Global Power Transmission Belts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Power Transmission Belts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Power Transmission Belts is a loop of flexible material used to link two or more rotating shafts. It can transmit power or motion without losing synchronization. It transfers continuous rotational motion between a drive shaft and a driven shaft separated by a fixed distance. Power Transmission belt is the core connecting component of electromechanical equipment, with various kinds and wide applications. It is characterized by free speed change, far and near transmission, simple structure and convenient replacement.

Market Overview:

The latest research study on the global Power Transmission Belts market finds that the global Power Transmission Belts market reached a value of USD 11567.23 million in 2022. It’s expected that the market will achieve USD 15053.06 million by 2028, exhibiting a CAGR of 4.49% during the forecast period.

Influence of COVID-19 Outbreak on Power Transmission Belts Industry Development

The world economy is complex and changeable, and the uncertainty of international trade risks increases. In 2020, COVID-19 epidemic spread all over the world, resulting in negative GDP growth in major economies such as Europe, the United States and Japan. In 2021, the external environment of economic development will be more complicated and severe, the international environment will be unstable and uncertain, trade protectionism will prevail, and the dust of Sino-US trade war will be undecided. It is expected that the international trade market will still face greater downward pressure this year.

The raging Covid-19 has plunged the global economic environment into depression. The influence of Covid-19 on the transmission belt industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, most employees worked at home at the beginning of the epidemic, the production plan was seriously hindered, the marketing was delayed, the annual goals and strategies of enterprise development were also affected, and the direction had to be adjusted, the market sales decreased, and the income of the company and employees decreased. Whether the impact on the transmission belt industry is further expanded depends on the prevention and control effect of Covid-19.

Limitations

The Power Transmission Belts industry has maintained steady growth throughout the forecast period, and a good development prospect will inevitably attract some new enterprises to enter the industry market. In the Power Transmission Belts manufacturing industry, the original competitive pressure is great, and new enterprises will not only intensify market competition, but also reduce the market share of the original enterprises in the industry and affect the overall income.

Power Transmission Belts products involve many industries, especially the food industry, and the hygienic standard is very strict. The design and use of Power Transmission Belts also need to meet HACCP standards to ensure the safety of use, excellent cleanliness and efficient transportation at each stage. In addition, the improvement of environmental protection and energy saving standards limits the scope and scale of use of traditional materials, Power Transmission Belts. Manufacturers need to use greener and more environment-friendly belt materials.

Power Transmission Belts manufacturers pay attention to the innovation of production process, and large enterprises in the market are constantly acquiring companies in the raw material industry. Ensure stable product supply channels and update raw materials. At the same time, each company's product research and development speed is accelerated, and constantly aiming at market segments, products with better performance are introduced to increase competitive advantage. This poses a challenge to small and medium-sized enterprises with slow product renewal and low output and R&D level in the industry.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

Gates Corporation is one of the major players operating in the Power Transmission Belts market, holding a share of 15.61% in 2021.

Gates Corporation is a leading manufacturer of application-specific fluid power and power transmission solutions. Gates boundaries of materials science to engineer products that continually exceed expectations.

ContiTech uses its development and material expertise for products and systems made of rubber, polyamide, metal, textile, and electronic components to combine these with individual services. ContiTech also offers functional and design-oriented living solutions and is always searching for customer-friendly and environmentally-friendly answers.

ContiTech is one of the world’s leading industry specialists. The Continental business area offers its customers connected, environment-friendly, safe and convenient industry and service solutions using a range of materials for off-highway applications, on rails and roads, in the air, under and above the ground, in industrial environments, for the food sector and the furniture industry. With around 43,000 employees in more than 40 countries and sales of some 5.6 billion euros (2020), the global industrial partner is active with core branches in Asia, Europe and North and South America.

Segmentation Overview:

Among different product types, Synchronous Belts segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Automotive (Passenger Cars and Light Trucks) segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Power Transmission Belts market covered in Chapter 3:

SKF Technology
Dayco
Optibelt
Megadyne Group
Mitsuboshi
Carlisle
Gates Corporation
Hutchinson Group
Bando
Habasit
SANLUX
Volta Belting
ContiTech AG
Fenner Drives

In Chapter 4 and Chapter 14.2, on the basis of types, the Power Transmission Belts market from 2018 to 2029 is primarily split into:

Synchronous Belts
V-Belts
Round Polyurethane Belts
Special/engineered Belts
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Power Transmission Belts market from 2018 to 2029 covers:

Energy (Oil and Gas)
Infrastructure and Agriculture
Transportation
Automotive (Passenger Cars and Light Trucks)
Material Handling/Logistic
Packaging
Elevators
Food
Ceramic
Paper & print
Wood
Glass
Mining
Fitness
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)