The market has been experiencing an uptake in demand due to infrastructure development, concentrated in Asia Pacific, and rapid industrialisation and urbanisation globally. On top of that, many governments are implementing strategies to attract investment in the mining sector, which in turn, is projected to increase the demand for rubber transmission belt over the forecast period.
Infrastructure development and the growing mining and industrial sector in Brazil, Chile, Mexico, Russia, Ukraine, Poland, and Africa are expected to boost the demand for rubber transmission belt. Additionally, governments of certain countries in South America are emphasising the development of mining industry. For instance, the Brazilian government created the National Mining Agency, which focuses on implementing transparent strategies to increase investments in mining sector.
As cities move towards cleaner and greener initiatives, the growth opportunities for rubber transmission belts is predicted to. Various municipal corporations are investing in green and waste-free cities to reduce carbon footprint. For instance, investment in the Smart Cities initiatives by Indian Government has resulted in increased investments from domestic and internal players in the regional market.
In 2017, solid woven conveyor belt segments held 50.5% revenue share in the global rubber transmission belt market. This type of transmission belt is widely used in harsh environments and underground mines. Increasing mining activities in Asia Pacific and South America regions are projected to fuel the demand for solid conveyor belts over the coming years.
More operational companies in the market are investing in product development to gain a competitive edge. Companies are using synthetic polymers, such as PVG nitrile, which provide low temperature capabilities. The all-polyester, single-ply interwoven carcass provides low stretch, good fastener retention and tear resistance, all at an economical price.
Industrial application segment led the market in 2017, accounting for 53.7% of the overall revenue share. Big investments in food and beverage, chemical, and pharmaceutical industries are likely to increase demand for rubber transmission belt.
Additionally, chemical and pharmaceutical manufacturers are moving their manufacturing facilities to India, Japan, and China on for cost-effective and skilled labor, thus greatly increasing the rubber transmission belt market demand in the APAC region.Asia Pacific is estimated to grow at a CAGR of 3.4% from 2017 to 2025, due to increased mining activities and the presence of raw material suppliers in the region.
ContiTech AG, Fenner PLC and Semperit are some of the key companies in the market. ContiTech led the India rubber transmission belt industry in 2017while Semperit held more than 18% of the Europe regional market.