Bearings Market Size By Application (Agriculture, Electrical, Automotive, Mining & Construction, Railway & Aerospace), By Product (Roller Bearings, Ball Bearings), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Japan, China, India, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022

Published Date: Mar 2016  |  Report ID: GMI111  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 160   |   Base Year: 2014

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Bearings Market size valued at USD 79 billion in 2014 and is estimated to exhibit over 7.5% CAGR from 2015 to 2022.

U.S. Bearings Market, By Product, 2014 & 2022, (USD Million)
U.S. Bearings Market, By Product, 2014 & 2022, (USD Million)

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The growing production of automotive components and vehicles will support the bearings market growth over the forecast timeframe. In conventional hatchbacks, an average of about 60 bearing units are incorporated. However, the advanced SUVs and sedans owing to their large size uses many bearings to enhance the vehicle performance. The development of advanced high capacity wheel bearing coupled with enhanced lubricating performance will further escalate the product demand.

Bearings fulfil several important functions including reducing friction, supporting load, efficient transmission of power and ensuring alignment between rotating parts. These characteristics enables machinery to run efficiently for a longer duration. Lubrication is an important part ensuring the components operate in an efficient manner. Lubrication reduces friction and also provides elastohydrodynamic lubrication. The development of self-lubricating bearing further supports the market growth over the projected timeframe.

The stringent emission norms along with growing requirement to reduce the CO2 footprint from aviation sector is pressurising industry participants to develop advanced products. The industry participants are developing several lightweight products that are 50% lighter than conventional steel bearing. For instance, in June 2016, Carl Hirschmann GmbH developed lightweight aluminum-titanium spherical bearing with high load capacity. Additionally, automotive bearing manufacturers including SKF are developing the lightweight product portfolio that are enhancing the vehicle performance significantly.

The development of additive manufacturing technologies to manufacture bearings are expected to boost the bearings market demand over the study timeframe. The additive manufacturing offer industry participants a cost-effective way to produce the complex bearing components. The industry participants such as BOWMAN International are working on increasing the load bearing capacity of split bearing up to 70% and increased the life cycle by 500%. Several industry players are strategically collaborating with technology players to develop additive manufacturing processes. For instance, in November 2016, DGM MORI signed a cooperation agreement with Schaeffler to develop additive manufacturing technology for rolling bearing components.

The development in materials along with increased performance of new products will boost the market growth over the forecast timeframe. The usage of chrome steel in high precision ball bearing enhances the hardness, wear resistance, and fatigue life of products. The usage of tungsten carbide enhances stress and impact handling characteristics along with requiring low lubrication for working efficiently in high temperature conditions.

The raw material prices along with high costs of advanced product portfolio are posing threat to market growth. The raw material comprises of about 60% to 62% of the manufacturing costs. The bearings are mainly made up of steel materials and rising steel prices along with growing tariff rates are further hampering the profitability of the industry. However, the development of additive manufacturing technologies along with uses of advanced materials are enabling industry participants to reduce the manufacturing costs.

Bearings Market Report Coverage
Report Coverage Details
Base Year: 2014
Historical Data for: 2012 to 2014 Forecast Period: 2015 to 2022
Pages: 160 Tables, Charts & Figures: 159
Geographies covered (11): U.S., Canada, Germany, UK, Italy, France, Japan, China, India, Brazil, Mexico
Segments covered: Application, Product and Region
Companies covered (16): Brammer PLC, C&U Group Company Limited, Daido Metal Company Limited, Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Ltd., JTEKT Corporation, Luoyang LYC Bearing Company Limited, Minebea Company Limited, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, Schaeffler Group, SKF, The Timken Company,

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By Product

France Bearings Industry, By Product, 2014, (USD Million)

France Bearings Industry, By Product, 2014, (USD Million)

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Ball bearing hold dominance in the bearings market share owing to the development of new product portfolio that enhances power saving, reliability, and lubricating abilities of products. The industry players are developing several product portfolios for agricultural and industrial applications that further boost the product penetration. For instance, in January 2019, SKF launched UC range ball bearings with enhanced set screw locking systems that provides 16% higher holding power as compared to conventional products.

Roller bearing will showcase considerable growth rate owing to higher load carrying capacity of these products as compared to ball bearing. The improved performance of vehicles along with the requirement for high-powered vehicles for several diversified applications are playing a major role in driving the demand for roller bearings that capable of carrying higher loads at higher speeds. Industry participants are developing several products with improved performance. For instance, in May 2017, NTN Corporation developed ULTAGE taper roller bearing for automotive applications. The new products have 1.3 times higher load carrying capacity, 2.5 times enhanced rated life, and operates in approximately 10% higher rotational speed. In addition, the development of new spherical roller bearing enhances the product efficiency and incur low maintenance costs.

By Application

Automotive application holds dominance in the market owing to increased production and sales of automotive vehicles across the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle sales across the globe accounted for 70,849,466 units in 2017 as compared to 69,506,882 in 2016. The rising sales of electric vehicles and supporting government credit and incentive support for promoting usage of electric vehicles will further support the bearings market revenue. The development of new product portfolios that enhances the bearing strain carrying capacity used in motors of electric vehicles will further support the segment growth. For instance, in May 2019, SKF launched advanced bearing technology that withstand the higher acceleration, speed, and temperature of electric motors used in electric vehicles.

Railways and aerospace segment showcase significant growth rate in the market owing to development of several products along with rising investment in aerospace and railway industry. The rising aircrafts sales owing to growing air passenger traffic across the globe will further support the market growth. According to International Air Transport Association (IATA), air passenger traffic is expected to reach 8.2 billion with CAGR of 3.5% by 2037. The industry participants are engaged in strategic contracts with several national railway operators to provide the required components. For instance, in September 2017, Morocco’s national railway operator, ONCF awarded a three-year contract to SKF for supplying 15,000 railway wheelset roller bearings.

By Region

Asia Pacific Bearings Market Size, By Country, 2022, (USD Million)

Asia Pacific Bearings Market Size, By Country, 2022, (USD Million)

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Asia pacific hold dominance in the bearings market owing to proliferating automotive industry across the region. The region contributes to around over 50% of the overall vehicle production across the globe in 2018. The growing transportation investment in emerging economies of the region along with the presence of several industry players will further support the market expansion. The industry participants are opening new manufacturing facilities in the region for catering to the domestic automotive industry demand. For instance, in May 2016, GGB Bearing Technology opened a new manufacturing site in China.

Europe will showcase a considerable growth rate in the market owing to the requirement for advanced bearing technologies. The stringent emission norms along with requirement for light weight vehicles are supporting the market growth. The integration of IoT in bearing technology are enabling for aerospace & defense and automotive industries to develop the smart bearing technology that can self-diagnose faults and failure.

Competitive Market Share

Prominent players in the bearings market share are NSK Global, NTN Corporation, SKF, Harbin Bearing Manufacturing Co., Ltd., JTEKT Corporation, NBI Bearings Europe, and RBC Bearings Inc. The other participants in the market include Brammer PLC, Daido Metal Company Limited, Rexnord Corporation, Schaeffler Group, and The Timken Company. New product launch and strategic contracts with the automotive OEMs are among the key strategies adopted by industry players to enhance their market share. For instance, in September 2018, SKF launched its advanced ball bearing products complying with the JIS standards.

Industry Background

The bearings industry participants are engaged in introducing new lightweight products that comply with the stringent emission regulations adopted by several countries. Several standards designed by ISO ensures the safety and quality of bearing used in various applications. The industry participants are further expanding their regional presence with new distributors and opening new manufacturing facilities across the globe that further supports the market growth over study timeframe.

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