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Plain Bearing Market Size
Plain Bearing Market is predicted to grow significantly during 2024 to 2032, propelled by the increasing demand for durable and low maintenance bearing solutions across various industries. Plain bearings, also known as bushings or sleeve bearings, offer advantages such as simplicity, reliability, and cost-effectiveness, making them ideal for a wide range of applications. As industries seek to optimize their operations and reduce downtime, the adoption of plain bearings is expected to rise.
Plain Bearing Market Trends
The strong emphasis on sustainability and energy efficiency in various industrial applications is driving the growing demand for plain bearings that can help minimize friction and reduce energy consumption. According to Travelperk in 2024, 67% of business leaders expressed consistent concern about climate change and environmental issues, while 61% anticipate a significant impact on their business strategy and operations in the next three years.
In response to this trend, manufacturers are developing innovative solutions, including bearings with low friction coatings and advanced lubrication systems. These technologies not only enhance the performance and longevity of plain bearings but also contribute to significant energy savings in industrial operations. The rising shift towards reducing the environmental footprint and complying with regulatory requirements will further drive the adoption of energy-efficient plain bearings.
Plain Bearing Market Analysis
The market share from the journal type bearings design segment is projected to gain prominence from 2024 to 2032, due to their versatile and customizable design. Journal bearings are used in rotating machinery, such as engines, turbines, and pumps, where they provide support and reduce friction between moving parts. With advancements in design and manufacturing techniques, journal type bearings are increasingly developed to meet the specific requirements of different applications, further driving the product demand.
Plain bearing market from the aerospace end-use segment is set to grow rapidly by 2032, ascribed to the rising need to ensure safe and reliable operations of aircraft systems. From landing gear and engine components to flight control surfaces and actuators, plain bearings are used in various aerospace applications where high performance and reliability are essential. As the aerospace industry is continuing to expand with increasing air travel demand and the development of new aircraft models, the segment is further estimated to witness immense growth.
Asia Pacific plain bearing industry is poised to witness an upward growth trajectory by 2032, driven by rapid industrialization and infrastructure development in countries, such as China, India, and Japan. The aerospace industry in the region is experiencing robust development, fueled by rising air travel demand and the increasing investments in aircraft manufacturing, thereby increasing the market growth prospects.
Plain Bearing Market Share
Key industry participants in the plain bearing industry include:
- Schaeffler Technologies
- SKF Group
- Timken
- JTEKT Corporation
- NTN Corporation
- Minebea Mitsumi
- SGL Group.
Strategic M&A and innovative product launches are among the major efforts undertaken by these firms to expand their stance and business operations across the global market.
Plain Bearing Industry News
In December 2022, Thomson Industries, Inc., a top linear motion control solutions provider, unveiled its latest addition: a range of miniature lead screws and nuts. With diameters of 2, 3, and 4 millimeters, this expansion helped enrich Thomson's lead screw product line.