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Albany, New York, July 10, 2019 (GLOBE NEWSWIRE) -- Plain bearing market is prognosticated to be propelled by potential usages in construction machines, oilfield machinery, aerospace, industrial, automotive, and energy industry. Improved performance and durability are some additional properties of plain bearing, resulting in market growth in coming years. Plain bearing market is also likely to flourish due to its affordability.
According to a recent report by Transparency Market Research (TMR), the global plain bearing market is anticipated to register a steady CAGR of 5.8% within the forecast period from 2016 to 2024. In 2015, the global plain bearing market was valued worth US$9.5 bn and is foreseen to soar around US$16.2 bn by the end of forecast period.
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Increased Spending Abilities of Consumers for Automobiles to Surge Market Growth
Owing to rise in spending capacity of the consumers on purchase of automobiles, calls for development in automobile sector, fueling the demand in plain bearing market. Various finance companies are providing vehicle loans at easy installments and negligible interest, which contributes in the uptake of above factor. Additionally, rising product application in several industry verticals, along with elevators, conveyor belts, and production lines are estimated to boost the development of plain bearing market.
Product innovations, such as magnetic levitation and manners, backed by compressed air and advancement in technology are likely to support market growth. For example, advanced spherical roller efficiently provides a low maintenance cost and better performance. Besides, advancements such as seal technologies and efficient lubrication are expected to fuel the plain bearing market in future. Extremely lightweight, low friction and energy consumption, and upgraded stability are important factors boosting the demand for plain bearing in the market.
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Owing to strict regulations in several regions, there has been a rise in demand for fuel efficient passenger vehicles. This augurs the penetration of the plain bearing market. Passenger vehicles use many components to improve energy efficiency by reducing the, generated by friction. Several players in the market are investing heavily in research activities to improve product range, with negligible loss of energy.
Increased Defense Budget across Globe to Contribute in Market Demand
Recovery from world economic crisis occurred in 2007 to 2008, coupled with increase in defense budgets by the governments of various nations are the stimulating factors behind demand in plain bearing market. One such example is, Turkish government, in 2016, increased its defense budget for making passenger aircrafts, helicopters, unmanned aerial vehicles (UAVs), and jet fighters on a bigger scale.
Based on geography, Asia Pacific region dominated the global plain bearing market, and is foreseen to sustain its lead in during the forecast period as well. Rising urbanization and demand for automotives in the developing nations like China and India are as well expected to accelerate growth in regional market of Asia Pacific.
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Expansions, product launches, supply agreements, research activities, and mergers and acquisitions are major strategies to pump growth in the market during the forecast period. These factors are estimated to fortify the companies’ foothold on the global scale. For example, NSK, in 2012, opened it’s another branch NSK Bearings Gulf Trading Co. in UAE. Also, SKF Growup, a Swedish seal manufacturer, in 2017, expanded its product - spherical roller bearing (SRB in Malaysia. This step is anticipated to improve the manufacturing ability of the organization, to fulfil customer requirement on regional and international scale.
Major players leading the global plain bearing market are SKF Group, Schaeffler AG, The Timken Company, NSK Ltd, RBC Bearings, Inc., NTN Corporation, JTEKT Corporation, Brammer Plc., and GGB Bearing Technology.
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This analysis is based on a recent market research report by Transparency Market Research, titled, “Plain Bearing Market ( Bearing Types - Journal, Linear, Thrust; By End Use - Automotive, Industrial (Aerospace, Energy, Construction Machinery, Farm and Garden Machinery, Oilfield, Machinery)) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 – 2024.”
The global plain bearing market is segmented based on:
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