Bearings are mechanical assemblies that consist of rolling elements, majorly inner and outer races which are used for rotating or linear shaft applications. There are seven basic types of bearings used in machines across multiple industries including automotive, household applications, medical, industrial, etc.
Ball bearings: Used in machinery that has shafts requiring support for low friction rotation.
Roller bearings: Used in machinery with rotating shafts that require the support of heavier loads than ball bearings provide
Mounted bearings: Used as take-up devices on the ends of conveyors and as flanged units along with intermediate points
Linear bearings: Used in machinery that requires linear movement and positioning along shafts.
Slide bearings: Used in the structural support of bridges, commercial and industrial buildings.
Jewel bearings: Used in light rotating applications like watches, meter movements, gyroscopes.
Frictionless bearings: Provide controllable shaft support through the air, magnetic fields for critical, high precision applications.
The bearings industry is becoming more technology-driven as buyers are asking for durable, cost-efficient bearings that offer more precision and longer operating life.
The global bearing market is expected to be valued at USD 170 billion by 2025 has grown at a CAGR of 8.5% from 2020 to 2025. The Asia Pacific is the largest geographic segment in the bearing market with a 40% market share. China is leading the global market due to the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair in the region. Besides China, the U.S., Japan, and Germany are the major bearing manufacturing countries.
High-grade steel and alloy steel are the primary raw material used for bearings manufacturing. Hence, bearings price is highly correlated with the global steel price movement. The steel price has reached a new high since the pandemic. However, it is expected to decline from the late second quarter through the end of 2021 due to a slight decrease in demand. Moreover, equipment manufacturers from the automotive and mining industries are working directly with bearing manufacturers from the early designing stage to optimize the cost involved in developing new equipment designs.
Counterfeiting is one of the major challenges in the global bearings market. China is leading in producing counterfeit bearings. More than 70% of the counterfeited bearings are ball bearings. Many companies are having trouble in catching counterfeiters, especially in countries like China, as it is a time-intensive, high-cost exercise.
Moreover, Covid-19 had a significant impact on the market with many manufacturers are facing adverse effects of lockdown situations in major economies such as China, Japan, India. The lockdown also resulted in a substantial reduction in vehicle production in the automotive sector, the largest consumer of bearings.
Brammer PLC, Harbin Bearing Manufacturing, HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, Schaeffler Group, SKF Corporation are the leading bearing manufacturers. These manufacturers are putting efforts to bring in higher efficiency in their manufacturing process due to lower demand. Manufacturers are consolidating their capacities from multiple locations to fewer locations to reduce administrative and overhead expenses. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
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