Global plain bearing market is projected to grow from USD 12.03 billion in 2016 to USD 15.23 billion by 2022, at a CAGR of 4.8% between 2017 and 2022. The plain bearing market majorly depends on end-use industries, such as aerospace, energy, construction machinery, oilfield machinery, agriculture, gardening equipment’s and office product for growth. Increasing population, rapid urbanization, and rising income of the middle class in the Asia-Pacific region are the factors fuelling the growth of automotive, agriculture, gardening, construction and office product industries in countries, such as China, India, and Japan. Moreover, organized retail is also growing in the region.

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Market Dynamics

Growth Drivers

• Cost-effective production of plain bearings in Asia-Pacific
• Increasing demand for plain bearings from end-use industries

Growth Opportunities

• Growth prospects in developing economies
• New product innovation and development

Read More : Plain Bearing  Market Breakdown and Data Triangulation

Cost-effective production of plain bearings in Asia-Pacific

The production cost of plain bearings in the Asia-Pacific region is low, owing to easy availability of both, cheap labor as well as raw materials. This results in reasonable prices of finished products. In addition, several leading market players are setting up their production facilities in the Asia-Pacific region, as there is a large base of automobile, construction, energy, agriculture, mining and oilfield machinery industries using plain bearings. Hence, these production facilities and large market applications are anticipated to drive the plain bearing market.

Companies operating in the global plain bearing market include NTN Corporation (Japan), SKF Group (Sweden), Schaeffler Technologies AG & Co. KG (Germany), Timken Company (U.S.), THK Co. Ltd. (Japan), NSK Ltd. (Japan), RBC Bearings Incorporated (U.S.), Minebea Mitsumi Inc. (Japan), and SGL Group (Germany), among others.

Major Market Developments

• In February 2017, Zollern gmbh & Co. KG offers plain bearings type ZF in a revised version. The product has been redesigned completely with regard to heat transfer and connection for oil supply and sensors have been improved. Also, increased cooling fin areas with higher thermal conductivity. This helped the company to enhance its product portfolio.
• In May 2016, GGB (Glacier Garlock Bearings) Technology opened a new manufacturing facility in Suzhou, China. The purpose of this establishment is to expand production capacity and meet the demands of growing customer base. This expansion has helped the company to carter the growing demand   from various markets such as pumps, compressors, construction, and automotive, agricultural, and industrial markets.
• In April 2015, RBC Bearings Incorporated acquired Sargent Aerospace & Defense Business which manufactures, sell and services speciality bearings, hydraulic valves and actuators, speciality fasteners, seal rings & alignment joints, and precision components for $500 million. This has helped the company to enhance its product portfolio in aerospace and industrial domain.

Journal is the fastest-growing type segment

The journal type segment contributed the largest share to the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for journal bearings from several end-use industries, such as automobile, aerospace, construction, and energy. In addition, journal bearings have properties such as excellent strength and shock resistance. There is no rolling element in these bearings. These bearings work efficiently in heavily loaded systems, wherein sufficient clearance and lubrication are provided.

Automobile is the fastest-growing end-use industry

The automobile end-use industry segment accounted for the largest share of the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for plain bearings in the automobile industry. Plain bearings are used in the automobile industry for manufacturing variable intake systems, center armrests, belt tensioners, stub axels, gear actuators, convertible top systems, pedal systems, seating systems, steering systems, throttle valves, and door hinges, among others.

Asia-Pacific region led the market

The Asia-Pacific region led the global plain bearing market in 2016, owing to the rising demand for plain bearings from various end-use industries, such as automobile, aerospace, construction, and energy. China, India, and Japan are the leading countries in terms of production and consumption of plain bearings in the Asia-Pacific region. Moreover, easy availability of raw materials and labor is further anticipated to drive the growth of the plain bearing market in the Asia-Pacific region.

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