CONVEYOR BELTS MARKET ANALYSIS
Market Dynamics
Rising air passenger traffic has increased the need for expansion, modernization, and development of new airports. According to Coherent Market Insights’ analysis, Asia plans to complete construction of 20-23 airports by 2020. For instance, the Beijing Daxing International Airport (China) is currently under construction and is expected to be functional by 2019. The new airport plans to have a total of 7 runways in the future to accommodate 620,000 flights and 100 million passengers each year. This is expected to increase the demand for conveyor belts in the airport industry and drive growth of the global conveyor belts market over the forecast period.
Moreover, growth of infrastructure sector, which includes increasing construction of malls and others, is another major factor fueling demand for conveyor belts, thereby driving growth of the market.
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