The Middle East conveyor belts market is projected to register a compound annual growth rate (CAGR) of 4.3 per cent in terms of value during 2016 to 2026, said a report by Future Market Insights, a market research and consulting firm.

On the basis of product type, the Middle East conveyor belts market has been segmented into metal-reinforced rubber conveyor belt, fabric-reinforced rubber conveyor belt and plastic conveyor belts, said the report.

Metal-reinforced rubber conveyor belt segment has been estimated to account for 27.3 per cent value share of the market in 2015 and is expected to register a CAGR of 4.6 per cent over the forecast period, it added.

By cover type, Middle East conveyor belts market has been segmented into conductive conveyor belt, abrasion-resistant conveyor belt, heat- and flame- resistant and oil-resistant conveyor belt.

Conductive conveyor belt segment has been estimated to account for 13.5 per cent value share in 2015 and is expected to register a CAGR of 5.7 per cent over the forecast period. However, in terms of value, abrasion-resistant conveyor belt segment is projected to be dominant by 2026, accounting for market share of 37.8 per cent, as compared to heat- and flame- resistant segment, with 28 per cent share.

On the basis of application, the Middle East conveyor belts market is segmented into mining, food production industry, commercial, construction industry, electricity generating stations, automotive industry, chemical and fertilisers and packaging industry — among these, mining segment has been estimated to account for value share of 22.9 per cent in 2015, which is projected to decrease to 22.5 per cent by 2026.

The commercial segment is projected to exhibit the highest CAGR of 5.5 per cent over the forecast period.

By weight, Middle East conveyors belts market is segmented into lightweight, medium-weight and heavyweight — among these, medium-weight segment has been estimated to account for a value share of 49 per cent in 2015, which is projected to increase to 49.5 per cent by 2026. The lightweight segment is projected to exhibit the highest CAGR of 5 per cent over the forecast period.

Growth of the Middle East conveyors belts market is mainly driven by increasing adoption of automated production lines across various industries and rising number of construction sites in Middle East region.

Other trends driving growth include improvement of belt materials in conveyor systems and government initiatives to encourage local food production in the Middle East. High dependence on raw material imports and low profit margins for manufacturers are certain factors restraining growth of conveyor belt market in the Middle East.

Turkey has been estimated to dominate the Middle East conveyors belts market, with over 35 per cent market share in Middle East region in 2015 and is anticipated to remain dominant by 2026, followed by Saudi Arabia and the UAE.

Among all the countries in Middle East, Saudi Arabia’s market is anticipated to register the highest CAGR over 2016–2026, followed by UAE. This is mainly attributed to increasing demand from construction and mining industry in the kingdom and increase in number of mining projects such as limestone production in UAE.

Key players in the Middle East conveyor belt market include Al Kuwaiti Industrial Solutions, Arabian Universal, Bridgestone Corporation, ContiTech AG (Continental AG), Derby Conveyor Belts Industry and Trade Inc., FaBa Commercial Services, Fenner Dunlop Conveyor Belting, Kale Conveyor, Phoenix Conveyor Belts Systems GmbH, Schieffer Magam Industries Ltd., Semperit AG Holding and Ziligen.

Major participants are focusing on collaborations and partnerships with service providers to enter into new markets. These key players are also focusing on expanding their offerings and provide end-to-end solutions, which entails conveyor belt manufacturing, service, and maintenance, it added. – TradeArabia News Service