GLOBAL BEARING MARKET BY MATERIAL TYPE
The Global Bearing market is segmented by End-user into Metal, Plastic and Ceramic.
The metal type segment held the largest market in 2022P, owing to its usage in several industries among multiple applications.
Metal type bearing has application in outer rings, inner, rollers, and balls. Steel metal is the common type of material used to produce the load-carrying component in precision balls, roller bearings, and tapered roller bearings.
Competition Scenario in Global BEARING MARKET
The global bearings market is significantly competitive with ~300 players which include globally diversified players, and regional players as well as a majority of country-niche players having their niche in bearings manufacturing for multiple product types and serving different industries.
Country-niche players constitute the majority share by competitor type. While large global players constitute ~5% of the competition. Some of the major players in the market include SKF, JTEKT Corporation, Regal Rexnord Corporation, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, MinebeaMitsumi Inc., HKT Bearings Ltd., Nachi-Fujikoshi Corporation, and others.
What is the Expected Future Outlook for the Overall Global BEARING Market Across the globe?
The Global Bearing market was valued at USD ~billion in 2022P and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022P-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The Global Bearing market is driven by factors such the continuous upgradation in the product from multiple players, and growing usage of bearings. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
COVID-19 has slowed down the growth of the Bearings Market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle production globally, were all factors that reduce the use of bearings in the market. According to the International Monetary Fund (IMF), provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries.
With the increasing innovation and technology, the Global Bearing market is changing rapidly. For instance, In September 2022, SKF with Swedish steel producer Ovako introduced Spherical Roller Bearing (SRB) with 90% less emission than its standard SRB bearing. Furthermore, In September 2019, Regal Rexnord announced the release of a new Klamploc adapter lock for seal master-mounted unitized spherical roller bearings (USRB).
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The global bearings market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing application of different types of bearing in multiple industries such as power transmission, wind turbine, and others. The growth rate is expected to remain significant during the forecast period.
Though the market is significantly competitive with ~300 participants, the majority of country-niche players constitute the majority by type, while global players hold a minor share.
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