As per the plain bearing market report by FMI, the global market is expected to be worth US$ 10 billion in 2021 and US$ 17 billion by 2032, growing at a modest CAGR of 5% over the forecast period.
The rise of plain bearing applications is propelling the market forward. In addition, increased infrastructure spending, emerging technological projects, and heavy machinery development in China, India, the United States, Germany, and Brazil have further bolstered plain bearing market growth.
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Potential uses in the oilfield, construction, automotive, aerospace, industrial, and energy industries drive the plain bearing market size. The industry’s expansion was driven by aspects such as high quality and durability and low-cost production.
In response to increased global demand for automobiles, the sales for plain bearing are also predicted to grow. Furthermore, the rising need for wind power generation, rising urbanization in emerging regions, and technical developments are all important market variables that will increase the plain bearing market potential. Plain bearings are lightweight, have a high load-carrying capacity, require less maintenance, have a longer life, and are exceptionally reliable. These plain bearing applications are propelling the industry forward as well. The market is also expanding as the need for bearings in the defense and aerospace industries increases.
Furthermore, the introduction of smart bearings and rising economies will create new prospects for more plain bearings industry trends in the near future.
The global market study on plain bearing indicates that a rise in counterfeit goods might stifle market growth. The market’s growth pace would also be hampered by shifting input costs. Steel, tin-based alloys, chrome steel, and engineering plastics are among the most important raw materials used to adopt plain bearings. In the global marketplace, dramatic changes in several metals and crude oil prices have been recorded. This has a serious influence on plain bearing output and the increasing plain bearing market share.
The global plain bearing market is expected to record a valuation of US$ 13 Bn by 2026.
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Key Takeaways
• FMI’s plain bearing market report states that the car end-use industry held the greatest proportion of the worldwide plain bearing market. The surge for simple bearings in the vehicle industry is mainly accountable for the rise.
• Due to increased demand for plain bearings from various end-use sectors such as car, aerospace, construction, and energy in this area, the Asia-Pacific region led the global plain bearing market in 2020. China, India, and Japan lead the way in terms of plain bearing demand and supply in the Asia-Pacific area.
• The European region accounted for the second-largest share of the worldwide plain bearing market. In the European region, Germany, France, and the United Kingdom are the top producers and consumers of plain bearing as per the plain bearing market outlook.
“Increased plain bearing uses and lifespan as a result of technical advancements limits aftermarket sales, limiting the growth of the worldwide plain bearing market. Furthermore, an increase in the number of counterfeit products may stifle demand. Nonetheless, smart product introduction is expected to be a key option for expanding product breadth.”, opines an FMI analyst.
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Competitive Landscape
A new market research report on the plain bearing market specifies that the major plain bearing material manufacturers in North America and Europe adhere to stringent government requirements. On the other hand, emerging regions have fewer or no industry regulations, albeit there are a few rules requiring the use of environmentally hygienic and safe plain-bearing items.
As a result, expanding markets in the Middle East, Africa, and the Asia Pacific provide plain bearing market opportunities for manufacturers. Furthermore, the robust success of end-use industries such as automotive, aerospace, energy, agriculture, construction, mining, and oil & gas can be attributable to the rising regions’ high development potential.
• SKF Group committed USD 44.3 million in expanding and renovating its Airasca, Italy manufacturing site in March 2021. The investment will enable the Group’s largest production location in Italy to produce super-precision bearings for industrial applications.
• Timken Company bought Aurora Bearing Company’s assets in December 2020. Rod ends, and Aurora Bearing Company manufactures spherical plain bearing types for various industries, including aerospace and defense, racing, off-highway equipment, and packaging.