Non-Automotive Rubber Transmission Belts Market Size is Projected to Reach USD 7,502.6 million at a of 3.9% CAGR from 2024 to 2032- Report by Polaris Market Research (PMR)

The Increased Industrialization and Infrastructural Development Activities Globally Fueled the Demand for Non-Automotive Rubber Transmission Belts.

New York, May 08, 2024 (GLOBE NEWSWIRE) — Market Explanation:

The Global Non-Automotive Rubber Transmission Belts Market was valued at USD 5,421.6 million in 2023 and is anticipated to generate an estimated revenue of USD 7,502.6 million by 2032, with a CAGR of 3.9% from 2024 to 2032.

Non-automotive rubber transmission belts competently convey power and movement in several industrial entreaties. These belts trademark long-lasting rubber compounds engineered to resist massive freights and jarring functioning situations. Using friction and tension they convey revolving energy between pulleys with accuracy and dependability. They play a crucial part in improving functional efficacy covering industries such as mining, agriculture, aerospace, and construction. Moreover, the non-automotive rubber transmission belts market growth can be attributed to industrial growth, in which industries globally fluctuating from manufacturing and construction to mining and aerospace accomplished consonant augmentation.

Also, belt width, extent, category, rigidity, and substance are important descriptions contemplated by manufacturers while selecting relevant transmission belts as per the industrial need. These belts functioned as necessary constituents in complex machinery and structures, fueling industrial functions and easing the conveyance of power and movement with accuracy and dependability.

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Fundamental Stats from the Report:

  • The global market for non-automotive rubber transmission belts was valued at USD 5,421.6 million in 2023.
  • The market is expected to grow at a 3.9% compound annual growth rate (CAGR) during the forecast period of 2024-2032.
  • The non-automotive rubber transmission belts market size is anticipated to grow to 7,502.6 million by 2032.

Key Findings from the Report:

  • The market for non-automotive rubber transmission belts is expanding due to several factors, such as industrial growth and growing globalization of trade and manufacturing.
  • The market is mainly segmented on the basis of product, application, and region.
  • Asia Pacific dominated the market with the largest non-automotive rubber transmission belts market share in 2023.

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Market Key Players:

  • CHIORINO S.p.A.
  • Continental AG
  • Gates Industrial Corporation plc
  • Habasit
  • Hanna Rubber Company
  • HIC International Co. Inc.
  • JONSON RUBBER

Important Market Developments:

Growth Drivers:

  • One of the essential benefactors of industrial development is the growing globalization of trade and manufacturing. As firms augmented their functioning to construct into surfacing markets and harness price benefits, the demand for non-automotive rubber transmission belts escalated.
  • Progressions in manufacturing technologies and procedures played an important part in propelling industrial growth and, subsequently, the demand for transmission belts.

Trends:

  • The forecast period will witness substantial growth in the non-automotive rubber transmission belts market demand as there is a growing consciousness of energy productivity. The requirement for acceptable solutions motivated industries to fund progressive transmission belts directed at lessening energy intake and enhancing operational efficacy.

Challenges:

  • Wavering raw material costs have historically created notable provocations for manufacturers in the market. These markets depend heavily on raw substances such as rubber compounds, artificial fibers, and other supplements, whose costs are dependent on irregularity due to several elements involving supply-demand fluctuation, geopolitical stresses, and monetary wavering.

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Regional Insights:

Asia Pacific: The non-automotive rubber transmission belts market in Asia Pacific is expected to escalate due to the region’s rapid expansion in industrial sectors, including mining, manufacturing, agriculture, construction, and logistics.

Segmentation Overview:

By Product Outlook:

  • Raw Edged Belts
  • V-Belts
  • Timing Belts
  • Specialty Belts
  • Others

By Application Outlook:

  • Industrial
  • Agricultural Equipment
  • Building & Construction
  • Mining
  • Aerospace
  • Food and Processing Industry
  • Textile Industry
  • Others

By Region Outlook:

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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