(MENAFN- GlobeNewsWire - Nasdaq) The plain bearing market size is projected to reach US$ 14.56 billion by 2031 from US$ 9.54 billion in 2023 to register a CAGR of 5.4% during 2023–2031.
US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners,“Plain Bearing Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type [Spherical Bearings (Radial, Angular, and Thrust), Rod Ends (Female Thread, Male Thread, and Welding Shank), and Bushings], Application (Agriculture, Construction, Industrial Vehicles, Automotive and Transportation, Aerospace and Defense, Energy and Power, and Others), and Geography”, the global plain bearing market is observing significant growth owing to increasing need for bearing in various industrial applications. Browse Detailed Insights:
Global Plain Bearing Market experiences growth owing to increase in demand for bearing in automotive and aerospace applications.
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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the plain bearing market consist of different product type which is segmented into spherical bearing, rod end bearing, and bushings.
Overview of Report Findings:
Market Growth: The global plain bearing market share is expected to reach US$ 14.56 billion by 2031 from US$ 9.54 billion in 2023, at a CAGR of 5.4% during the forecast period. Plain bearing has several applications in automotive, transportation, manufacturing, construction, energy, oil & gas, agriculture, aerospace & defense, and mining facilities. They are also utilized in power and oil production plants. With substantial government investments being made in the automotive and construction sectors due to growing urbanization, the demand for plain bearing will continue to experience an upward thrust.
Increasing Investments in Railway and Aerospace & Defense Sectors: Plain bearing are an integral part of commercial and passenger aircraft, helicopters, and jet fighters. Plain bearing with the AS 9100D quality certification standard is used in landing gears, flight controls in aerospace, engine manufacturing, passenger seating, and a wide variety of made-to-measure applications in the aerospace & defense sector. They are also used in navigation systems, target acquisition pods, counter-measuring systems, bearing propulsion, transmission and suspension systems, and control systems. Further, the thriving aerospace & defense sector due to rising government investment in the military sector drives the plain bearing market growth.
Growing Adoption of Do-it-Yourself Plain Bearing Systems: The do-it-yourself (DIY) trend is growing rapidly across industries; the plain bearing industry is one of them. Rising inflation and growing awareness of the DIY concept among Gen Z and Millennials are contributing to the growing DIY trend. As per the survey conducted by Today's Homeowner Media in 2023, approximately 71% of the respondents stated that the adoption of DIY projects was due to increased inflation. In addition, owing to increased exposure of consumers to DIY and how-to-videos, the preferences for DIY projects have increased, ultimately driving the demand for DIY plain bearing.
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Increasing Investments in Infrastructure Development Projects in Energy & Power Sector: Plain bearing is used in infrastructure developments such as dams, rolling stock, water gates, hydropower, and wind power projects. A wind turbine consists of several bearing, including plain bearing, that provide relative movement between several adjacent parts. Plain bearing offers a low-friction manner and offers higher efficiency. According to the International Energy Agency Report in 2023, nearly US$ 2.8 trillion was invested in the energy sector in 2023. Of these, over US$ 1.7 trillion was invested in clean energy development projects, including renewable power, wind energy, grids, storage management, low-emission fuels, and efficiency improvements for electrification.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Asia Pacific is expected to register the highest CAGR during the forecast period.
Market Segmentation:
Based on product type, the global plain bearing market is segmented into spherical bearing, rod end bearing, and bushings.
The spherical bearing segment is further categorized into radial, angular, and thrust. The rod end bearing segment is further segmented into female thread, male thread, and welding thread.
In terms of application, the market is divided into agriculture, construction, industrial vehicles, automotive & transportation, aerospace & defense, and energy & power.
The global plain bearing market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development:
Key Players: A few major companies operating in the plain bearing market Rheinmetall AG, RBC Bearing Incorporated, Bailey International LLC, The Timken Co., AST Bearing LLC, NTN Corp, IKO International, Inc., SKF AB, Regal Rexnord Corp, and Daido Metal Co. Ltd. are among the key companies operating in the plain bearing market. These companies adopt strategies such as new and innovative product launches, joint ventures, and geographical expansion to stay competitive in the market.
Trending Topics: Super Precision Bearing Market, Automotive Wheel Bearing Market, Composite Bearing, Industrial Valves Market, Bearing Market.
Global Headlines on Plain Bearing:
"Schaeffler developed and launched a spherical roller hydrodynamic plain bearing at WindEnergy Hamburg Show in 2022. The new asymmetric spherical roller plain bearing was launched to be installed directly in the wind turbine nacelle"
"SKF-a supplier of bearing, sealing solutions, condition monitoring systems, and services-launched a new spherical roller plain bearing in North America."
"The tech enterprise Rheinmetall has won an order for plain bearing for use in a planetary gear set, which will be installed in an environmentally friendly vehicle powered by an electric motor. The customer is an internationally operating automaker active in the e-mobility domain with a strategy geared to systematic growth. For Rheinmetall, this will mean additional annual order volume of several hundred thousand euros. The first components will be delivered starting in January 2024. Rheinmetall's quote remains valid until 2027; there is currently no time limit on the customer's order."
"The Timken Company, a global leader in engineered bearing and industrial motion products, has reached an agreement to acquire Engineered Solutions Group (a.k.a. Innovative Mechanical Solutions or iMECH), based in Houston, Texas. iMECH manufactures thrust bearing, radial bearing, specialty coatings and other components primarily used in the energy industry. The business employs approximately 70 people and projects revenue of approximately $30 million for calendar year 2023."
