Agricultural & Food Grade Rubber Conveyor Belt Market to Witness Huge Growth by 2028: To Grow at a CAGR of 4.9%
VALLEY COTTAGE, New York, December 13, 2018 /PRNewswire/ --
FMI digs deep into the global agricultural & food grade rubber conveyor belt market and obtains essential information through structured market research. The report titled "Agricultural & Food Grade Rubber Conveyor Belt Market Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" estimates the market and foresees the future demographic and changes. On the basis of findings specified in the report, the market is anticipated to witness growing demand from food processing and material handling industries over the coming years. Rising demand for agricultural & food grade rubber conveyor belts in emerging regions is predictable to drive the global agricultural & food grade rubber conveyor belt market.
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The expected value of the agricultural & food grade rubber conveyor belt market in 2018 is US$ 2,781.2 Mn and the market is projected to expand at a CAGR of 4.9% and reach US$ 4,467.0 Mn by the end of 2028. Furthermore, the agricultural & food grade rubber conveyor belt market is predicted to create incremental $ opportunity worth US$ 1,685.8 Mn during the forecast period.
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Global Agricultural & Food Grade Rubber Conveyor Belt Market Dynamics
Increasing food production across the globe will act as a catalyst for the overall growth of the agricultural & food grade rubber conveyor belt market during the forecast period. Moreover, growing demand for electronic devices and rising consumer inclination towards packaged food and beverages products are influencing manufacturers to increase their production efficiency by adopting automation in their manufacturing plants. Thus, increasing adoption of automated production lines across various industries is estimated to fuel the growth of the agricultural & food grade rubber conveyor belt market over the forecast period.
On the flip side, one of the key challenges faced by the manufacturers in the concerned market is that major OEMs of conveyor belts have to battle on price front with low-quality belt manufactures. This is anticipated to be the key factor hampering the growth of the agricultural & food grade rubber conveyor belt market over the forecast period. Moreover, with increasing technical complexity, cost for repair and maintenance has increased substantially over the years. Thus, increasing maintenance & service cost is also expected to act as a restraining factor for the growth of the concerned market in near future.
Agricultural & Food Grade Rubber Conveyor Belt Market: Segmentation By product type- White food grade rubber conveyor & elevator belt, Green food grade rubber conveyor & elevator belt, Standard black rubber conveyor & elevator belt; Material type-Natural rubber, Synthetic rubber; Application- Harvesting equipment, Processing equipment, Material handling & packaging equipment, Bottling equipment: https://www.futuremarketinsights.com/reports/agricultural-food-grade-rubber-conveyor-belt-market
Global Agricultural & Food Grade Rubber Conveyor Belt Market Forecast
Market insights suggest that the overall size of the global agricultural & food grade rubber conveyor belt market will expand at a significant rate over the forecast period. Various positive changes are expected to surge the growth of the global agricultural & food grade rubber conveyor belt market.
By region, SEA & Pacific is anticipated to dominate the global agricultural & food grade rubber conveyor belt market over the forecast period. SEA & Pacific, followed by China, is projected to remain the opportunistic regions. In value terms, SEA & Pacific is estimated to create incremental $ opportunity worth US$ 411.9 Mn in the global agricultural & food grade rubber conveyor belt market over the forecast period. China, followed by Middle East & Africa (MEA), is projected to grow at a healthy CAGR over the forecast period.
By product type, the standard black rubber conveyor & elevator belt segment is anticipated to dominate the agricultural & food grade rubber conveyor belt market with a value of US$ 1,953.2 Mn in 2018. However, the green food grade rubber conveyor & elevator belt segment is projected to account for less than 15% share in the global agricultural & food grade rubber conveyor belt market during the forecast period. In terms of growth, the white food grade rubber conveyor & elevator belt segment is predicted to observe high growth rate during the forecast period.
By material type, the synthetic rubber segment is estimated to dominate the global market. In volume terms, the demand from synthetic rubber segment is expected to be pegged at 127,858 '000 meters by the end of 2028. In value terms, the natural rubber segment is predicted to create incremental $ opportunity worth US$ 630.5 Mn in the global agricultural & food grade rubber conveyor belt market during the forecast period.
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Global Agricultural & Food Grade Rubber Conveyor Belt Market Competitive Landscape
Some of the key players involved in the manufacturing of agricultural & food grade rubber conveyor belts and included in this study are Continental AG, Dorner Mfg. Corp., MAFDEL, REVEYRON SAS, Siban Peosa SA, Trelleborg Slovenija d.o.o, VIS GmbH, Fenner PLC, Volta Belting Technology Ltd., SIG S.p.A, Artego SA, Derco BV, Ammeraal Beltech Group and Cobra Group (part of REMA TIP TOP Group).
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