The global Industrial V belt market is likely to reach a valuation of US$ 1,240.8 Million in 2022. The emergence of energy efficient belts is driving the global Industrial V Belt market. During the forecast period, APAC will account for 40% of market growth. China and Japan are the two most important markets in APAC for industrial v-belts. Asia Pacific markets are expected to grow rapidly, providing incredible opportunities for vendors of variable speed belts in this region.
These belts conserve energy by incorporating sophisticated and effective technologies. The overall sales of Industrial V Belts are projected to grow at a robust CAGR of 3.2% between 2022 and 2032, totaling around US$ 1,700.2 Million by the end of 2032.
They do, however, have a significantly different shape than the standard V-belt, which has a narrower thickness and a noticeably wider width. Variable speed belts used in drive applications in machinery with varying drive ratios dominate the global Industrial V Belt market.
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Industrial V belts are used in agricultural, industrial, and other applications where the speed of a machine drive changes in response to shifting loads. Adjustable speed belts are used in machines with infinitely variable drive ratios. They are also classified as a V-belt family member.
Alternative products pose a serious threat to the global expansion of the industrial V-belt market. Industrial V-belt vendors face challenges due to the accessibility of alternative technologies.
Technology has changed the market, particularly in terms of extending the lifespan and improving the effectiveness of belt drives. Due to long-standing user requirements, vendors are limited in their ability to innovate new products as a result of the market’s maturity. Although belt drives dominate the market, expanding advances and improvements in alternative power transmission technologies continue to pose hurdles to the market’s growth.
How Will Growth Unfold in the North America Industrial V Belt Market:
Automation adoption in heavy industry and heavy-duty machinery is driving the growth of the global industrial V-belts market. The North American automated material handling machinery market is expected to grow at a 7.2% CAGR over the forecast years.
The automated and semi-automated material handling industry in North America is expected to grow rapidly over the forecasted timeframe. The industry in the United States will be driven by food and beverage applications, as well as machine tool applications. North American markets are expected to expand rapidly, creating enormous opportunities for variable speed belt vendors in this region. North America accounts for 25% of the global industrial V-belt market.
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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.
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Key Segments of Industrial V Belt Industry Survey
By Type:
- Narrow Type
- Wide Type
By Application:
- Automotive
- Construction
- Packaging
- Oil & Gas
- Others
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