ALBANY, New York, Feb. 12, 2019 /PRNewswire/ -- A Transparency Market Research report suggests that the global plain bearing market will grow at a steady rate of 5.8% from 2015 to 2024. The market is projected to reach US$16.2 bn by the end of 2024. Geographically, Asia Pacific is predicted to hold 39% share of the global plain bearing market. The rapid strides taken by the automotive sector in several key economies and the reducing prices of ball bearing are key factors driving growth in the regions. North America will continue to remain prominent in the coming years.
The global plain bearing market has several players and technological advancements is instilling competitiveness among them. While the product finds uses in several industries, existing players are pumping in more money to identify niche applications. In order to sustain in the market, companies are also looking at improving quality of the plain bearings they offer.
At the same time, technology has also aided new players to come out with innovations grabbing the attention of unexplored customers. This has opened fresh avenues for the global plain bearing market. Some of the key players in the global plain bearing market today are Schaeffler Group, SKF Group, The Timken Company, NTN Corp., and JTEKT Corp.
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Defense and Aerospace to Drive Growth
The primary factor driving the growth of plain bearing market is the growing demand for motor vehicles globally. In addition, the rising demand for bearings in the defense and aerospace sectors is also aiding growth of this market. The introduction of smart bearings is expected to provide new market opportunities for bearing manufacturers in the near future. These factors are expected to stimulate growth in the global plain bearings market.
Technology advancements and product innovations including magnetic levitations & manners cushioned with compressed air are projected to enhance plain bearing demand. For instance, introduction of advanced spherical roller significantly provides superior performance and limited maintenance cost. Moreover, technical innovations including efficient lubrication and seal technologies will drive global plain bearing market's size during the forecast period. High stability, light weight, reduced energy consumption, and friction during operation are key properties fueling the product demand.
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Growing Number Is Counterfeit Products
The increasing technological innovations are making these bearings durable and hence hindering the growth of aftermarket sales. In addition, the growing number is counterfeit products is also hindering the growth of plain bearings globally. Nevertheless, introduction of smart products is projected to come up as a significant solution encouraging product scope.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Plain Bearing Market (Bearing Type - Journal, Linear, and Thrust; End Use – Automotive and Industrial (Aerospace, Energy, Construction Machinery, Farm and Garden Machinery, Oilfield, and Macnery)) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024."
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Global Plain Bearing Market is segmented based on:
- End Use
o Construction Machinery
o Farm and Garden Machinery
o Oilfield Machinery
- North America
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of Asia Pacific
- Rest of the World
o Middle East
o South America
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