Rapid Level of Industrialization in Asia Pacific Region Contributes to Growth of Bearing Market
Bearings are engineered machine components that are mainly used for reducing friction between rotary motion parts of machinery and equipment. Due to technological advancements in several industry verticals such as oil and gas, automotive, construction, and other general engineering sectors, the applications, functionalities, and demand for bearings, including ball bearings, roller bearings, unmounted ball bearings, and plain bearings is growing continuously across the globe.
The bearing market has looked bright and profitable even after the economic crisis in 2008. The global demand from the bearing market is projected to rise at a 7.7% CAGR between 2014 and 2020 to reach US$118.21 billion by the end of 2020, from a market value of US$75.91 billion in 2013. This growth is due to the rapid industrialization across major regions and increasing demand for bearings from various application sectors and end users.
Bearing Market Driven by Growth of Automotive Industry
Among all the industries, automotive is the highest revenue generating industry in the world. The increasing production of vehicles across the globe is pushing the growth of the bearing market, globally. The motor vehicles segment held the largest share of the global bearing market in 2014, accounting for US$38.68 billion.
In addition, the demand for unmounted ball bearings is growing rapidly in the auto industry. This is due to their use in a diverse range of automotive products and applications, including automotive wheels and motor engines. Other transportation forms such as railways also use unmounted ball bearings. The unmounted ball bearings segment led the global bearing market in 2014 with a market value of US$33.38 billion and growth of this segment is further anticipated to remain high during the 2014-2020 forecast period.
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In the coming years, the demand for automotive bearings is expected to rise in the Asia Pacific region, especially in India, China, and Japan. As the demand for vehicles, mainly passenger cars and two wheelers, is constantly on the rise in all these countries, high demand for automotive bearings is expected in the near future.
High-end technologies such as smart bearings allow manufacturers to monitor bearing operations constantly. Moreover, commercial and industrial products, especially those in the IT, technology, and electronics sectors have huge demand for effective, heavy-duty, and durable bearings in order to meet the industry standards and demand in various load-bearing applications.
Increasing demand for bearings from the aerospace and defense industries is also expected to drive the bearing market during the forecast period. The aerospace equipment segment is expected to grow rapidly, at a CAGR of 8.5% between 2014 and 2020 forecast period.
Recently, FAG Aerospace, a Schaeffler Group member, developed a new ball bearing to support aircraft engine main shafts. The new bearing is expected to elevate the performance limits of an aircraft and reduce the fuel consumption of passenger aircraft for greater fuel efficiency.