Industrial V Belt Market Analysis: Expanding Horizons and Projected CAGR of 7%, Envisaging a Value of US$ 221.3 Million by 2033

The Industrial V Belts Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Industrial V belts market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Industrial V belts. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

According to forecasts, the industrial V speed belts market is expected to be US$ 120.4 million in 2023 and US$ 221.3 million by 2033.

The development of the worldwide industrial V-belts market is fueled by the mechanization of farming and agricultural activities in developing nations. The industrial V-belt market is significantly impacted by the industrialization of agriculture and farming activities in developing countries.

The use of agricultural equipment increased as a result, propelling the expansion of the worldwide industrial belt drives market during the projected period. Government initiatives in emerging nations like China and India boost the utilization of industrial resources for productive agriculture operations. It is anticipated that developing countries are heavily reliant on agriculture and embrace industrial equipment.

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One of the key reasons propelling the expansion of the worldwide market is the rise in replacement operations—belt drive installation and commissioning present key difficulties. While installing belt drives, installation tension is crucial. Low pressure causes belts to slide or harm the teeth of the belt. Excessive tension results in overloading, which breaks the cable, motor shafts, and bearings.

When it comes to producing the best performance, alignment is also crucial. Due to the expansion of oil refineries and the mining industry, the need for V-Belts rose throughout the Middle East, Africa, Asia Pacific, North America, and Eastern Europe.

Key Takeaways

  • In 2023, North America’s industrial V speed 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 speed belts market grew considerably to US$ 112.5 million in 2022.
  • The industrial V speed belts market expanded with a CAGR of 6.7% between 2018 to 2022.
  • By 2033, the APAC industrial V speed belts market is projected to develop with a share of 40%.
  • By 2033, India’s industrial V speed belts industry is projected to expand with a CAGR of 8%.
  • The United Kingdom industrial V speed 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.

Key Players’ Strategies and Recent Developments:

  • Optibelt GmbH released dual-sided v-belts for numerous pulleys, clutching drives, and serpentine implementations in July 2021. They are called Optibelt DK. Its high quality and designed structure guarantee superior efficiency and longevity.
  • In September 2021, SKF launched a variety of high-performance Classical V-belts and SKF SKF-wrapped wedge Belts. For usage in various industries, SKF provides a full array of V-belts.
  • In November 2019, ContiTech AG released CONTI®V MULTIBELT POWER V-belts, which include an improved compound and a low-stretch aramid tensile member for optimum power transfer under heavy loads.

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Key Players

  • 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.

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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