Industrial Power Transmission Drive Belts Market Introduction
- Currently, with the advent of industrial revolution, machines are becoming more complex and sophisticated. There is a need to efficiently transmit mechanical power between different parts of machines. Industrial power transmission drive belts generate power for various applications such as farming, mills, machinery, and automotive.
- Industrial power transmission drive belts are made from low-modulus materials. These materials include leather, rubber, fiber, and balata. Industrial power transmission belts are attached in the form of a loop, which mechanically connects two shafts for transmitting power smoothly.
- In terms of application, the global industrial power transmission market can be segmented into industrial, automotive components, agricultural equipment, mining, and others. The industrial segment is expected to expand at a significant pace during the forecast period owing to increase in usage of these belts in various industries to transmit mechanical power between different parts of machines.
Key Drivers of Industrial Power Transmission Drive Belts Market
- Rise in replacement of old drive belts with upgraded power transmission drive belts is driving the industrial power transmission drive belts market. Improper usage of drive belts in an industrial application results in more wear and tear of the belt. As a result, the replacement of drive belts in industrial equipment becomes necessary.
- Beneficial properties of industrial power transmission drive belts are expected to boost the global market during the forecast period. Compared to other power transmitting devices, industrial power transmission belt drives are preferred in mechanical industry due to easy installation, numerous speed ratio selections, less power loss, and lower price. Industrial power transmission drive belts protect the rotating machinery from overload fluctuations by absorbing shocks and vibration. Industrial drive belts do not need lubrication; thus, they require less maintenance. These properties are expected to drive the global industrial power transmission drive belts market during the forecast period.
Restraints of Industrial Power Transmission Drive Belts Market
- High cost of raw materials is projected to hamper the global industrial power transmission drive belts market. Raw materials such as leather, rubber, fiber, and balata are used in the preparation of industrial power transmission drive belts. Prices of these raw materials are considerably high. This increases the overall production cost of industrial power transmission drive belts. In turn, this is hampering the global market.
- Availability of substitute products is also projected to restrain the global industrial power transmission drive belts market during the forecast period. Rise in adoption of electrical motors and robotic drives in industrial application is hampering the usage of industrial power transmission drive belts. Industrial consumers are finding new ways to reduce power consumption in their daily processes. They are switching to advanced power transmission systems such as electrical motors and robotic drives, which provide higher energy efficiency than belt drive systems.
COVID-19 Impact on Industrial Power Transmission Drive Belts Market
- Key players operating in the global industrial power transmission drive belts market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Several players have halted their production output since the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the supply chain of the global industrial power transmission market.
- The coronavirus pandemic has adversely affected the manufacturing activities of end-use industries of the industrial power transmission drive belts market. Various governments across the globe are undertaking lockdown measures to curb the spread of the pandemic. Industrial activities have come to a halt, while manufacturing facilities have shut down. These measures take a significant toll on almost all industrial sectors, as factories are facing supply chain breakdowns and labor shortages.
Asia Pacific to Hold Major Share of Industrial Power Transmission Drive Belts
- In terms of region, the global industrial power transmission drive belts market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
- In terms of consumption, Asia Pacific is projected to hold major share of the global market during the forecast period. Rise in demand for industrial power transmission drive belts in various applications such as automotive, industrial, mining, and agriculture is expected to boost the market in the near future.
- Rapid expansion of the automotive industry in China, India, Japan, and South Korea is anticipated to offer lucrative opportunities for the industrial power transmission market in these countries during the forecast period
- North America is also projected to account for notable share of the global industrial power transmission drive belts market during the forecast period. Rapidly expanding industrial sector and increase in presence of major automotive players in the U.S. and Canada are likely to augment the demand for industrial power transmission in the region in the near future.
- Increase in the production of automotive vehicles in Middle East Asia & Africa is projected to augment the industrial power transmission market in the region during forecast period
Prominent Players in Industrial Power Transmission Drive Belts Market
Major players operating in the global industrial power transmission market are adopting various organic and inorganic growth strategies, such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development, to increase their regional presence and business operations. Key players operating in the market include:
- ContiTech AG
- Gates Industrial Corporation plc
- Mitsuboshi Belting Ltd.
- HIC International Co Inc.
- Hanna Rubber Company
- Jonson Rubber Industries Limited
- Chiorino S.p.A.
- Megadyne Group
- Habasit AG.
Research Scope; Industrial Power Transmission Drive Belts Market
Industrial Power Transmission Drive Belts Market, by Type
- Micro-V Belts
- Synchronous Belts
- Automotive Timing Belts
Industrial Power Transmission Drive Belts Market, by Application
- Automotive Components
- Agricultural Equipment
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
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- Latin America
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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