Igus, specializing in motion plastics, launched the ECO P210 Plain Bearing Series. This ECO P210 plain bearing is chemical-resistant and has a wide range of applications in various industrial machines, including agitators, filtration devices, laboratory mills, and car washes.
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The automotive and transportation segment held the largest plain bearing market share in 2023. Plain bearing finds major applications in the automotive and transportation industry. For instance, thrust bearing are utilized for handling heavy axial loads in automotive transmissions. Plain bearing is used in several components of an automotive vehicle to ensure smooth flow of power transmissions. For instance, plain bearing is used in engines to provide support to the crankshaft, camshaft, and other connecting rods for performing precise movements, which are crucial for efficient engine operation. Further, the rising production of motorbikes, passenger cars, and commercial vehicles triggers the demand for plain bearing. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, around 80 million passenger and commercial vehicles were manufactured; the production volume reached 93.54 million in 2023. Thus, the growth of the automotive and transportation segment is contributing to the overall plain bearing market size.
The plain bearing market in Asia Pacific is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. Asia Pacific countries have demonstrated a strong focus on the development of the construction sector in the past. A large population of Asia Pacific signifies a heightened demand for infrastructure construction. The region comprises several developing economies, including India and many other Southeast Asian countries, posing a strong demand for different infrastructure projects. Governments of various countries are adopting several ways to attract private investments in infrastructure development projects. In 2022, KKR, an investment firm, raised US$ 6.4 billion for infrastructure projects in Asia. In addition, in 2023, the Indonesian government announced the finalization of 190 National Strategic Projects (PSN) worth US$ 95 million. This project includes the construction of toll roads, dams, and airports, among others. In 2024, the Philippine Department of Public Works and Highways (DPWH) declared the completion of a road infrastructure project. According to the United Nations Economic and Social Commission for Asia and the Pacific Survey, Asia Pacific plans to invest more than US$ 196 billion annually in road transportation infrastructure development. Increasing investments in residential, commercial, and infrastructure construction projects are boosting the demand for construction machines, which is boosting the global plain bearing market growth.
The demand for plain bearing is growing at a rapid pace in the industrial sector in Asia Pacific. China is a frontrunner in the fabrication business of plain bearing for the residential and commercial sectors. The country has demonstrated its importance as both a consumer and producer of plain bearing. The country is witnessing an upsurge in high-quality plain bearing, ensuring that they are functional and durable. India, Indonesia, and Vietnam are among other significant contributors to the plain bearing demand growth in Asia Pacific. The plain bearing market growth in this region I primarily attributed to a wide range of income levels and the rapidly growing middle class.
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The flourishing aerospace, military, defense, and technology sectors also favor the market in Asia Pacific. The region has seen heavy imports of modern commercial aircraft in recent years due to the increasing number of international travelers from countries such as India, China, Japan, and Taiwan. The number of airports in the region is also on the rise, which, in turn, boosts the demand for plain bearing from airline companies. The agricultural and wood product businesses are among other enablers of the plain bearing market in Asia Pacific. China has demonstrated its importance as both a consumer and producer of agriculture and forest products.
Raw materials used in the manufacturing of plain bearing include steel, bronze, copper, polymers, plastics, composites, and others. These materials are used in the manufacturing of plain bearing owing to their load-bearing capacity, strength, and thermal conductivity. Sliding properties and wear resistance of plain bearing are improved by lubrication. Remington Industries; Tata Steel; Nippon Steel; JSW Steel; Jindal Steel; Grainger Industrial Supply; Hubbard Supply Co.; Industrial Metal Supply Co.; Murphy and Nolan, Inc.; Metric Metal; American Metals Inc.; Norfolk Iron & Metal; Mill Steel Company; Southern Copper & Supply; Farmers Copper; Versa-Bar; and Aviva Metals are among the key raw material suppliers in the plain bearing market ecosystem.
Plain bearing manufacturers hold a potential share of the plain bearing ecosystem. The manufacturers procure raw materials from the preferred suppliers through direct or indirect sales channels to manufacture different types of bearing, including spherical bearing, rod ends, and bushings. Manufacturers also comply with the plain bearing products with domestic and international regulatory standards through several certifying bodies such as ATEX, NEC, IECEx, CEC, and others, which specify the bearing requirements at each stage of the value chain. RBC Bearing Incorporated, Bailey International LLC, Schaeffler Group, Daido Metal Co., Ltd., The TIMKEN Company, AST Bearing, AB SKF, NTN Corporation, IKO International, Regal Rexnord Corporation, Boston Gear, and Intech Bearing Inc are the players operating in the market.
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Conclusion:
Plain bearing is chosen for high-load and low-speed applications in various industries, including automotive, power tools, and domestic appliances. Plain bearing is utilized in the assembly of engine compartments, wheel suspensions, vehicle steering systems, brakes, pedals, pumps, and seats. Increasing automotive sales and production across the globe drives the global plain bearing market in tandem. Further, plain bearing is widely used in the manufacturing of railways and metros to offer linear motion. Increasing investments in the railway sector by several governments across the world will promote the plain bearing market growth during the forecast period.
The report from The Insight Partners, therefore, provides several stakeholders-including component providers, system technology integrator, system manufacturers and others-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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