A composite bearing is defined as an equipment that is employed to control friction and provide separation between two moving parts. The unique characteristic of a composite bearing is that it is made from a mixture of materials such as resin reinforced along with fiber. This includes friction-reducing lubricants and ingredients. Furthermore, composite bearings are customized to cater to individual requirements for many applications such as high temperature resistance.
In terms of type, the composite bearings market is segmented into metal matrix and fiber matrix. In terms of end-user industry, the market can be segmented into agriculture, automotive, aerospace, marine, and mining and construction. In terms of geography, the market is segmented into Asia Pacific (APAC), Europe, North America, Latin America, and Middle East & Africa (MEA).
Technological advancements coupled with new and sophisticated technology, providing superior mechanical properties and comparatively longer product life, is driving the expansion of the composite bearings market. This trend is persuading manufacturers to explore new business opportunities in the composite bearings market, which, in turn, is fueling the expansion of the market globally. Increase in awareness and popularity of composite bearings in the industrial and automotive sector is a key factor that is prompting the expansion of the market. Moreover, reduced or low maintenance cost is a significant factor that is increasing the demand for composite bearings in the market. Agriculture is a rapidly growing industry in the end-user segment of the composite bearings market. Composite bearings has a number of applications in the agriculture industry.
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Complete solutions and superior properties such as light weight, corrosion, and fatigue resistant are playing a vital role in the rise in demand for composite bearing compared to traditional single metal bearings in the agriculture industry. Moreover, operational stability and dimensional stability at comparatively higher temperatures are notable factors contributing to the expansion of the composite bearings market. High cost of raw materials and production cost are major restraining factors for the composite bearings market are the. Additionally, tough competition from existing single metal bearing manufacturers is a key factor that is restraining the expansion of the composite bearings market.
Increase in demand of automotive and agricultural applications in emerging markets of Asia Pacific (APAC) along with various technological needs are acting as opportunities for the composite bearings market. Latest composite bearings in place of conventional and typical single metal bearings is also driving the growth in the composite bearings market. These factors are playing a vital role and are simultaneously affecting and contributing to the growth of the composite bearings market significantly. The composite bearings market is expanding significantly increasing due to high growth in construction, mining, agriculture, automotive, and large-scale industries globally. This, in turn, is increasing the demand for composite bearings. Manufacturers are continuously focusing on product development for the emerging markets as their opportunities to grow and increase their market share globally.
In terms of geography, North America is a rapidly growing market for composite bearings followed by Asia-Pacific. Asia Pacific (APAC) is the fastest growing market for Composite Bearings. The U.S. and Canada are the leading contributors in North America. In terms of market share, Europe is the key segment and Germany is leading prominent contributor in the region. In Asia Pacific (APAC), Japan and China are leading contributors to this rapidly growing market in the region.
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The composite bearings market is fragmented with many established players. Key manufacturers in the market include Arkema, CIP Composites, ACM Composites, AST Bearings LLC, CSB Sliding Bearings Pvt. Ltd., Federal-Mogul Corporation, Mitsubishi Plastics, Inc. , Franklin Fiber Lamitex, Huntsman Corporation (U.S), GGB Bearing Technology, H4 Marine Limited, Polygon Company, RBC Bearings Incorporated Hycomp LLC, and Rexnord Corporation.
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