Steel Cord Conveyor Belts Market Size, Share, Trends, Growth and Forecast 2032

Steel Cord Conveyor Belts Industry Prospective:

The global steel cord conveyor belts market size was evaluated at $5 billion in 2023 and is slated to hit $11 billion by the end of 2032 with a CAGR of nearly 12% between 2024 and 2032.

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Steel Cord Conveyor Belts Market: Overview

Steel cord conveyor belts are highly wear-resisting products utilized for long-haul conveying, physically demanding, and heavy load applications. They offer outstanding performance for abrasive materials, high-mass materials, and high-volume flow materials. Moreover, these products are fit for long-length, high-tensile, and high-capacity lines owing to their beneficial features such as resistance to elongation. Apart from this, these products can run on pulleys having small diameters, thereby resulting in power savings.

Key Insights

• As per the analysis shared by our research analyst, the global steel cord conveyor belts market is projected to expand annually at the annual growth rate of around 12% over the forecast timespan (2024-2032)
• In terms of revenue, the global steel cord conveyor belts market size was evaluated at nearly $5 billion in 2023 and is expected to reach $11 billion by 2032.
• The global steel cord conveyor belts market is anticipated to grow rapidly over the forecast timeline owing to rapid industrialization and a rise in mineral processing and mining activities.
• In terms of type, the common type segment is slated to register the highest CAGR over the forecast period.
• Based on application, the mining segment is predicted to dominate the segmental sphere in the upcoming years.
• Region-wise, the Europe steel cord conveyor belts sector is projected to register the fastest CAGR during the forecast timespan.

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Steel Cord Conveyor Belts Market: Growth Factors

Surging urbanization and infrastructural development to promote the expansion of the market globally

Rapid industrialization and a rise in mineral processing and mining activities will propel the expansion of the global steel cord conveyor belts market. Swift infrastructural growth and technological breakthroughs will prop up the growth of the market globally. Growing trend towards the use of automated & effective material handling equipment is expected to embellish the global market trends. Flourishing e-commerce & retail sectors along with the need for environmental safety will scale up the expansion of the market globally. The product helps in effectively handling materials across diverse supply chain activities, thereby spurring the growth of the market globally.

Steel Cord Conveyor Belts Market: Restraints

Escalating initial costs & repairing charges to halt the global industry surge over the forecast timeline

A surge in the preliminary prices along with a surge in the maintenance & repairing costs is anticipated to hamper the progression of the steel cord conveyor belts industry across the globe. Moreover, complications occurring in the deployment of the product along with economic oscillations can put brakes on the global industry surge in the upcoming years.

Steel Cord Conveyor Belts Market: Opportunities

A paradigm shift in the technology domain to create ripples of growth in the global market by 2032

Technological breakthroughs and the Industry 4.0 revolution are anticipated to embellish the expansion of the global steel cord conveyor belts market in the years ahead. Demand for customized solutions and the rapidly expanding logistics sector will open new growth facets for the market globally. Need for exploring new applications for steel and conveyor belts will carve a profitable roadmap for the global market.

Steel Cord Conveyor Belts Market: Challenges

Oscillation in the price of products can challenge the global industry surge over the forecast period

Volatility in the product costs and the high level of competitiveness exhibited by the substitute products can pose a huge challenge to the expansion of the global steel cord conveyor belts industry. Disruptions in the supply chain activities leading to irregular supply of raw components can pose a huge threat to the expansion of the industry across the globe.

Steel Cord Conveyor Belts Market: Segmentation

The global steel cord conveyor belts market is divided into type, application, and region.                                          

In terms of type, the steel cord conveyor belt market across the globe is bifurcated into anti-tear type and common type segments. Additionally, the common type segment, which garnered nearly three-fourths of the global market earnings in 2023, is anticipated to record the fastest CAGR in the assessment timeline. The expansion of the segment in the coming decade can be due to a rise in product usage in a slew of end-use sectors such as mining, construction, steel & metal, power generation, farming, and cement owing to their ability to handle heavy loads and durability.

Based on the application, the global steel cord conveyor belt industry is divided into port and mining segments. Furthermore, the mining segment, which dominated the segmental sphere in 2023, is expected to account majorly for the global industry earnings in the forecasting time interval. The expansion of the segment in the analysis timeline can be subject to large-scale use of the product in mining activities such as underground mining and high-tonnage conveying as well as material handling.  

Steel Cord Conveyor Belts Market: Report Scope

Steel Cord Conveyor Belts Market: Regional Insights

North American market to retain leading status during the assessment timeline

North America, which accounted for 51% of the global steel cord conveyor belts market revenue in 2023, is expected to establish a key position in the global market in the years ahead. Furthermore, the emergence of the market in the region during the forecast period can be subject to a strong presence of product in the manufacturing, mining, and logistics sectors. Moreover, the presence of giant manufacturers in countries such as Canada and the U.S. will drive the growth of the market in the region.

The European steel cord conveyor belt industry is predicted to record the fastest growth rate each year in the coming few years. The growth of the industry in Europe can be due to the presence of strong industrial infrastructure in countries such as the UK, Germany, and France. Growing focus on tech-driven solutions is anticipated to propel the industry surge in the continent.

Key Developments

• In the first half of 2024, Martin Engineering introduced a new secondary conveyor belt cleaner for reducing dust and reduce maintenance costs. Such moves will provide impetus to the expansion of the steel cord conveyor belts market globally.
• In the second quarter of 2022, Dunlop Conveyor Belting introduced a new kind of heat-resistant conveyor belt. These initiatives will prop up the expansion of the business across the globe.

Steel Cord Conveyor Belts Market: Competitive Space

The global steel cord conveyor belts market profiles key players such as:

• Yokohama
• Bridgestone
• Mitsubishi
• Bando
• DRB.

The global steel cord conveyor belts market is segmented as follows:

By Type

• Anti-Tear Type
• Common Type

By Application

• Port
• Mining

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa