Plain Bearing
Market: Snapshot
The plain bearing
market has been growing at a steady pace due to the increasing demand
for motor vehicles, oilfield machinery, and construction work. A wide
range of equipment used in the energy, aerospace, railways,
automotive, farm and gardening, construction, and oilfield sectors
make extensive use of plain bearings.
The primary factor
driving the growth of the global plain bearing market is the growing
demand for motor vehicles worldwide. In addition, the rising demand
for bearings in the defense and aerospace sector is aiding the growth
of this market. Rising technological innovations are, however, making
these bearings more durable and this hinders aftermarket sales. The
growing number of counterfeit products is also hampering the growth
of the plain bearings market globally. On the bright side, the
introduction of smart bearings is expected to provide new
opportunities manufacturers of plain bearings in the near future.
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The global plain
bearing market was valued at US$9.5 bn in 2015 and is expected to
reach US$16.2 bn by 2024, registering a CAGR of 5.8% therein.
Automotive
Industry Holds Considerable Share in Plain Bearing Market
Based on end use,
the global market for plain bearings is broadly bifurcated into the
automotive and industrial sectors. The industrial sector is further
segmented into chemical, agriculture, food and beverage, pulp and
paper, aerospace, and others. Recent trends show that there is a
steady year-on-year rise in the production of motor vehicles and thus
the automotive industry accounts for a considerable share in the
plain bearing market.
In the industrial
segment, the construction sector holds a major chunk of the market in
certain regions. In addition to the construction sector, oilfields
and the aerospace industry are expected to contribute to the growth
of the plain bearing market during the forecast period.
RoW Presents
Lucrative Opportunities for Manufacturers of Plain Bearings
Geographically, Asia
Pacific has been leading the plain bearing market and is expected to
retain its lead throughout the forecast period. Continuous
urbanization and the growing demand for automobiles in developing
countries such as India and China is driving the Asia Pacific market.
In addition to this, the falling prices of bearings bode well for the
market in this region. South Korea, Taiwan, Singapore, and Japan have
also been witnessing rapid growth in the automotive sector and many
plain bearing companies in these countries are opening up
manufacturing facilities in order to cater to the growing demand. The
rising demand for infrastructure development is boosting the use of
plain bearings in the construction industry, TMR finds.
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The Rest of the
World segment includes the Middle East, Africa, and South America.
The Middle East has proven to be a lucrative region for the plain
bearing market owing to its thriving construction and automotive
industries. In 2012, NSK opened its new branch NSK Bearings Gulf
Trading Co. in Dubai, UAE. Countries in the African continent, such
as South Africa, have been observing an increased level of
industrialization and this is expected to boost the demand as well as
market for plain bearings in the coming years.
South America is
mainly dominated by Brazil and has several conducive factors
contributing to the plain bearing market in the region. The ongoing
development in the construction sector is the primary demand driver
for journal bearings.
The key players
operating in the global plain bearing market include SKF Group, The
Timken Company, Schaeffler AG, NSK Ltd, NTN Corporation, RBC
Bearings, Inc., JTEKT Corporation, AST Bearing LLC, GGB Bearing
Technology, and Brammer Plc
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