveyor belts. Thus, the lockdown negatively impacted the conveyor belt repair market. However, efforts taken by governments of various countries to restore the economy and boost manufacturing activities are expected to propel the conveyor belt repair market in the next couple of years.
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Key Players Operating in the Market
- ContiTech AG
- NILOS GmbH & Co. KG
- Dunlop Conveyor Belting
- Africa Trading Group
- EurasiaBelts Co., Ltd.
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