The composite bearings market is expected to grow at a CAGR of over 6% during the forecast period. Major factor driving the market studied is growing demand of composite bearings from automotive industry. On the flip side, high raw material cost for manufacturing of composite bearings and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Increasing use of self-lubricating composite bearing is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Composite bearings from automotive sector is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Composite Bearings from Automotive Industry
- A composite bearing is a bearing made from a composite material, such as fibre reinforced resin, or plastic which will often contain friction reducing ingredients such as PTFE.
- Composite bearings have its use in upcoming energy technology such as in solar power tower to rotate the mirrors. They can withstand the loads in CSP applications, are weather and corrosion resistant and also offer low and constant friction
- Composite bearings can be customized to meet the individual requirements of many applications, such as wear- or high-temperature resistance.
- Composite bearings are useful components in automotive design and are used in a range of applications throughout the car, from the powertrain to the car interior.
- Hence, owing to the above-mentioned factors, the application of composite bearings from automotive sector is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for composite bearings during the forecast period. The rising demand of composite bearings from automotive and growing application in construction sector in countries like China, Japan and India is expected to drive the demand for composite bearings in this region.
- The largest producers of composite bearings are located in Asia-Pacific region. Some of the leading companies engaged in the production of composite bearings are GGB, Inc, SGL Carbon Gmbh, AST Bearings, CSB Sliding Bearings (India) Pvt. Ltd., and RBC Bearings Incorporated among others.
- India’s Ruling Govt. Initiatives such as Housing for all the government’s flagship scheme PMAY launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. This is expected to fuel the growth of the Urban Infrastructure and construction development.
- While the more developed economies in the Asia-Pacific region have taken steps towards lightweight vehicles so as to achieve fuel efficiency standards to reduce the vehicular carbon footprint is likely to boost the demand for lightweight composite bearings.
- Owing to the above-mentioned factors, the market for composite bearings in the Asia-Pacific region is projected to grow significantly during the study period.
The global composite bearings market is partially fragmented in nature with only few major players dominating the market. Some of the major companies are GGB, SGL Carbon Gmbh, AST Bearings, CSB Sliding Bearings (India) Pvt. Ltd., and RBC Bearings Incorporated among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support