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INDUSTRY NEWSThe global bearing market was valued at $107.46 billion in 2019, and is projected to reach $143.53 billion by 2027, registering a CAGR of 6.1%.
Bearing is a type of machine element that is used to support relative motion and helps to reduce friction that is caused between moving parts. Bearing finds its applications in various industries such as automobile, wind turbines, construction & mining machinery, agricultural equipment, machine tools, and others. It is used in automobile to ensure smooth running of cars, electric vehicles (EVs), and other type of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks. The global bearing market is gaining more importance owing to rising utilization of bearing products in various end-use industries, rolling mills, and electric vehicles. Technological developments have improved the overall efficiency of the bearing products in the automobile sector and have enhanced the shelf life of products. For instance, NSK has developed gearbox bearing that offers low maintenance and enhanced reliability in railway engines.
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The global bearing market has been supplemented by factors such as rise in utilization of bearing in railways, electric vehicles, & rolling mills followed by increase in utilization of bearing in motor, demand for automotive electrification, and demand of bearing in continuously variable transmission (CVT) has enhanced the demand for the bearing market. However, bearing damages that are caused in electric vehicles, increasing vehicle electrification and fluctuating raw material prices as well as high maintenance cost hamper the growth of the global bearing market. Moreover, rise in concern about green vehicles and constant development in the automobile industry, emergence of sensor bearing units and increase in development of additive manufacturing technologies & materials to manufacture bearing are the factors that provide lucrative opportunities, thereby leading to the growth of the global bearing market.
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The global bearing market is segmented into type, size, distribution channel, machine type, end use, group and region. Based on type, the market has been segmented into ball bearing and tapered bearing. Based on size, the global bearing market has been categorized into 30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above. Original equipment manufacturers (OEMs) and aftermarket are the different distribution channels that are considered in the global bearing market. Internal combustion engines (ICE) vehicles, electric vehicles, industrial machinery and aerospace machinery are the different types of machines considered in the global market. Depending on end use, the global bearing market has been categorized into automotive, industrial and aerospace. Depending on the group, the global bearing market has been categorized into group 1, group 2 and group 3. ICE vehicles are considered in group 1, electric vehicles are considered in group 2 and the combination of industrial and aerospace machinery is considered in group 3. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players operating in the global bearing market include NSK Ltd., Schaeffler AG, NTN Corporation, SKF, Iljin Bearing, RKB Bearing, JTEKT Corporation, Timken, Wafangdian Bearing Co., Ltd. and THK Co. Ltd.
Railway industry is emphasizing on reduction of cost and enhancing more on increasing the life of rails. Bearings are used in railway gearbox to dampen the shocks and vibrations that are caused due to force generated by traction motor and wheels running on tracks. Thus, severe operating conditions increase the engine maintenance and down time. Recent developments in bearings have fueled the demand for bearing in the railway industry. For example, tapered roller bearings are used to support pinion shafts that require regular adjustments and expert maintenance has been developed that reduces maintenance cost and enhances cage strength.
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In addition, rising public awareness and rising demand for electric vehicles have increased the utilization of bearing in EVs. Bearings are developed in order to overcome lean lubrication conditions and smaller size of bearing has improved the overall efficiency of the gearbox, which in turn increases drive range of EVs. Rolling bears are widely used in rolling mills that are designed to sustain tough working conditions. Thus, bearings that are used in rolling mills possess an ability to sustain flaking mechanism, high load capacity, and enhanced shelf life of rolling mills.
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Rising demand among people about environmental pollution has forced industries to reduce CO2 and harmful gas emissions from motors in industries. Motors that are used to operate pumps and compressors require more electricity; thus, high developed bearings are utilized in motors that reduce the mechanical loss during operations. Moreover, use of low torque bearings in CVTs in order to enhance reliability and fuel efficiency of vehicles have increased the utilization of bearing that offers enhanced ball strength and solid lubricating film.
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The cost of raw materials remains the top overall concern for manufacturers. Raw material accounts for around 60-62% of a bearing manufacturer’s revenue. The raw material price of the automotive bearing continuously fluctuates as per the market economic condition. Such price volatility of raw materials is becoming a real challenge for companies to remain competitive and assure sustainable margins. Since, high grade steel and alloy steel are the primary raw materials used for manufacturing bearing, bearing price is highly correlated with the global steel price movement. Thus, fluctuation of raw material price creates challenges for the bearing manufacturers to manufacture a bearing for vehicle in comparative price and the quality. In addition, bearing needs regular maintenance to avoid failure and prolong their lifespan, which further increases maintenance costs. Therefore, the factors such as fluctuating raw material prices and regular maintenance cost are expected to hinder the growth of the automotive bearing market.
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Rising public awareness about environmental pollution and enhanced demand from consumers for fuel-efficient vehicles has led to development of EVs including fuel cell and battery EVs. Bearings that are used in EVs offer improved efficiency, operability, and shelf life owing to constant product development. Thus, product development along with rise in the sales of EVs is predicted to offer new opportunity in the global bearing market.
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