Industrial V-belts Market: Introduction
Industrial V-belt is an important component of automated material handling equipment. Industrial V-belts help improve the reliability of automated material handling equipment and torque transmission from the crankshaft to rotating assemblies. Automated material handling equipment help in sorting and transporting goods. These equipment reduce the operational time and labor cost of the overall production process. V-belts are attached to automated material handling equipment. These belts provide improved friction and enhanced transmission power. V-belts can be installed easily. Furthermore, their maintenance cost is low and they do not need lubrication. Thus, process and discrete industries are increasingly adopting industrial V-belts to optimize their production process.
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Industrial V-belts Market: Competitive Landscape
Arntz Optibelt Group
Founded in 1872, Arntz Optibelt Group is headquartered in North Rhine-Westphalia, Germany. The company is a leading global manufacturer of high-performance belt drives. It offers products in machine engineering, agricultural engineering, automotive industry, and household appliance industry. The company has 2500 employees, eight production sites in six countries, and 33 sales locations in 30 countries worldwide.
Incorporated in 1871, Continental AG is based in Hanover, Germany. It is a holding company engaged in the manufacture and sale of rubberized fabrics, soft rubber products, and solid tires. The company operates through the following segments: Powertrain, Chassis and Safety, Interior, ContiTech, Tires, and Other or Consolidation. Continental AG primarily operates in Europe, Asia, and the Americas.
Toyoda Gosei Co., Ltd
Established in 1949, Toyoda Gosei Co., Ltd is based in Kiyosu, Japan. The company engages in the manufacture and sale of automobile components, optoelectronics, and other general industry products. It operates through Automobile Parts and Optoelectronics segments. The company develops rubber and plastic automotive products. Its automotive portfolio includes weather-strip products, functional components, interior and exterior products, safety system products, and air conditioning products.
Founded in 1933, Takata Corporation is based in Shinagawa, Tokyo, Japan. The company is an expert in manufacture of automotive parts. Its product list includes airbag systems, child-restraint systems, electronics, interior trims, seat belts, and steering wheels.
Hyundai Mobis Co., Ltd
Incorporated in 1977, Hyundai Mobis Co., Ltd is located in Seoul, South Korea. The company manufactures automotive parts and components. It operates through the following business divisions: Module, Core Automotive Parts, Future Automobile Industry, After-sales Parts, Overseas Original Equipment Manufacturing and Purchasing.
Some of the significant players in the industrial V-belts market are The Timken Company, TRW Automotive Holdings Corp., DENSO Corporation, Robert Bosch GmbH, and Tokai Rika Co., Ltd.
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Industrial V-belts Market: Dynamics
Increase in Demand for Automated Material Handling Equipment
Expansion of the industrial V-belts market can be attributed to the increase in demand for automated material handling equipment. These equipment are being progressively adopted by process and discrete industries to increase the volume of production, and reduce the lead time. Additionally, demand for automated material handling equipment has been rising in manufacturing industries in emerging countries such as China and India. Moreover, rise in number of small start-up companies that prefer warehouse automation in their production process, increase in demand for automation in the industrial sector, and surge in popularity of automated material handling equipment among end-user industries are some of the key factors driving the market. Industrial V-belts hold major share of the automated material handling equipment market. Its share is expected to increase further in the next few years due to the rise in demand from various industrial sectors.
Limited Usage to Hamper Adoption Rate of Industrial V-belts
V-belts are not suitable for equipment where synchronous speeds are required. This is one of the major restraining factors of the global V-belt market. Flat belts can be used as substitutes for V-belts for large center distances. Furthermore, flat belts have superior power transfer efficiency. Thus, limited usage and availability of substitutes with better functionality hamper the adoption of industrial v-belts to a certain extent, thereby hindering the market.
Industrial V-belts Market: Segmentation
The industrial V-belts market can be segmented based on:
Industrial V-belts Market Segmentation – By Material
Based on material, the industrial V-belts market can be classified into:
- Urethane Synthetic Materials
Industrial V-belts Market Segmentation – By End-user
Depending on end-user, the industrial V-belts market can be divided into:
- Material Handling
- Mining & Minerals
- Industrial Machinery
- Oil & Gas
- Agricultural Machinery
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