United States, Rockville MD, April 12, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Bearing market is projected to grow at a compound annual rate (CAGR) of 7% between 2021 and 2031. The market is expected to reach US$ 145 Bn by the end of 2031.
The demand for Bearing is expected to rise over the forecast period and the market was valued US$ 74 Bn in 2020.
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Revenues are expected to nearly double throughout the forecast period. Uptake is expected to remain elevated across the construction industry, while automotive applications account for the highest revenue share.
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The sale of bearings used in the automotive industry is directly proportional to the increase in vehicle production. According to data from the International Organization of Motor Car Manufacturers (OICA), global passenger vehicle production reached 69.3 million units in 2018, up 2.25 percent from the previous year. Likewise, incorporation of smart sensor-based technology, such as SKFs InsightTM integrated wireless technology, are making major breakthroughs in the global bearings industry.
How is the Construction Industry Spurring Bearing Adoption?
The bearing industry has been steadily growing in tandem with the development of the construction industry globally. The spike in bearing demand is developing as the industrial and residential construction segments expand with new projects.
Crawler dozers, wheel loaders, hydraulic excavators, and other bearing goods are widely utilized in the construction of large buildings, resulting in increased demand. Bulk of this demand is expected to be stimulated from the U.S, India and China, as massive construction and infrastructure projects are in the pipeline for the forthcoming decade.
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Key Segments Covered in the Plain Bearing Industry Survey
By Product:
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Other Bearings
By Bearing Type:
- Unmounted Bearing
- Mounted Bearing
By Component:
- Bearing Balls
- Bearing Rollers
- Bearing Cages
- Bearing Rings
- Other Bearing Components
By Application:
- Automotive Bearings
- Construction Bearings
- Aerospace Bearings
- Power Transmission Bearings
- Oil & Gas Bearings
- Agriculture Bearings
- Other Applications
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Competitive Landscape
Key bearing manufacturers profiled by Fact.MR include: HKT Bearings Ltd., Minebea Mitsumi Inc., Nachi Fujikoshi Corp., Igus Corporation, JTEKT Corporation, NSK Ltd., Timken Company Ltd., Wafangdian Bearing Group Co. Ltd., NTN Corporation, Schaeffler Technologies AG & Co. and SKF Inc. among others. Key expansion strategies include product launches, capacity expansion and acquisitions among others.
- Since October 2020, NTN Corporation has begun mass production and delivery of the "ULTAGE Tapered Roller Bearing for Automotive Application," which is developed for automotive transmissions and differentials.
- In April 2021, NSK Ltd. has manufactured a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can operate at over 1.8 million dmN*1. It's the fastest grease-lubricated deep groove ball bearing for automotive applications in the world.
Key players in the Bearing Market
- HKT Bearings Ltd.
- Minebea Mitsumi Inc.
- Nachi Fujikoshi Corp.
- Igus Corporation
- JTEKT Corporation
- NSK Ltd.
- Timken Company Ltd.
- Wafangdian Bearing Group Co. Ltd.
- NTN Corporation
- Schaeffler Technologies AG & Co.
- SKF Inc.
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Key Takeaways from the Agriculture Bearings Market Study
- By product, ball bearing sales to surge at a CAGR of 5% through 2031
- Mounted bearings to capture a revenue share worth 45% across the forecast period
- By application, automotive bearings dominated the market in 2020, yielding nearly 50% of global demand
- U.S to be an attractive market, generating approximately 2 out of 5 bearing sales
- Europe to experience an expansion rate of 7% across the forthcoming decade
- Asia likely to surpass US$ 95 Bn by 2031, accounting for 2/5th of global market demand
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