Farmington, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Global Ball Bearing Market Size Was Valued At USD 21.57 Billion In 2022. It Is Projected To Reach USD 32.6 Billion By 2030, Growing With A CAGR Of 4.5% During The Forecast Period (2023–2030). This market is likely to grow in the near future because of the growing demand for ball bearings in a number of industries, such as machine tools, cars, and the developing advanced medical sectors. More and more applications need very precise bearings, which is why the market is growing. Different types of ball bearings, like self-aligned bearings, are becoming more popular in a wide range of end-user markets because they are not affected by harsh outside factors. A big part of the growth of the market as a whole is also the growing use of precision engineering in the industrial sector. This is because many industries, like aerospace and defence, shipbuilding, energy, and a lot of others, need them. All of the things above are likely to help the market in the future.
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Recent Developments:
- In September 2018, SKF introduced its Ball Bearing Units-UC series in India in order to meet the market's growing demand. The product is made in the area, is of good quality for a good price, and meets international quality standards.
- In November 2017, Schaeffler AG and Audi have started to work on developing technology, especially in the areas of transmission, engine, bearings, and other areas, to improve Formula E's performance density. Since 2017, Schaeffler has been working closely with Audi to make drive trains for the "Formula E" racing series.
Segment Analysis:
By Product Type
The market segment for self-aligning bearings is expected to grow at the fastest rate. This is because machine tools, which are used to make things like paper and textiles, are becoming more popular.
Deep groove ball bearings are likely to become more popular because they work quickly and can handle both radial and axial stresses well. Also, the angular contact ball bearing lets you work at high speeds without losing precision or rigidity. Because they aren't used much in industry, the other types are probably at a standstill in terms of growth.
By Application
Robotic surgery, which is also called minimally invasive surgery, is becoming more common in the medical field because it has many benefits, such as less pain and discomfort and a shorter time needed to recover. The market is growing because of this good thing.
Because there isn't a huge demand for these bearings to turn the shafts of different machines, the market for industrial machinery is expected to grow a lot. Sales in this market are expected to grow in the not-too-distant future because of the growing use of miniature bearings in the automotive industry and the growing number of uses in other fields, such as medicine, robotics, and machine tools. In a similar way, the aerospace industry is expected to keep growing so that the machines that go into aeroplanes can work better.
Regional Outlook:
During the time frame of the forecast, the Asia-Pacific market for ball bearings is expected to grow the most. This could be because the car, construction, and mining industries are growing. People in Asia and the Pacific think that projects to improve public facilities in rural areas will help the market there. According to the study's findings, the market for construction equipment in Asia and the Pacific is worth more than USD 49 billion right now and is expected to grow in the near future.
The ball bearing industry is expected to grow because there are more mines in Asia, North America, and Latin America. In the last few years, mining has grown because there are so many minerals in Latin America, such as in Argentina, Chile, and Mexico. Both the Cauchar-Olaroz project and the Salar del Rincón project in Argentina are about lithium. Both of these projects are still in the planning stage, but it is thought that they will cost about $425 million and $220 million, respectively.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.5% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 21.57 Billion |
| By Product Type | Self-Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings, Others |
| By Application | Automotive, Industrial Machinery, Mining & Construction, Medical, Others |
| By Companies | NSK, NTN, JTEKT, Schaeffler, C&U Group, Federal Moghul Holding Corporation, JTEKT Corporation, NKE AUSTRIA GmbH, SKF AB, THK Company, TIMKEN Company, Asahi Seiko, Graham Corporation, Ingersoll Rand, LYC Bearing, MinebeaMitsumi, Nachi Fujikoshi, RBC Bearings |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
During the time period covered by this estimate, the market is expected to grow because industry will need more precision ball bearings as it becomes more automated. Precision ball bearings are becoming more and more important in industries like aerospace and machine tool making. People all over the world are likely to buy more ball bearings as the number of industrial robots that use them grows. According to the IFR International Federation of Robotics, the number of industrial robots that can work on their own grew by 12% around the world in 2017. Because of this growth, 2.7 million more robots were built. People from all over the world bought 373,000 robots in the year 2021. This means that people are still buying a lot of new robots. New technology in office automation, medical equipment, and audio-visual equipment is likely to increase the demand for ball bearings in the coming years.
As the need for high-performance bearings grows, ball bearings are getting better and better. Because of this, companies are adding more advanced sensor units to the things they make. The sensor modules help with digital monitoring of the product's load-bearing capacity, speed of rotation, slowing down, speeding up, and axial movement. Also, the Internet of Things (IoT) has made it easier for people to use connected machines and equipment and has made it possible to keep an eye on these assets at all times. The market for ball bearings grew during the time of the prediction, which was helped by this new finding.
Key Segments Covered:
Top Market Players:
NSK, NTN, JTEKT, Schaeffler, C&U Group, Federal Moghul Holding Corporation, JTEKT Corporation, NKE AUSTRIA GmbH, SKF AB, THK Company, TIMKEN Company, Asahi Seiko, Graham Corporation, Ingersoll Rand, LYC Bearing, MinebeaMitsumi, Nachi Fujikoshi, RBC Bearings, and others.
By Product Type
- Self-Aligning Ball Bearings
- Deep Groove Ball Bearings
- Angular Contact Ball Bearings
- Other
By Applications
- Automotive
- Industrial Machinery
- Mining & Construction
- Medical
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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