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.

The research report titled “Bearings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, challenges, product launches, and strategic corporate activity of major/niche global as well as regional players. The report provides market estimates and projections in in terms of dollars for regions including the US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), The Middle East, and Latin-America. Key segments analyzed include Plain Bearings, Ball Bearings, and Roller Bearings.