Global demand for bearings will increase rapidly in the post-pandemic period
CLEVELAND, May 28, 2021 / PRNewswire / – New Analysis by Freedonia Group Predicts Global Bearings Demand Growth of 5.2% Per Year $ 100 billion in 2025, rebounding from 2020 lows. Sales will increase rapidly in the post-pandemic period, fueled by:
- improving economic conditions in the world and a recovery in global consumer spending (from 2020 lows)
- the lifting of COVID-19 restrictions on businesses and individuals
- increased manufacturing activity for durable goods, especially motor vehicles
- increased foreign investment in the manufacturing sectors of Asia Pacific, Africa/ Countries in the Middle East, Central and South America and Eastern Europe
- the development of new state-of-the-art bearing technologies and the increasing use of more sophisticated bearings in developing countries
However, competition from alternative technologies (e.g. fluid and magnetic bearings), as well as the ongoing shift from ICE to electric motor vehicles (which require fewer bearings), will limit even larger gains.
Ball and roller bearings will remain the best applications until 2025
Ball and roller bearings will continue to account for the largest share of dollar sales as they are well established technologies and necessary to manufacture a wide range of products. In addition, these types of products are more expensive than plain bearings, which are also widely used around the world and are increasingly used in applications such as the manufacture of aerospace equipment and wind turbines.
The decision on which bearings to use is primarily determined by the specific requirements of the particular application:
- In some cases, manufacturers have the flexibility to use several different product types and may take other factors into consideration (for example, price), while more demanding applications may require a specific type of bearing.
- While most types of bearings have similar growth prospects due to the wide range of uses for each, the market share in specific applications may change. For example, technological innovation has allowed roller bearings to operate at higher speeds; as a result, roller bearings have made inroads into some applications historically dominated by ball bearings.
You want to know more?
Global bearings is now available from the Freedonia group. This study analyzes the global bearings industry by product, market and region. Historical data (2010, 2015, 2020) and forecast for 2025 and 2030 are provided for net bearing shipments, demand and exports in current US dollars at the manufacturer level.
Bearing products include:
- unmounted ball bearings
- unmounted roller bearings (taper, spherical, needle, cylindrical)
- plain bearings not assembled (journal; spherical; thrust and other plain bearings)
- mounted and combined ball / roller bearings (e.g. flange, suspension, bearing, reel)
- Bearing parts sold separately (including balls, rollers, cages, cups, rings, housing closures, gaskets, shields, spacers)
Promising markets include:
- motor vehicles (e.g., automobiles; light, medium, and heavy trucks; recreational vehicles; minibuses and shuttles; all-terrain vehicles; transit coaches and buses; vans)
- aerospace (e.g., airplanes, drones, helicopters, rockets, satellites, space vehicles)
- motorcycles, including internal combustion engine and electric moped, motorcycles and scooters
- other markets (e.g., household appliances; bicycles; boats, ships and other marine equipment; electronic and electrical equipment; instruments; medical products; military equipment; railway equipment; sports equipment; wind turbines)
About the Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the leading international industrial research company, providing our clients with product analyzes, market forecasts, industry trends and market share information. From one-person consulting firms to global conglomerates, our analysts provide businesses with unbiased and reliable market research and analysis to help them make important business decisions. With over 100 studies published each year, we support over 90% of Fortune 500 industrial companies. Find ready-made studies at https://www.freedoniagroup.com/ or contact us for a personalized search: +1 440.842.2400.
SOURCE The Freedonia Group