According to the FMI analysis on the plain bearing market, the global market is anticipated to reach a value of US$ 12,019.3 Million in 2023 and US$ 20,850.8 Million by 2033, rising at a modest CAGR of 5.7% over that time.
The market is growing as a result of the increase of plain bearing applications. Plain bearing market growth has also been aided by rising infrastructure spending, cutting-edge technical initiatives, and the development of heavy machinery in China, India, the United States, Germany, and Brazil.
The plain bearing market size is influenced by potential applications in the oilfield, building, automobile, aerospace, industrial, and energy sectors.The industry’s growth was fueled by factors including high quality, durability, and affordable production.
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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 Billion by 2026.
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.
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.
Furthermore, the introduction of smart bearings and rising economies will create new prospects for more plain bearings industry trends in the near future.
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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.
Key Segments
By Type:
- Journal
- Linear
- Thrust
- Angular Contact
- Others
By End User:
- Construction Machinery
- Automotive
- Industrial
- Aerospace
- Energy
- Agriculture & Gardening Equipment
- Oilfield Machinery
- Office Products
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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