Bearing market
Bearing, a mechanical component used between two parts for smoother rotational or linear movement, reduces friction and enhanced performance consuming lesser energy. Bearings are hugely used in various, rapidly growing sectors such as automotive, electronics, aerospace, and construction, among others. Extensive uses leading to creating a huge demand is a key driving force behind the growth of the market.
According to an eminent research firm, Market Research Future (MRFR), the global Bearing market is booming and expected to gain more prominence over the forecast period. In its recently published, the global bearing market would demonstrate a spectacular growth by 2022 with a striking CAGR throughout the projected period (2016 -2022). Rapid industrialization worldwide is another major factor acting as a tailwind for the market growth.
Moreover, the growing construction industry, the demand for new nuclear power stations, and the increasing demand for Bearings across the O&G sectors attribute to the growth of the market. Additionally, the rising industrialization in emerging economies along with the proliferation of Industrial Internet of Things (IIoT) has prompted the growth & demand for Bearings. With the increased demand for the process, safety is fostering the market growth of bearings.
Adversely, the recession or downturn in the mining industry, especially in growing economies of the Asia Pacific and Africa, is expected to pose challenges to the growth of the Bearing market during the forecast period. Manufacturers of bearings are sensitive towards the environment as well. They increasingly use sustainable raw materials and manufacturing techniques.
For instance; on June 19, 2019, one of the UK based bearing manufacturer, Allen Brothers Ltd. launched its new plain bearing range made from recycled plastics to ensure an eco-friendlier product, delivering enhanced performance. The new range made using 100% recycled plastics will help to reduce the long-term impact of plastics and un-recyclable materials on the environment.
Global Bearing Market - Regional Analysis
The Asia Pacific region would retain it’s over the global bearing market due to the enormously growing automotive sector in the region. Moreover, favorable government policies impact the growth of the market; for instance; India allows 100% foreign direct investment (FDI) in the auto sector. Additionally, presence of industry giants in the region such as NTN Corporation (Japan), JTEKT Corporation (Japan), and MinebeaMitsumi, Inc. (Japan), pushes up the growth of Asia Pacific market of bearings.
The APAC has always been attracting bearing manufacturers from the developed regions with the ample availability of cost-competitive logistics such as land, workforce, and raw materials required for the production of bearings. This, as a result, helps in boosting the bearing market in the region, encouraging foreign manufacturers to shift their production bases to the rapidly emerging countries such as India and China.
The bearing market in the North American region accounts for the second-largest market, globally. Implementation of stringent governments policies towards safety norms to be regulated in the industries such as automotive, electronics, aerospace, and construction, among others, drive the growth of the regional market.
High demand for bearings from the automotive and existing power plants sector in the region is contributing to the regional market growth, favorably. Moreover, the increasing emphasis from the government bodies for better product quality and power reliability as per the established standards propel the growth of the regional market.
Global Bearing Market - Competitive Analysis
Highly competitive, the bearing market appears to be diversified with the presence of a large number of big and small-scale players. To gain competitive advantages and to sustain in the market, these players invest heavily in R&D to develop advanced technologies and manufacturing techniques. Players compete against each other on product quality, reliability, cost, and aftermarket services.
Marketers tap growing markets for expansions and manufacturers focus on optimized situational awareness for commercial and military customers to ensure their mission success. Manufacturers strive to offer bearings with extended service life, safe operation, and environmental protection.
Major Players:
Players leading the global Bearing market include Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), The Timken Company (US), NSK Ltd. (Japan), JTEKT Corporation (Japan), The Danaher Corporation (US), Robert Bosch GmbH (Japan), GKN plc. (UK), and MinebeaMitsumi, Inc. (Japan), among others.
