The global market for bearings is predicted to exhibit a solid growth in the coming years, according to a report by Transparency Market Research (TMR). According to the analysis report, the vendors in the industry are increasingly focusing on research and development into application specific bearings, and to increase the operational efficiency of the product.
The manufacturers in the arena face stiff competition with each other, compelling them to invest towards product development in order to satiate consumer requirements. Some of the prominent players in the global bearing market are The Timken Company NSK Ltd., NTN Corporation, Wafangdian Bearing Co. Ltd, Schaeffler Group, Rexnord Corporation, and JTEKT Corporation.
According to the report, the global bearings market was estimated to be at US$75.9 bn in 2013. With a strong 7.7% CAGR between 2014 and 2020, the forecast duration, the market is anticipated to reach a value of US$118.2 bn by the close of 2020.
Amongst the different product segments, unmounted ball bearings are expected to witness rapid growth in market share. The product segment is expected to be valued at US$33.3 bn in 2013, and is expected to surge further over the forecast period. The emergence of unmounted ball bearings among the product segments can be ascribed to the diverse applications of the product in automotive wheels, motor engines, railway coaches, hard drives and consumer durables.
Geographically, the emerging markets of South Korea, Japan and China are expected to bolster the Asia Pacific region in the global bearings market. The mentioned countries are witnessing rapid industrialization, which is a key factor, resulting in the region to account for over 40% of the overall market revenue.
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Emerging Automotive Industry to Fuel Demand for Bearings
The automotive industry is growing at an unprecedented rate, generating a colossal demand for bearings. All kinds of automobiles utilize bearings of different varieties, shapes and sizes, and the product forms an irreplaceable part in the vehicles. The rising trend of energy efficient cars is further creating a pressing need for efficient bearings, bolstering the growth of the global bearings market. This surge in demand for technologically advanced vehicle solutions is leading to the manufacture of precisely instrumented products.
Furthermore, the rising need for enhanced transportation through railways and airways is generating a substantial demand for operationally efficient bearings. Thus, the sectors of aerospace and railways is also contributing to the development of the global bearings market.
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Application Specific Bearings to Emerge as Key Market Trend
Bearings are utilized in a number of diverse applications, over industries such as automotive, heavy machinery including segments of construction, power generation, agriculture, mining and infrastructure development. All kinds of heavy machinery applications demand high sustainability of loads, and require high performance and output. However, each application requires some different pre-requisite.
Development of application specific bearings is expected to cater to the exact needs of the industry- right from the needed resilience and performance, to correct levels of emissions and maintenance. The demand for application-specific bearings is predicted to emerge as a significant market trend in the coming years and positively contribute to the growth of the global bearings market.