According to a Future Market Insights (FMI) report, the industrial V-belts market is valued at USD 120.4 million in 2023 and is expected to reach USD 221.3 million by 2033, with a CAGR of 7%.
The growth of the global industrial V-belts market is primarily driven by the mechanization of farming and agricultural activities in developing nations. Industrialization in agriculture has led to increased use of agricultural equipment, which in turn has fueled the demand for industrial belt drives. Government initiatives in emerging markets, such as China and India, further encourage the adoption of industrial resources for efficient agricultural operations. These countries, heavily reliant on agriculture, are expected to increasingly embrace industrial equipment.
One key factor contributing to the market’s growth is the rising demand for replacement operations, though the installation and commissioning of belt drives pose challenges. Proper installation tension is critical, as insufficient pressure can lead to belt slippage or tooth damage, while excessive tension can cause overloading, damaging cables, motor shafts, and bearings. Alignment is also crucial for optimal performance.
Additionally, the growth of oil refineries and the mining industry has boosted the demand for V-belts in regions such as the Middle East, Africa, Asia Pacific, North America, and Eastern Europe.
Key Takeaways from the Industrial V Belts Industry:
- In 2023, North America’s industrial V belts market is likely to expand, with a CAGR of 25%. The market in North America is anticipated to expand at a CAGR of 7.2% during the forecasted years.
- The industrial V belts industry grew considerably to USD 112.5 Million in 2022.
- The industrial V belts market expanded with a CAGR of 6.7% between 2018 to 2022.
- By 2033, the APAC industrial V belts industry is projected to develop with a share of 40%.
- By 2033, India’s industrial V belts industry is projected to expand with a CAGR of 8%.
- The United Kingdom industrial V belts market is likely to develop with a CAGR of 6% by 2033.
- In 2022, based on application, the automotive industry dominated the market.
- Urbanization is accelerating, which has greatly benefited the mining and car sectors as well as the industrial v-belt industry.
Competitive Analysis:
These key Industrial V Belt providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global Industrial V Belt market. For instance,
- ContiTech AG introduced CONTI®V MULTIBELT POWER V-belts with a low-stretch aramid tensile member and an advanced compound for excellent power transfer under extreme loads, in November 2019.
- Gates Super HC belts, which were introduced in June 2020 by Gates Corporation, are available in 3V, 5V, and 8V cross-sections. It has FLEXIBLE CONSTRUCTION FOR ADAPTABLE USE.
- In July 2021, Optibelt GmbH introduced Optibelt DK, which are dual-sided v-belts for multiple pulleys, clutching drive, and serpentine implementations. Its quality and engineered construction guarantee superior durability and efficiency.
- SKF released a wide range of high-performance SKF Wrapped Wedge and Classical V-Belts in September 2021. SKF offers a comprehensive line of V-belts for use in a variety of industries.
Key Companies Profiled in the Global Industrial V Belts Industry:
- ContiTech AG
- Gates Corporation
- Optibelt GmbH
- GoodYear Rubber Products Inc.
- Hi-Lo Manufacturing
- Lian Eng
- Lovejoy
- Megadyne
- Pix Transmissions Ltd.
- QPower, Inc.
- Rubena a.s.
- San Wu Rubber Mfg. Co., Ltd.
- Timken Company
- TOYOPOWER
Key Segments
By Type:
- Narrow Type
- Wide Type
By Application:
- Automotive
- Construction
- Packaging
- Oil & Gas
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/industrial-variable-speed-belts-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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