The Global Belt Drives Market is Projected to Reach US$7.3 Billion by 2024

All Round Economic and Manufacturing Growth to Sustain Demand in the Global Belt Drives Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Belt Drives market. The global Belt Drives market is projected to reach US$7.3 billion by 2024, driven by broad based economic and manufacturing growth across the world, resulting in positive trends in key end-use industries such as Material Handling.

A belt drive is a combination of belt and pulley that facilitate load transfer between the shafts. Belt drives also facilitate clutching, power transmission, ratio variation and synchronization of shafts. Belt Drives find application in diverse applications including Industrial Machinery, Mining, Automotive, Material Handling, Cement, Oil & Gas, and Food & Beverage industries. A conveyor belt is a typical example, wherein the belt is used for continual load transfer between the two points. Belt technology and roller chains are integral to ensuring robust and reliable manufacturing operations in number of applications ranging from conveyance systems and oilfield rigs to heavy duty power transmission. Belt drives are vital to manufacturing processes owing to their numerous benefits including streamlined performance, longer service-life and cost-efficiency.

With appropriate maintenance, belt drives ensure safe working environment. Belt drives being excellent vibration and shock absorbers are deployed in various industrial applications such as in power transmission, conveyor systems, and industrial machines. Modern power transmission belts comprise a resilient and durable traction layer made with aramide, polyamide or polyester coupled with oil, grease and water-resistant covers made from NBR elastomer ensuring superior friction between the belt and pulleys. With energy efficiency becoming a major focus of production/manufacturing processes, premium belt drives are gaining interest. Manufacturers are engaging customers actively in initiatives to help comprehend the efficiency levels that can be achieved by using premium belt drives. With the global manufacturing sector making a gradual recovery, the anticipated improvements in automotive, food processing, and aerospace industries will benefit growth of belt drives.

While chains are conventionally utilized for precision timing, high torque and power applications, chain drives are riddled with challenges such as stretching of the chain, need for frequent lubrication, and the high levels of noise in comparison with cog belt drives. Further, the greasing or lubrication could result in debris, a deterrent in critical end-use markets including pharmaceutical drug manufacturing and food processing. This backdrop makes belt-drives appropriate for food processing and pharmaceutical manufacturing markets. The need for improved belt performance and efficiency of belts has led to the development of metal belts. These belts are known for their superior precision, durability and capacities over conventional belts. Novel and sophisticated manufacturing processes aid the production of numerous configurations of metal belts, for various industrial applications including conveyor equipment, medical device manufacturing, robotics, solar panel manufacturing, and food processing to name a few. Metal belts also offer unique properties such as custom attachments and perforations for automation and conveyor systems in addition to superior durability and longevity under almost all conditions.

As stated by the new market research report on Belt Drives, Asia-Pacific region represents the largest regional market worldwide, followed by Europe. Asia-Pacific region is also forecast to witness the fastest growth among all regions, with a CAGR of 5.5% over the analysis period, owing to the continuing growth of manufacturing base and industrialization in the region, as well as growth of the automotive industry. Other emerging markets such as Latin America and the Middle East are also forecast to provide significant growth opportunities. Brazil, in particular is expected to offer ample growth opportunities, following revival of the economy. Industrial and manufacturing activity is the prime driver for belt drives. With the global economy on an upswing, with broad based growth across the world, the industrial belt drives market is forecast to witness healthy growth. Among end-use industries, the Material Handling industry represents the largest application for Belt Drives, followed by Industrial Machinery. On the other hand Agricultural end-use represents the fastest growing segment.

Key players in the market include Arntz Optibelt Group, Colmant Cuvelier RPS S.A.S., ContiTech AG, Dayco Products, LLC, Federal-Mogul Holdings Corporation, Fenner PLC, Gates Corporation, Mitsuboshi Belting Ltd., Regina Industria SpA, The Timken Company and Tsubakimoto Chain Co., among others.

The research report titled "Belt Drives: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities various players. The single segment report provides market estimates and projections in US$ for Industrial Belt Drives for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, Mexico, and Rest of Latin America). End-use applications analyzed include Agriculture, Industrial Machinery, Mining, Material Handling, and Other Applications.

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