The global bearings market size stood at USD 39.46 billion in 2018 and is projected to reach USD 52.44 billion by 2026, exhibiting a CAGR of 3.6% during the forecast period (2019 - 2026)

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Bearings industry is expected to observe significant growth owing to the increasing demand from the automotive sector. Owing to the various applications including gearboxes, wheels, stearings, electric motors, pumps, and engines in the automotive industry. Furthermore, rising demand from the heavy machinery is further expected to result in the bearing market growth. The increase in food processing and packaging equipment is resulting in growth of food & beverage machinery.

According to the sources, the plant and machinery sector in the food processing industry was valued at USD 17.3 billion in 2017 and is projected to be USD 51.41 billion by 2025. The manufacturers are focusing on development of bearings Suitable to food & beverages industry. For instance, NSK has developed Aqua-Bearing designed to withstand high corrosive environment in food & beverage industry. Aqua bearings are cost effective, highly corrosion resistant and can withstand high temperature of up to 150 degrees Celsius.

The focus of customers on high efficiency has led to the increase in demand for coated bearings. Manufacturers are offering various coatings on bearing including nickel, carbon, lubricant and specialty coatings. These coatings increase the life of bearing by reducing wear activities. For instance, NSK Ltd. Nickel plated bearings which can withstand chemical washing and is cost effective when compared with ceramic ones. Another example, the NoWear coated bearings manufactured by SKF.

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NoWear is a wear resistance carbon coating developed by NSK, which can be applied to inner raceway and rolling elements of bearings. These bearing offer various features such as improved friction properties, long service life, and excellent toughness to be operated under severe environment. The increasing demand for coated bearings from various applications such as compressors, hydraulic pumps & motors, and marine & offshore application is expected to drive the bearings industry in the near future. Furthermore, Calico Coatings with partners ACL, Mahle/Clevite and Durabond offeres CT-1 Dry Film Lubricant coated bearings for high performance engine.

The manufacturers are offering bearings made of special materials such as nitrogen steel, light alloys to suffice specific requirements of the customers. For instance, SKF provides wide range of polymer bearings such as PA66 and PA46 and fully customized bearings to achieve specific product performances. In addition, manufacturer also offer hybrid bearings for applications where high speed and heavy load are involved.

The ceramic rolling elements (balls) are made out of various materials including silicon nitride, aluminum oxide, zirconium oxide, and silicon carbide. These bearings have various advantages including increased stiffness, reduced friction, longer bearing life, anti-corrosion, electric insulation, reduced lubrication needs and, enhanced acceleration capability. For instance, SKF manufactures silicon nitride hybrid bearing which can be used in wide range of applications including gear box, and wheel bearing. Ceramic bearings are ideal for satellite and space craft applications, high-speed mills, high-speed machining, precision instruments, pumps and compressors.

The technological advancements in the semiconductor industry including flat panel display (FPD), solar panel, semiconductor chip and cell phone is resulting in increased demand for the high accuracy bearings. The manufacturers are strengthening their product portfolio by development of industry specific products. For instance, NSK offers SPACE series which includes bearing, ball screws, and linear guidelines specific to the semiconductors sector. NSK offers titanium alloy bearings, new highly corrosion resistant stainless steel bearings, clean lubricant V-DFO bearings, ball screws, and linear guides suitable to the special production environment.

KEY MARKET DRIVERS

“Specialty Bearings Are Gaining Popularity around the Globe”

The specialty bearings are gaining popularity among consumers owing to the increasing demand from the challenging applications. The manufacturer are developing bearings for demanding operating conditions such as aerospace & defense application, robotics, medical equipment, vacuum pumps and, high speed dental handpiece turbines. For instance, Barden Corporation has developed super precision bearing for high speed dental handpiece application for mixed friction condition. Furthermore, the evolution of technology in medical application such as X-ray is seeking demand for X-ray tube bearings. Branden X-ray cartridge bearings are built with controlled axial clearance so as to compensate thermal growth at the operating temperature.

“Increasing Demand for Precision Bearing is Expected to Drive the Bearing Market”

The increasing demand for precision bearing owing to the industrial automation is expected to result in the growth of bearing market revenue. The rising demand from the various applications including the aerospace industry, and machine tools is resulting in adoption of precision bearings. In addition, the increasing demand of miniature bearings owing to the rising adoption of robots is expected to drive the bearing market. According to the, secondary sources, in 2017, 2.1 million stand-alone industrial robots were installed globally. The evolving technology in office automation, medical equipment, and audio-visual equipment is resulting in increased demand of miniature bearings. The manufacturers are focused on developing miniature bearings. For instance, SKF offers wide range of miniature ball bearings available in stainless steel along with seals or shields for various applications.

“Tailored Bearing are Emerging as one of the Bearing Market Trends”

The availability of tailored bearing is driving the customers interest. The application of specific bearings is emerging as one of the bearing market trends. The manufacturers are thus offering specialized bearing to suit specific requirements in applications such as weaving looms, agricultural machinery, vacuum pumps and turbochargers. For instance, NTN-SNR manufacture fully customize bearings with four points crossed rollers for robotic transmission application. These bearings provide high accuracy with compactness and rigidity. furthermore, JESA SA a Switzerland based company offers custom bearing including asymmetric angular ball bearing for power tool application. The asymmetric ball bearing offers various advantages such as high axial load capacity, self-alignment at assembly and seals optimization.

