Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Roller Bearing Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global roller bearing market was valued at USD 30.077 billion in 2021 and is expected to experience modest growth over the forecast period.
Roller bearings are essential components used to support rotating shafts with steel rollers enclosed in a cage. These bearings reduce friction, enhance resistance, improve machine mobility, increase load capacity, and extend lifespan. The market is driven by the growing utilization of heavy machinery and equipment in manufacturing facilities and the automotive industry.
Additionally, the demand for high-performance industrial machinery and machines designed for complex operations contributes to market growth. Investment projects in infrastructure development, offshore wind farm construction, and mining are also anticipated to boost the roller bearing market.
Key Market Trends and Drivers
Several key trends and drivers are contributing to the growth of the global roller bearing market:
- Aerospace Industry Growth: The aerospace industry extensively uses roller bearings in applications such as aircraft landing gear struts and shock absorbers to prevent ladder cracking and surface damage caused by heat. The increasing capabilities of the aerospace sector are driving the demand for roller bearings. Initiatives like the Canada Aerospace Regional Recovery Initiative, which provides support to the Canadian aerospace industry, and the growth in piston aircraft deliveries, turboprop plane deliveries, and business jet deliveries are indicative of the rising aerospace production. This, in turn, will increase the demand for roller bearings.
- Automotive Sector Demand: Roller bearings play a crucial role in the automotive sector, where they are used to move and rotate various auto parts, providing precise movement. These bearings are used in engines, gearboxes, transmissions, wheels, steering systems, electrical motors, pumps, and other subsystems. The growth in automobile manufacturing production is driving the demand for roller bearings. The global motor vehicle production and sales figures have increased, indicating higher demand for roller bearings.
- Asia-Pacific Dominance: During the forecast period, the Asia-Pacific region is expected to dominate the roller bearing market. Major countries like China and India are witnessing successful applications of roller bearings in the automobile and aerospace sectors. The increasing production of automobiles and the establishment of aircraft facilities are contributing to market growth in the region.
Market Segmentation
The global roller bearing market is segmented based on type, material, end-user, and geography:
By Type:
- Cylindrical
- Spherical
- Needle Roller
- Tapered
By Material:
- Steel
- Ceramic
- Plastic
By End-User:
- Automotive
- Aerospace
- Industrial
- Mining
- Others
By Geography:
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- UK
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Others
Market Developments
- In April 2023, Airbus announced new collaboration agreements with partners in the Chinese aviation industry. The collaboration aims to increase capacity at Airbus' Tianjin A320 final assembly line, supporting the goal of delivering 75 aircraft per month by 2026.
The global roller bearing market is influenced by factors such as the growth of the aerospace and automotive industries, particularly in regions like Asia-Pacific. Roller bearings play a critical role in various applications, contributing to machine mobility, load capacity, and overall efficiency.
Companies Mentioned
- NSK Ltd.
- SKF
- Schaeffler Group
- Timken Company
- NTN Corporation
- JTEKT Corporation
- IKO International
- NACHI-FUJIKOSHI CORP
- RBC Bearing Incorporated
- Scheerer Bearing Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ibr71v
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