Pune, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Ball Bearing Market Analysis/Ball Bearing Market Trends
The global ball bearing industry is highly lucrative and predicted to witness significant growth at a healthy 4% CAGR over the forecast period (2020- 2025), reveals the Market Research Future (MRFR) report. Ball bearings, simply put, use balls for maintaining the separation between the bearing races. Mostly there are used for reducing the friction between the moving rotary parts and for supporting rotating parts for obtaining desired motion. Ball bearings have wide applications in different industry verticals like heavy machinery, railway, aerospace, and automotive.
Enhancing Features that Fuel Market Growth
As per the MRFR report, there are numerous factors that are propelling the ball bearing market size. These include the developing infrastructure of wind turbines from emerging markets in India, Mexico, Brazil, and China, growing demand for high-performance bearings for agriculture equipment, rise in industrialization, evolving medical sectors, demand from different end use industries such as energy, ship building, aerospace and defence, the growing demand for precision engineering, and evolution of smart technologies and digitalization.
On the contrary, high maintenance cost and volatility in raw material prices may have a negative impact on the global ball bearing market outlook over the forecast period.
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COVID-19 Analysis
The ongoing COVID-19 pandemic has created havoc across the world. The sudden lockdown imposed by the government had a drastic effect on the operations and supply chain thus having a negative impact on the market growth. The auto industry, too, has been impacted significantly by the pandemic and is amidst unprecedented uncertainty. This outbreak has affected the automotive production severely. The supply chain disruption is also accountable for the slowdown in manufacturing activities, thus delaying vehicle production that is impeding the market growth. The fall in demand for vehicles has also affected the market growth. The ease of travel restrictions and resumption of manufacturing activities are likely to boost the ball bearing market revenue post the pandemic.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the ball bearing market based on application and type.
By type, the global ball bearing market is segmented into thrust ball bearings, self-aligning ball bearings, angular contact ball bearings, deep-groove ball bearings, and others. Of these, the self-aligning bearings will lead the market over the forecast period for the growing demand from applications, including machine tools like textile processing machinery and paper.
By application, the global ball bearing market is segmented into construction, aerospace and defence, electronics, automotive, and others. Of these, the automotive segment will dominate the market over the forecast period for the growing sales of commercial vehicles & passenger cars in the developing and developed regions.
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Regional Segmentation
APAC to Spearhead Ball Bearing Market
By region, the global ball bearing market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. The enhancements in the infrastructure of electric cars, the growing number of windmill farms in India and China, the increasing development of construction, automotive, and mining industry, public enhancement projects in rural areas, and a surge in mining activities are adding to the global ball bearing market value in the region.
Europe to Grab Second-largest Share in Ball Bearing Market
In Europe, the global ball bearing market is projected to grab the second-largest share over the forecast period. The booming automotive sector, presence of top automobile manufacturers, large private investors making heavy investments in research and development, and the evolving construction infrastructure projects are adding to the global ball bearing market share in the region. Besides, the sustainable economic growth, increased investment, the growing demand for ball bearings in the mature markets of Japan, Western Europe, and the US by the rebounding productions of motor cars and a healthy fixed investment environment are also adding to the ball bearing market growth.
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Competitive Landscape
The prominent players profiled in the global ball bearing market report include Luoyang Huigong Bearing Technology Co., Ltd., THB Bearing, SKF, GKN Plc, The Danaher Corporation, LYC Bearing Corporation, Myonic GmbH, The Timken Company, NSK Ltd., Schaeffer Group, Nachi-Fujikoshi Corp, and NTN Corporation, among others.
The global ball bearing market is highly competitive and fragmented in nature, with the presence of several well-established domestic and international players. These players have encompassed several strategies to stay at the forefront in the competition and also cater to the customer’s burgeoning needs, such as mergers and acquisitions, partnerships, collaborations, and joint ventures, strategic alliances, geographic expansions, contracts, new product launches, and developments, and more. They are also competing with other players and investing heavily in R&D activities to widen their portfolio and also create a foothold in the market.
Industry Updates
- February 2021- Schaeffler India is continuing rural community development in Savli, near Vadodara. The manufacturing plants in Vadodara produce an array of ball bearings, wheel bearings, spherical roller bearings, and cylindrical roller bearings, which are sold under the brand FAG.
- February 2021- Emerson Bearing has recently added a new bearing range- the IP69K series bearings that will have different applications in which cleanliness, safety, and durability are paramount. The different applications entail poultry & meat processing, food manufacturing, and also canning & bottling operations.
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