According to the new report by Global Industry Analaysts, Inc. there will be an increase in the demand of bearings due to the resurgence in heavy machinery manufacturing.
The bearing market is a mature one due to their widespread use in so many industries such as aerospace, industrial machinery, auto-mobile and even household appliances. The demand for bearings is closely linked with how well the capital goods and engineering industries are doing. The industrial heavy machinery sector is accountable for the largest end user industry, followed by the automotive sector which is close to around 25% of global sales of bearings. It is predicted that in coming years additional growth in the bearing market will come from the aerospace and related sectors.
Bearings are mainly categorized into ball bearings, roller bearings and plain bearings, with ball bearings dominating global market revenues. Angular contact ball bearings, automotive wheel hub ball bearing units, thrust ball bearings and self-aligning ball bearings represent common ball bearings in use. Roller and ball bearing assemblies in a number of sizes, designs and patterns, are extensively used in both four and two wheeled automobiles. Roller bearings is expected to outpace ball bearings as the largest product segment in the long-term. Presently, however, radial deep grove ball bearings constitutes the largest market segment. Technology innovation in the market is directed towards the development of newer materials. Most R&D projects are focused at increasing the efficiency of bearings, and manufacturing bearings specific to application requirements.
Due to its strength and durable characteristics, steel has played a vital role in the manufacturing of bearings for a long time, however, better performing materials such as silicon nitride ceramics are leading to a decline in the amount of steel that is being used. The global bearings market is very competitive with a number of key players squeezing profit margins for manufacturers.
China is leading the largest and fastest growing market worldwide according to a market research report. China has become the largest consumer and producers of bearings in the world in the past 10 years.
Major players covered in the report include EnPro Industries Inc., Federal-Mogul Corp., igus®, JTEKT Corporation, LM-Tarbell Inc., Minebea Co. Ltd., MISUMI USA Inc., NKE AUSTRIA GmbH, NSK Ltd., NTN Corporation, RBC France SAS, Rexnord Industries, LLC, Schaeffler Technologies GmbH & Co. KG, SKF Group, General Bearing Corp., Spyraflo Inc., and The Timken Company, among others.