The consolidated plain
bearings market is led by NSK Ltd., JTEKT Corp., NTN
Corp., The Timken Company, SKF Group, and Schaeffler Group. These companies
jointly accounted for a share of over 40% in 2015, with SKF leading the pack.
Transparency Market Research has observed that these players have been focusing
on new product development in order to meet the growing needs of their
customers. For instance, SKF developed new spherical roller bearings in April
2014 with superior performance and lower maintenance costs.
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.
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.
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.
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