Acquisitions and expansions are the key development strategies adopted by the leading market players to drive the global composite bearings market.
The use of composite bearings is becoming crucial in the construction & mining and automotive applications due to the increase in demand for self-lubricating, high strength, operational stability at high temperatures, and light-weight materials. The composite bearings market is projected to reach USD 5.04 billion by 2021, growing at a CAGR of 7.88%, from 2016 to 2021.
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The key companies in the composite bearings market are mainly involved in acquisitions and expansions to strengthen their positions in the composite bearings market. The leading companies have adopted these strategies to add to their product portfolios and to strengthen their presence in the developed and emerging countries, between 2011 and 2016.
Between 2011 and 2016, acquisitions and expansions, which were the key strategies, accounted for 33.3% and 33.3%, respectively, of the strategies adopted. Market players concentrated mainly on consolidations through these approaches with the intention of increasing their market shares and enhancing their sustainability.
The major manufacturers profiled in this report are, Polygon Company (U.S.), Trelleborg Group (Sweden), Saint Gobain (France), RBC Bearings Incorporated (U.S.), Rexnord (U.S.), and others. These companies have adopted various organic and inorganic growth strategies such as new product developments, agreements, acquisitions, and expansions to expand their global presence and increase their penetration into the composite bearings market.
RBC Bearings Incorporated (U.S.), Polygon Company (U.S.), GGB Bearing Technology (France), Trelleborg Group (Sweden), and CIP Composites (U.S.) are the major companies that have adopted the maximum number of growth strategies between 2011 and 2016 in the composite bearings market. RBC Bearings Incorporated (U.S.) is one of the major manufacturers of composite bearings for applications including aerospace and industrial. The company accounted for the largest share of all the development activities undertaken in the global composite bearings market between 2011 and 2016. The company follows dynamic growth strategies with acquisitions to strengthen its geographical presence and customer base. For instance, in August 2013, RBC Bearings Incorporated acquired Climax Metal Products Company (U.S.) which helped the company to increase its product portfolio and market share in the composite bearings market in North America, targeting the automotive application.
Polygon Company (U.S.) is one of the leading providers of composite bearings for the construction & mining, automotive, agriculture, aerospace, and other applications. The company is focused on new product launches and expansions to cater to the high demand for composite bearings in various applications. For instance, in August 2015, Polygon Company launched a new product in the PolyLube bearing line, the EWS bearing. This new bearing line offers excellent resistance to fatigue and hence is useful mainly for agricultural equipment. Such an approach by the company has helped it to increase its product portfolio and cater to various applications in the North American composite bearings market.
Superior mechanical properties and increasing use of composite bearings in demanding applications is expected to boost the growth of the composite bearings market
North America is projected to be the fastest-growing region in the global composite bearings market during the forecast period. The key countries in this region, namely, the U.S. and Canada are witnessing a high demand for composite bearings for various applications. This growth is attributed to the increasing demand for fuel efficient vehicles, technological advancements, and superior mechanical properties which lead to a long product life with a low maintenance cost. Also, with advancements in mass production technology, the demand for composite bearings is anticipated to increase for use in other commercially feasible applications. Further, the leading players in the composite bearings market are considering this region for the expansion of their businesses through various strategies such as acquisitions and expansions.
In 2015, the U.S. led the North American composite bearings market, as the U.S. is one of the single largest consumers of composite bearings for various applications on a global level. The expansion and establishment of new manufacturing industries for various applications is leading to an increasing demand for these advanced bearings in the U.S.
The demand for fiber matrix based composite bearings is growing at a steady rate due to their ability to resist corrosion and operability in harsh environments. In addition to this, they offer operational and dimensional stability at high temperatures, thus driving the demand in high strength applications including marine, construction & mining, automotive, and others. Fiber matrix based composite bearings offer resistance to corrosion and fatigue, thus driving their demand mainly in the marine and aerospace applications.
Agriculture is the fastest growing application market of composite bearings, as the use of these advanced bearings provides greater strength and a longer product life as compared to single metal bearings. Composite bearings offer resistance to fatigue & corrosion, operational & dimensional stability at high temperatures, and are light in weight, thus leading to increasing usage in the agriculture application.
The key players in the composite bearings market have adopted agreements, new product launches, acquisitions, and expansions strategies during the last five years. The major companies operating in this market are, Schaeffler Group (Germany), Saint Gobain (France), Trelleborg Group (Sweden), RBC Bearings Incorporated (U.S.), Rexnord Corporation (U.S.), Polygon Company (U.S.), HyComp LLC (U.S.), Tiodize Co., Inc. (U.S.), TriStar Plastics Corp. (U.S.), and Spaulding Composites (U.S.).
