The sales of rubber and plastics transmission belts and belting in the US have shown a marked decline from 2013 through to 2023, with occasional fluctuations. Starting from a high of 835.7 million USD in 2013, the numbers gradually decreased, reflecting a general downward trend. The year 2020 saw a significant dip of 18.13%, possibly influenced by external factors such as the pandemic. However, a moderate recovery was observed in 2021 and 2022, with growth rates of 12.91% and 3.85% respectively. The actual sales figure for 2023 stands at 530.4 million USD.
Looking ahead, the forecasted numbers continue this declination, with an expected average contraction rate of -1.15% per year over the next five years. This suggests a cautious outlook for the market.
Future trends to watch for:
- Potential advancements in material technology that may boost demand.
- Shifts in industrial production and manufacturing processes that utilize these products.
- Economic recovery and changes in trade policies that impact industrial goods.
