Non-automotive rubber transmission belts market projected to reach $7.5 billion
Dover, DE — The global market for non-automotive rubber transmission belts is projected to reach $7.5 billion by 2032, driven by technological advances, industrial growth and increasing demand across sectors including manufacturing, mining and agriculture.
The market was valued at $5.5 billion in 2024 and is expected to grow at a compound annual growth rate of 3.9% through 2032, according to Polaris Market Research.
Advances in materials and manufacturing techniques are helping manufacturers produce belts with greater durability, strength and resistance to wear. These improvements allow transmission belts to operate under demanding conditions, including high temperatures, corrosive environments and heavy loads, while potentially reducing maintenance requirements.
Manufacturers also are developing lightweight, high-performance belts designed for specific industrial applications. Precision molding and extrusion techniques have improved consistency in belt dimensions and flexibility, contributing to smoother operation, lower noise levels and reduced energy losses.
V-belts dominated the global market in 2023, according to the report. Their versatility and efficiency in power transmission have made them widely used in industries such as manufacturing, agriculture, mining and construction.
The mining segment is expected to experience significant growth during the forecast period because of the industry’s reliance on conveyor systems to transport coal, ore and other bulk materials.
The Asia-Pacific region led the global market in 2023 and is expected to maintain its position during the forecast period. Growth in the region is being supported by expanding industrial activity in manufacturing, mining, agriculture, construction and logistics.
Meanwhile, developed economies are expected to see continued demand for replacement belts as industrial infrastructure ages. North America and Europe remain key markets because of technological advances and stringent quality standards, according to the report.
Major companies identified in the market include Chiorino S.p.A., Continental AG, Gates Industrial Corporation plc, Habasit, Hanna Rubber Company, HIC International Co. Inc., Jonson Rubber, Mitsuboshi Belting Ltd., Optibelt GmbH and SKF.
The market includes products such as raw-edged belts, V-belts, timing belts and specialty belts. Key applications include industrial operations, agricultural equipment, construction, mining, aerospace, food processing and textiles.
The forecast covers the period from 2024 through 2032.