SEGMENTATION

By Type Outlook

“Ball Bearing Is Expected to be the Fastest Growing Type of Bearing in the Market”

Based on type, the bearings market is segmented into Ball and Roller Bearings.

The surge in demand from different applications such as food processing, material handling, printing, medical and agriculture. Increasing adoption of deep groove ball bearings owing to the various features including cost-effectiveness, and versatility. In addition, the high speed and excellent radial & axial load handling capability is resulting in the popularity of deep groove ball bearings. Furthermore, the emergence of sensor bearings, integrated bearings, and application-specific bearings is expected to result in the growth of ball bearings in the near future.

By Application Outlook

“Aerospace Is Expected to Be the Fastest Growing Application in the Bearings Market”

Based on application the bearings market is segmented into Automotive, Industrial Machinery, Aerospace and Others.

The Aerospace industry is expected to witness significant growth owing to the increasing passenger travel demand and stable commodity prices. According to the sources, the global commercial aircraft revenue is estimated to be around USD 191.1 billion in 2018 and is expected to grow around 2.93% in the near future. The surge in tourism initiatives by the developing nations is expected to resulting in the growth of commercial aircraft industry. For instance, in 2018, Airports of Thailand invested about USD 8 billion to triple the capacity of Suvarnabhumi Airport in Bangkok. Furthermore, the increasing mergers and acquisition is further expected to fuel the demand of aerospace sector. For instance, in 2017, UK based BBA Aviation PLC merged with Gama

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Aviation’s U.S. based aircraft management business to become the world’s largest aircraft management company. In addition, Boeing acquired Aurora Flight Sciences Corp to strengthen their commercial and military systems.

“Automotive Holds the Major Share of the Bearings Market”

The automotive bearing holds the major market share owing to the growth of automobile industry. Furthermore, the rising emphasis on weight reduction is resulting in growth of the light weight automotive bearing market. The various features of bearings such as ability to rotate at high speed with precision and high durability along with noise and vibration reduction property is gaining importance in the automotive industry. Thus, manufacturers are focusing on production of lighter bearings by adopting various technologies such as better forging techniques, low tolerances and light weight alloys. For instance, SKF developed bearing cages from titanium alloys used in gear box applications. These titanium bearings offer high component strength and; temperature resistance properties especially applicable for high acceleration applications.

REGIONAL ANALYSIS

Geographically, the scope of study is segmented across five major regions, such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, that is further categorized into countries.

Asia Pacific holds the major market share of the bearings market. The increasing demand from various applications such as automotive, aerospace and industrial equipment’s is expected to drive the bearings market in Asia Pacific. Automotive sector is expected to drive the bearings in developing economies. According to the Society of Indian Automobile Manufacturers (SIAM), in first quarter of 2019, the total passenger vehicles trade increased by 2.7%. China remains the major market player in the Asia Pacific. According to the sources China’s industrial production observed 7.2% year-on-year growth in 2018. The increasing demand of industrial machinery owing to the rise in infrastructure development is expected to drive the China’s bearing market.

Asia Pacific Bearings Market, 2018

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Europe has a mature the market and still has observed stable demand owing to the rising demand from the industrial machinery sector. Machinery & Equipment is the second largest sector in Germany and was valued at USD 251.33 billion. In addition, Europe has a strong foothold of leading automobile manufacturers such as Mercedes, Audi, Volkswagen, BMW, Opel, Fiat, Porsche, Ferrari, Bentley, Aston Martin, and, Jaguar. Thus, automobile sector is further expected to contribute to the growth of bearings market.

The aerospace industry is resulting in the growth of the U.S. bearing market. The sources state that U.S. accounts for largest share of approximately 49% of the global aerospace industry. In 2017, U.S. aerospace market revenue was valued at USD 408.4 billion.

INDUSTRY KEY PLAYERS

The manufacturers are focusing on new product development. The manufacturers are continuously taking efforts to curb counterfeit products. For instance, in 2019, JTEKT developed a new WBA Check App (WBA Bearing Authenticator) in cooperation with World Bearing Association to protect its customers from counterfeiting products.

List of Key Companies Profiled:



NSK Ltd



Nachi-Fujikoshi Corp



myonic GmbH



LYC Bearing Corporation



Luoyang Huigong Bearing Technology Co., Ltd.



Koyo



ISB Industries



NTN Bearing Corporation



SKF



The Timken Company



THB Bearings



Schaeffler Technologies AG & Co. KG



REPORT COVERAGE

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The report provides an elaborative analysis of the global bearings market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global bearings market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.

Report Scope and Segmentation









ATTRIBUTE





DETAILS









Study Period





2015-2026









Base Year





2018









Forecast Period





2019-2026









Historical Period





2015-2017









Unit





Value (USD Billion)









Segmentation





By Type



Ball Bearings



Roller Bearings











By Applications



Automotive



Industrial Machinery



Aerospace



Others











By Geography



North America (U.S. and Canada)



Europe (U.K., Germany, France, Italy, and Rest of Europe)



Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)



Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Latin America (Brazil, Mexico, and Rest of Latin America)











INDUSTRY DEVELOPMENT: