The global Middle East Conveyor Belts Market is estimated to be valued at US$ 214680.93 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Conveyor belts are widely used in the oil and gas industry for bulk material handling applications in oil refineries, petrochemical plants, offshore platforms, pipelines etc. They are highly durable and provide efficient transportation of materials over long or short distances.
Market key trends:
One of the key trends in the Middle East conveyor belts market is the increasing demand from the mining industry. Mining activities are expanding in the countries of Saudi Arabia, United Arab Emirates, and Israel among others. Conveyor belts help efficiently transport heavy materials like coal, minerals, stones etc. within mining sites over hills and uneven terrains. Additionally, growing industrialization and infrastructure development projects in the region are also driving the use of conveyor belts in construction, manufacturing and logistics industries. The market players are focusing on introducing customized conveyor belt solutions for diverse bulk material handling needs of end-use industries.
SWOT Analysis
Strength: Middle East conveyor belts market has high demand for conveyor belts from various industries like mining, food & beverages, cement, oil & gas etc. due to rapid industrialization.
Weakness: High operational and maintenance cost of conveyor belts can be a challenge for end-users.
Opportunity: Growing infrastructure development activities in the region is creating opportunities for conveyor belt manufacturers. Increasing investments in construction and mining industries will boost the market growth.
Threats: Political instability in some Middle Eastern countries and fluctuation in raw material prices can threaten the steady growth of the market.
Key Takeaways
Global Middle East Conveyor Belts Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand from food processing and logistics industries.
Regional analysis
The Middle East conveyor belts market is dominated by Gulf Cooperation Council countries such as Saudi Arabia, UAE, and Kuwait due to high economic growth and ongoing construction activities. These countries are undertaking various industrialization and infrastructure projects which is fueling the conveyor belts demand. Countries like Turkey and Israel are also emerging as high growth conveyor belts markets in the region.
Key players operating in the Middle East conveyor belts market are Al Kuwaiti Industrial Solutions, Ziligen A.S., Arabian Universal, Semperit AG Holding, Bridgestone Corporation, Schieffer Magam Industries Ltd., ContiTech AG (Continental AG), Phoenix Conveyor Belt Systems Gmbh, Derby Conveyor Belt Industry and Trade Inc., Kale Conveyor, FaBa Commercial Services, and Fenner Dunlop Conveyor Belting. The market is fragmented with the presence of numerous international and domestic players. The key players are focusing on new product launch and strategic expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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