Industrial V-belt Market Size, Share, Growth Report 2032

According to the report published by Zion Market Research, the global Industrial V-belt Market size was valued at USD 978.64 Million in 2022 and is predicted to reach USD 1385.67 Million by the end of 2030. The market is expected to grow with a CAGR of 4.45% during the forecast period. The report analyzes the global Industrial V-belt Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Industrial V-belt Market industry.

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Global Industrial V-belt Market: Overview

V-belts are the drive belts that are used for the transmission of power. The primary function of these belts is the transmission of power from a primary source such as a motor to a secondary unit. The best combination of speed transfer, traction, extended life service, and load distribution is offered by V-belt. The V-belts are commonly made up of polymer or fiber or embedded fibers for additional reinforcement and strength. The V-shape of the belt enables it to track in a groove with a similar shape on a sheave or pulley creating torque and power distribution with an increase in the load.

Global Industrial V-belt Market: Growth Factors

An increase in demand for the V-belt from the automotive and metals & mining industries, developments in engine belts, and industries growing at a faster pace in developing countries are some of the growth factors that are augmenting the growth of the global industrial V-belt market. V-belts can be easily installed and are available in a wide range of sizes, thus are very commonly used in several industries. The V-shape of the belt makes it easier to keep fast-moving belts in the sheave grooves as compared to the flat belt on the pulley. The V-belts offer several advantages which include longer life of 3-5 years, have the potential to cushion the shock with the start of the machines, can obtain a high-velocity ratio, and also provides compactness owing to its small distance between the centers of the pulley. Owing to all these advantages, the demand for the industrial V-belts has increased at a significant rate from the end-users thereby contributing to the growth of the global market. Moreover, the expanding automation sector and the rise in demand from food & beverage industries are the factors that may provide ample opportunities for the growth of the global industrial V-belt market during the forecast period. However, easily available substitutes for V-belts may restrain the growth of the global industrial V-belt market.

The outbreak of Covid-19 has adversely affected the economic growth of countries across the world. To control the spread of the disease, the government of several countries enforced restrictions on movement and complete lockdown. Most of the industries such as automotive, food & beverages, metals & mining, and several other industries had to stop their operations during the first and second quarter of the year 2020. These industries are the major user of V-belt and since their operations were ceased, the demand for V-belt decreased. In addition to this, the disruption in the supply chain has led to the unavailability of raw materials. The lack of labor has also slowed down the activities of the production unit in all the industries. All these factors have hampered the growth of the industrial V-belt market amid Covid-19. However, with the ease in lockdown, the industries are speeding up their operations which may support the growth of the market in the upcoming years.

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Global Industrial V-belt Market: Segmentation

The global industrial V-belt market is categorized by type, material used, end-user, and region. Based on the type, the global industrial V-belt market is divided into polyurethane, light duty, and heavy duty. Based on the material used, the global market is classified into neoprene, rubber, polymer, and urethane synthetic materials. The application segment is bifurcated into food & beverage, cement, automotive, paper & pulp, metals & mining, agricultural, and power & energy.

Industrial V-belt Market : Report Scope

Global Industrial V-belt Market: Regional Analysis

Asia Pacific is estimated to contribute the largest share in the global industrial V-belt market during the forecast period. The factors such as the rise in automotive industries in countries like China and India, major players seeking to expand their business in this region, and growing demand for V-belts from the mining & food & beverages sector are boosting the growth of the market in this region. North America holds the second position in the market. In North America, factors such as the presence of key players and consistent improvements in the engine belts are driving the growth of the market in this region. Europe is also anticipated to account for a significant share in the market.

Global Industrial V-belt Market: Competitive Players

The major players in the global industrial V-belt market include:

• Volta Belting Technology Ltd.
• SANMEN FUWEI RUBBER BELT MANUFACTURING CO., LTD
• Belt Technologies, Inc.
• Zhejiang jinjiu rubber belt Co Ltd
• Goodyear rubber products
• Mitsuboshi Belting Ltd.
• ContiTech AG
• Optibelt GmbH AGB
• TEXROPE
• Gates Corporation

The global Industrial V-belt Market is segmented as follows:

By type 

• polyurethane 
• light duty
• heavy duty

By Material used

• neoprene 
• rubber 
• polymer 
• and urethane synthetic materials

By End-user

• food & beverage 
• cement 
• automotive
• paper & pulp 
• metals & mining
• agricultural
• power & energy

Global Industrial V-belt Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.