According to a new study by Fact.MR, global bearing market growth will hover around 7% despite fundamental weaknesses induced by COVID-19 pandemic. Market players are readying for the opportunities as reversal of lockdowns has created stimulus in many markets. However, the uncertainty over second wave of the pandemic and lack of investor confidence can delay recovery to late 2021 or early 2022, according to the study.
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Key Takeaways from Bearing Market Report
- Global bearing market is anticipated to witness over 7% CAGR through 2030
- Market growth highly dependent on automotive sector revival
- Ball bearing continues to be the top-selling product
- End-users continue to show marked preference for unmounted variants
- APAC will maintain a lead as the largest market throughout the forecast period
- Growing use of innovative bearing technology in construction creating new growth avenues
- Steady penetration of EV likely to create opportunities in the long run
“While there has been a gradual reopening of economy, the weakness in automotive and construction sector will continue to impact market growth through 1st quarter of 2022,”says a Fact.MR analyst.
Key Segments Covered
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Other Bearings
- Bearing Type
- Unmounted Bearing
- Mounted Bearing
- Bearing Balls
- Bearing Rollers
- Bearing Cages
- Bearing Rings
- Other Bearing Components
- Automotive Bearings
- Construction Bearings
- Aerospace Bearings
- Power Transmission Bearings
- Oil & Gas Bearings
- Agriculture Bearings
- Other Applications
Manufacturers in the bearing industry are more motivated to produce unique patented goods in order to meet the growing demand for optimum materials and designs.
Another key reason that is expected to enhance bearing demand throughout the forecast period is the Industry 4.0 movement, which is gaining traction in manufacturing and industrial automation. Market participants are progressively working on refining their goods’ interior designs while also maximizing other elements such as cage design, among others.
Consistent developments in bearing technology, particularly for high-speed applications, are expected to drive market expansion. Leading bearing manufacturers are aiming to exploit important growth tactics, which include introducing new product lines, creating strategic alliances with current manufacturers, acquiring rivals, and obtaining collaborations with major organizations.
- For instance, NTN Corporation has launched mass production and distribution of the “ULTAGE Tapered Roller Bearing for Vehicle Application” beginning October 2020, which is designed for automotive gearboxes and differentials.
- NSK Ltd. produced a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can function at over 1.8 million dmN*1 in April 2021. It is the world’s quickest grease-lubricated deep groove ball bearing for automotive applications.
- AB SKF announced in March 2021 that it will invest SEK 400 million (US$ 45 million) in expanding and renovating its production site in Airasca, Italy. This investment will almost certainly introduce super-precision bearings (SuPBs) for industrial applications to Italy.