Plain Bearing Market to Reach US$16.2 Bn by 2024 Rising Demand for Motor Vehicles to Drive Growth
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.
Albany, NY -- (SBWire) -- 01/15/2018 --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.
Bearings are components made with high precision which enables the machines to move at high speeds or carry heavy loads with efficiency. There are several types of bearings such as roller bearing, plain bearing jewel bearing and fluid bearing among others. Plain bearings are simplest of the type comprised of a surface with no rolling elements. Based on design type, the plain bearing market is categorized into three segments: journal, linear and thrust bearings. The global surge in production of automobiles is driving the growth of the plain bearing market. In addition, growing demand for bearings in the defense and aerospace industry is also contributing to the growth of this market. Plain bearings are used in a wide range of equipment including automotive, aerospace, energy, construction machinery, farm and gardening machinery, and oilfield machinery among others.
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The primary factor driving the growth of plain bearing market is the growing demand for motor vehicles globally. In addition, the rising demand for bearings in the defense and aerospace sector is also aiding to the growth of this market. However, the increasing technological innovations are making these bearings durable and hence hindering the growth of aftermarket sales. In addition, the growing number is counterfeit products in also hindering the growth of plain bearings globally. Moreover, the introduction of smart bearings is expected to provide new market opportunities for bearing manufacturers in the near future. Other technologies such as magnetic levitation and bearings cushioned with compressed air are also in the process of development.
The global plain bearing market has been categorized by types in journal plain bearing, linear plain bearing and thrust plain bearing. The journal plain bearing has been analyzed to hold the largest market share during the forecast period. The rising demand for construction in developing regions like Asia Pacific and Middle East and Africa are driving the growth for this segment. Furthermore, the falling price of thrust bearing is resulting into the fastest growth of this segment.
In terms of end use industries, the global plain bearing market can been broadly segmented in automotive and industrial sectors. The industrial segment has been further sub-divided into aerospace, energy, construction machinery, farm and garden machinery and oilfield machinery among others. The automotive segment has the highest market share in the end use segment. The dominance is attributed to the growing motor vehicle production globally.
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Furthermore, the market has been segmented regionally into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Regionally, Asia Pacific region is holds the largest market share in 2015 and expected to dominate the market during the forecast period. The reason behind the dominance has been attributed to the growing demand for automobiles in this region. Furthermore, the increasing need for urbanization in the developing countries like India and China is further aiding to the growth of plain bearings in this region. In addition, the region has several manufacturing facilities for plain bearing.
In order to get a better understanding of the plain bearing in the aftermarket sales, a distribution chain analysis has been provided with respect to the aftermarket sales. Furthermore, the market share for direct sales and aftermarket sales has also been analyzed for the global plain bearing market. Moreover, the key players in the market have also been profiled in terms of their product segment, recent developments, financial overview and business strategies. In addition, the market positioning of these key players have also been discussed in the scope of the study. The leading 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 among others.
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The global plain bearing market can be segmented as follows;-
Global Plain Bearing Market, By Type
Global Plain Bearing Market, By End use
Farm and Garden Machinery
Global Plain Bearing Market, By Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of Latin America
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