A method of forming a belt for suspending and/or driving an elevator car includes arraying a plurality of tension elements longitudinally along a belt and interlacing a plurality of warp fibers and a plurality of weft fibers with the plurality of tension elements to form a composite belt structure. A coating is applied to at least partially encapsulate the composite belt structure. The coating includes a base coating material and at least one additive mixed with the base coating material to improve an operational characteristic of the belt.