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Rubber Transmission Belts Market size is estimated to be US$7.3 billion in 2027 and is forecasted to grow at a CAGR of 5.1% during 2022-2027. Industrial growth, the increased number of cities around the globe, and the increase in mining operations are likely to advance the global rubber transmission belts market in the forecast period. Rubber transmission belts made up of polyurethane have higher strength compared to natural rubber. Increasing demand for industrial belts in the chemical, pharmaceutical, food and beverage industries is expected to boost the market in the coming years. Moreover, power transmission belts gain strength due to the presence of polyurethane components. Thus, there is a huge increase in the use of rubber belts in mills, agriculture, automobiles, and machinery. This feature suggests that retailers operating in the global rubber transmission belts market will accumulate promising sales opportunities in the years to come.
Rubber Transmission Belts Market COVID-19 Impact
The coronavirus has had a profound impact on businesses worldwide and, as a result, among the rubber industry. Virtually all sectors around the world have reported declining demand as defence measures become more effective that reduce economic activity and affect health.
The manufacturing of rubber products is a labor-intensive industry and has about 6,000 medium and small-scale enterprises that employ about 6 lakh people directly. Another 0.7 million people were hired indirectly. Apart from the automotive industry, mining, medical, aerospace, agricultural, construction, machinery, machinery, engineering and electronics industries are the mainstays of the domestic rubber industry. In 2019, exports of Indian rubber products amounted to US$ 3,193.97 million. With the launch of Covid-19, these numbers have been dramatically declined in 2020.
Rubber Transmission Belts Market Segment Analysis – By Product Type
V-belts held the largest share in the rubber transmission belts market in 2021 and is expected to grow at a CAGR of 4.3% during the forecast period. V-belts are used in various industries depending on the application and purpose. V-belts are made of polyesters and are widely used in internal combustion engines to rotate the wheels. Moreover, V-belts are they are suitable for high power transmission in short rotations. The V-belt angle is usually between 30 inches to 40 inches. To increase power output, a few V-belts may work side by side so that the load is evenly distributed between them.
The major pros of V-belts are that they have high transmission capacity with high, the performance of the belt and pulley is smooth, provides tightness due to the small distance between the centers of the pulleys, the axis can be horizontal, vertical or curved, V-belts can reduce vibration. Specialty belts can be designed with customizations so that they can be used in specific applications. The aforementioned wide adaptability of V-belts is expected to drive the market segment in the forecasted period.
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Rubber Transmission Belts Market Segment Analysis – By Application
The industrial segment held a significant share of around 46.5% in the Rubber transmission belts market in 2021 and is expected to grow at a CAGR of 5.3% during the forecast period.
Rubber transmission belts are widely used in industrial machinery. Rubber transmission belts are applied in automotive parts and agricultural services. However, at lower prices than industrial equipment, rubber transmission belts offer a variety of benefits. Therefore, it is the preferred choice in sectors such as industry, automotive parts, agricultural equipment, and mining. The recent COVID-19 epidemic has had a devastating effect on virtually every industrial sector, including the global rubber transmission belts market. Vendors operating in the global market for rubber transmission belts face many challenges related to demand and manufacturing activities. As a result, there is a significant disruption in supply chains. All of these factors have had a negative impact on the overall income of many players working in the global rubber requiring market. To reduce the impact of the COVID-19 epidemic, many companies around the world have begun their slow production operations. Therefore, the growing efforts of businesses to regain their normal operations will help to improve the business conditions prevailing in the rubber transmission belts market worldwide in the years to come.
Rubber Transmission Belts Market Segment Analysis – By Geography
The Asia Pacific dominated the market in terms of volume and revenue by 2021. In terms of revenue, the Asia Pacific region held the largest share more than 50% in the Rubber transmission belts market in 2021, owing to the various players in the region.
Market growth in the Asia Pacific region is mainly due to industrial belts requirement in automotive, textiles, processing industries, and others. The increased demand for vehicles in Asia has had a positive impact on the rubber transmission belts market in the region. Furthermore, The availability of affordable jobs and plenty of resources have enabled cheap Asian companies to make rubber transmission belts at very low prices. Therefore, a few established American and European players find the Asia Pacific market to be competitive to make an entry and integrate their presence into the region, this has positively affected the Asian market for the rubber transmission belts market. For an instance, according to the Statista research department, India’s automotive parts and components market value was around US$ 51.2 billion in 2018 and has drastically increased US$ 56.52 billion in 2019. The data depicts the demand for automotive parts in the country. This demand is expected to fuel the production of parts leading to a higher market capitalisation of the rubber transmission belts market.
Rubber Transmission Belts Market – Drivers
Higher Availability and Superior Properties of Rubber
Increased Demand from Different industries Fuel Industry Opportunities to Increase Manufacturers of Rubber Belts transmission belts. There is a huge increase in the use of rubber belts in mills, agriculture, automobiles, and machinery. This feature suggests that retailers operating in the global rubber market will accumulate promising sales opportunities in the coming years. It also works under low-temperature conditions. It is a complete wheel architecture. To add on, properties such as heat and abrasion make rubber an extremely useful and valuable raw material for various end-to-end industries including transmission belts. According to Malaysian Rubber Board, the global consumption of rubber was around 28,412 Kilo tons in 2018 and has increased to 29,086 Kilo tons in the preceding year. The growing demand from the various manufacturing industries augmented with easy availability is one of the key trends in the rubber transmission belts market.
Increased Number of Vehicles on Road
Rubber transmission belts are majorly known in the automotive industry. The growing demand for rubber raw material is owed by the smooth run and noiseless operation of rubber transmission belts. Apart from this, cost efficiency is an additional factor that stimulates the demand for these products. Because of all these factors, retailers from the global rubber transmission belts market are quoting the industry with a supportive note. According to the ministry of road transport and highways of India, the total number of vehicles manufactured are approximately US$ 272.59 million in 2018 and has increased to US$ 295.77 million in 2019. The increased manufacturing volume of vehicles indicates the demand for manufacturing units that consumes rubber transmission belt products.
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Rubber Transmission Belts Market – Challenges
Fluctuating Rubber Prices
The rubber industry as a raw material supplier is observed to be uncertain and heterogeneous in nature. This is due to the consumption of rubber from the high number of end-users including not only in the automotive industry, but also in the consumer goods, consumer goods, and industries. The rubber transmission belts market uses two types of rubber wiz natural rubber and synthetic rubber. According to the International Rubber Study Group, The Raw Material Price Index for rubber stood at about 18% higher in 2021 than the previous year. This is expected to raise the prices of rubber by 10% in 2021, compared to 2020. According to the World Bank’s Commodity Markets Outlook., Prices for natural rubber are as high as 70% in May 2021 compared to 2020, with many manufacturers closing due to COVID-19 restrictions and weak demand for vehicles which contributes around 2/3rd of the natural rubber consumption. On the consumption side, there are still problems with the availability of workers in countries due to workflow restrictions. Rubber prices are expected to continue to fluctuate further, compared to 2020, before stabilising in 2022. Hence, the fluctuating prices have a hurdling impact on the rubber transmission belts market as rubber is the major raw material to manufacture the products.
Rubber Transmission Belts Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Rubber transmission belts market. Rubber transmission belts market top 10 companies are:
Recent Developments
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Key Takeaways
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