Industry Forecast

Plain Bearing Market growth outlook with industry review and forecasts To 2024

Press Release   •   Jan 24, 2018 03:24 EST

Plain Bearing Market in APAC holds largest industry share owing to increasing demand for automobiles during the forecast timeframe. Rapid urbanization and development of large number of manufacturing facilities in several emerging economies including China and India will further propel industry size. Easy availability and competitive prices of product components will further support industry growth.

Growth in global automotive production due to increasing consumer spending on automobiles supported by the vehicle loan offered by financial institutions will propel the plain bearing market. As per OICA, global automotive production exceeded 94 million units in 2016. Moreover, increasing product usage in several industrial applications including production lines, elevators and conveyor belts will further propel industry share.

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Technology advancements and product innovations including magnetic levitations & manners cushioned with compressed air are projected to enhance plain bearing demand. For instance, introduction of advanced spherical roller significantly provides superior performance and limited maintenance cost. Moreover, technical innovations including efficient lubrication and seal technologies will drive plain bearing market size during the forecast timeframe.

Increasing demand for fuel efficient passenger vehicles due to stringent government regulations particularly in Europe and North America will stimulate plain bearing market penetration. Passenger cars utilize substantial number of components to enhance energy efficiency by minimizing energy loss produced by friction.

Plain bearings, even well recognized as bushings, are specially designed with anti-friction properties that reduce resistance and improve machine mobility. These components are extensively utilized in gear boxes, pumps and automobiles, facilitating efficient operation of the machineries. Product portfolio may vary from a huge diameter product to a sequence of thin linings. Supportive product weight, facilitating efficient transmission of power and ensuring proper alignment of movable components are key properties supporting plain bearing market expansion.

Plain bearing market is segmented based on design as angular contact, journal, linear, thrust and other products. Journal type is estimated to hold notable share in the overall industry share. Increase usage of journal components in comprehensive equipment including aerospace, automobile, energy and construction industry will fuel industry size. Excellent strength and shock resistance along with no rolling component fittings provide positive outlook for product penetration.

Based on end use, the industry share is further segmented as aerospace, agriculture & gardening, automotive, construction, energy, industrial and oilfield machinery. Plain bearing market is led by automotive industry with notable industry share. High application scope in automotive parts including belt tensioners, throttle valves, seating systems, variable intake systems, center armrests, steering systems, convertible top systems, door hinges, pedal systems, stub axels and gear actuators will fuel plain bearing market size.

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Global plain bearing market has a diversified network of upstream players, comprising raw material suppliers along with retailers, end users, downstream stakeholders and government establishments. Key industry participants include Schaeffler Technologies, SKF Group, Timken, JTEKT Corporation, NTN Corporation, Minebea Mitsumi and SGL Group. Other prominent players are THK Company, NSK, IGUS, Boston Gear, PBC Linear, Thomson Industries, Zollern, C&U Group, Federal Moghul Holding Corporation and Austin Engineering Company.

Supply agreements, expansions, new product launches, acquisitions, and research & development activities are some of the key strategies adopted by plain bearing market players to strengthen their business foothold. For instance, in 2017, Swedish seal manufacturer, SKF Group announced expansion of its spherical roller bearing (SRB) capacity in Malaysia, with an investment of USD 5.36 million.

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