What are the Core Factors Driving Bearing Market in Various Industries of Asia Pacific ?
Bearings are vital machine components that are used to reduce friction within a machine. They reduce the amount of wear and tear caused by the machine’s friction, which can become a significant factor over time. Hence, the bearings market is in constant demand from the industrial sector, particularly manufacturing.Automobile manufacturing is a prime application for the global bearings market. The ongoing expansion of auto industries all over the world is the major factor driving the growth of the bearings market. Auto industries in Asia-Pacific countries such as China, Japan, South Korea, and India are major consumers of bearings, and are expected to keep up and even increase the demand in the coming years.
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The China automobile industry, in particular, is in the midst of a revolutionary expansion, and is expected to eclipse most auto industries in Europe in the near future. The expanding road network and consumer affluence in China will aid the car industry domestically, and the cheap costs traditionally associated with the Chinese manufacturing sector will also allow the industry to expand internationally. This will help the bearings market in Asia Pacific expand at a strong growth rate over the coming years.The Asia Pacific market is expected to retain its position at the top of the pile among the geographical segments of the global bearings market, followed by Europe and North America.The global bearings market is expected to grow at a healthy CAGR of 7.7% from 2014 to 2020. The market was valued at US$75.91 billion in 2013, and is expected to reach a value of US$118.21 billion by 2020.
Demand from Aerospace Equipment Manufacturing to Grow at Fastest Rate
Other major growth drivers for the global bearings market include increasing demand from the defense and aerospace industries, and a growing need to reduce energy expenditure and cut down on harmful emissions.Like the automobile industry, defense and aerospace equipment manufacturing has also been enjoying a steady growth period over much of the last decade. Thanks to growing demand from all over the world, aerospace equipment is likely to be among the fastest developing application segments of the bearings market, rivaling the automobile industry. Other major end-use applications of the bearings market include power transmission equipment, construction machinery, farm and garden machinery, and oilfield equipment.
Bearings are used to reduce friction within machines, which plays a huge part in making them more efficient, less energy-intensive, and more environment-friendly. Machines that produce less friction last longer, work at maximum efficiency, and don’t break down often. This leads to functioning at optimum energy efficiency, resulting in less harmful emissions. The bearings market will expand to satisfy this environmental need in the coming years. Technological advancement in the design of bearings is expected to offer numerous market opportunities, thanks to the demand for better designed and more efficient bearings.
A Self-defeating Cycle?
Ironically, the impending growth in the global bearings market is potentially damaging for the market, since it leads to a lowered demand for after-sales services. Once bearing are installed, the only major after-sales operation for bearing suppliers is replacing the existing units. Better, technologically advanced bearings that last much longer than existing ones could eliminate this need, and thus potentially harm the market in the longer term.
Unmounted Bearings to Remain Undisputed Market Leader
The global bearings market is divided on the basis of product category into unmounted ball bearings, roller bearings, and plain bearings. Unmounted ball bearings, which are used in the automotive industry, held the largest market share in the global bearings market in 2013 and their market is expected to grow at a sturdy rate.
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Based on components, the global bearings market can be categorized into balls, cages, rings, rollers, rings, and others. In accordance with the market hierarchy by product category, ball bearings were the market leader in 2013 and are expected to retain their lead in the near future.