Plain Bearings Market Is Predicted To Rise At A Robust CAGR Of 5% From 2022 to 2032
As per the plain bearing market report by FMI, the global market is expected to be worth US$ 10 billion in 2021 and US$ 17 billion by 2032, growing at a modest CAGR of 5% over the forecast period.
The rise of plain bearing applications is
propelling the market forward. In addition, increased infrastructure spending,
emerging technological projects, and heavy machinery development in China,
India, the United States, Germany, and Brazil have further bolstered plain
bearing market growth.
Potential uses in the oilfield, construction, automotive,
aerospace, industrial, and energy industries drive the plain bearing market
size. The industry’s expansion was driven by aspects such as high quality
and durability and low-cost production.
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The global market study on plain bearing indicates
that a rise in counterfeit goods might stifle market growth. The market’s
growth pace would also be hampered by shifting input costs. Steel, tin-based
alloys, chrome steel, and engineering plastics are among the most important raw
materials used to adopt plain bearings. In the global marketplace,
dramatic changes in several metals and crude oil prices have been recorded.
This has a serious influence on plain bearing output and the
increasing plain bearing market share.
The global plain bearing market is expected to record a valuation of
US$ 13 Bn by 2026.
Competitive Landscape
A new market research report on the plain
bearing market specifies that the major plain bearing material
manufacturers in North America and Europe adhere to stringent government
requirements. On the other hand, emerging regions have fewer or no industry
regulations, albeit there are a few rules requiring the use of environmentally
hygienic and safe plain-bearing items.
As a result, expanding markets in the Middle East, Africa,
and the Asia Pacific provide plain bearing market opportunities for
manufacturers. Furthermore, the robust success of end-use industries such as
automotive, aerospace, energy, agriculture, construction, mining, and oil &
gas can be attributable to the rising regions’ high development potential.
- SKF
Group committed USD 44.3 million in expanding and renovating its Airasca,
Italy manufacturing site in March 2021. The investment will enable the
Group’s largest production location in Italy to produce super-precision
bearings for industrial applications.
- Timken
Company bought Aurora Bearing Company’s assets in December 2020. Rod ends,
and Aurora Bearing Company manufactures spherical plain bearing types for
various industries, including aerospace and defense, racing, off-highway
equipment, and packaging.
Key Takeaways
- FMI’s plain
bearing market report states that the car end-use industry held the
greatest proportion of the worldwide plain bearing market. The surge for
simple bearings in the vehicle industry is mainly accountable for the
rise.
- Due to
increased demand for plain bearings from various end-use sectors
such as car, aerospace, construction, and energy in this area, the Asia-Pacific
region led the global plain bearing market in 2020. China, India, and
Japan lead the way in terms of plain bearing demand and supply in the
Asia-Pacific area.
- The
European region accounted for the second-largest share of the worldwide
plain bearing market. In the European region, Germany, France, and the
United Kingdom are the top producers and consumers of plain bearing as per
the plain bearing market outlook.
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