Global Bearings Market is Forecast to Reach US$83 Billion by 2020
Resurgence in Heavy
Machinery Manufacturing to Drive Demand for Bearings, According to New Report
by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments,
trends, growth drivers, market share, market size and demand forecasts on the
global Bearings market. Global
Bearings market is forecast to reach US$83 billion by 2020, driven by the
recovery in commercial and industrial machinery and equipment manufacturing
activity.
Global bearings
market is mature, given its widespread and established use in diverse manufacturing
sectors ranging from aerospace, industrial machinery, automobiles to household
appliances. Demand for bearings is dynamic, and is closely linked to the
health of the capital goods and engineering industries. The industrial heavy
machinery sector constitutes the largest end-user market, followed by the automotive
sector, which accounts for close to about one-fourth of global sales of
bearings. In the coming years, growth in the market will come from increased demand
for bearings used in the aerospace and allied sectors.
Bearings are mainly categorized into ball bearings,
roller bearings and plain bearings, with ball bearings dominating global market
revenues. Angular contact ball bearings, automotive wheel hub ball bearing
units, thrust ball bearings and self-aligning ball bearings represent common
ball bearings in use. Roller and ball bearing assemblies in a number of sizes,
designs and patterns, are extensively used in both four and two wheeled
automobiles. Roller bearings is expected to outpace ball bearings as the
largest product segment in the long-term. Presently, however, radial deep grove
ball bearings constitutes the largest market segment. Technology innovation in
the market is directed towards the development of newer materials. Most R&D
projects are focussed at increasing the efficiency of bearings, and
manufacturing bearings specific to application requirements.
Steel, for long, has been playing a vital role in the
manufacture of bearings by virtue of its strength and durability characteristics.
However, with the advent of better performing materials, such as silicon
nitride ceramics, use of steel is gradually declining. The global bearings
market is intensely competitive with the presence of a number of established
players. The large number of players operating in the market compounds pricing
pressures for manufacturers thus squeezing profit margins.
As stated by the new market research report on Bearings, Asia-Pacific
represents the largest and the fastest growing market worldwide, led by China. The
country, over the last decade, has emerged
as the largest consumer and producer of bearings in the world. However, production
in China, of late, has been registering lackluster growth due to slowing down
of the country’s economic growth and less-than-anticipated growth in major
end-use industries. The effect of the slowdown in developed economies
was also felt in emerging and developing nations like China.
Major players covered in the report include EnPro
Industries Inc., Federal-Mogul Corp., igus®, JTEKT Corporation, LM-Tarbell
Inc., Minebea Co. Ltd., MISUMI USA Inc., NKE AUSTRIA GmbH, NSK Ltd., NTN
Corporation, RBC France SAS, Rexnord Industries, LLC, Schaeffler Technologies
GmbH & Co. KG, SKF Group, General Bearing Corp., Spyraflo Inc., and The
Timken Company, among others.
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