“The global plain bearing market is projected to grow at a CAGR of 4.8% from 2017 to 2022”
The global plain bearing market is projected to reach USD 15.23 billion by 2022, at a CAGR of 4.8% between 2017 and 2022. The increase in demand for plain bearings from the automotive industry is propelling the growth of this market. Plain bearings are being widely used in the automotive industry, owing to their properties such as lightweight, high corrosion & chemical resistance, high wear & fatigue resistance, and less noise. One of the major restraints inhibiting the growth of the global plain bearing market includes the increase in the life span of bearings due to technological innovations; hindering the aftermarket sales, ultimately affecting the global plain bearing market.
“Journal is the largest type segment of the global plain bearing market”
The journal type segment contributed the largest share to the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for journal bearings from several end-use industries, such as automobile, aerospace, construction, and energy. In addition, unique properties of journal bearings that include a relatively simple design and construction, less noise, and high load carrying capacity are anticipated to propel the demand for journal plain bearings.
“The industrial segment is the second-largest end-user segment of the global plain bearing market”
The industrial end-user segment accounted for the second-largest share of the global plain bearing market in 2016; this segment is projected to grow at a high CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for plain bearings in various industries. Plain bearings are used in industrial applications for elevators, production lines, and conveyor belts, among others.
“The European region was the second-largest plain bearing market in 2016”
The European region accounted for the second-largest share of the global plain bearing market in 2016, owing to the rise in demand for plain bearings from various end-use industries, such as automobile, aerospace, energy, construction, and agriculture. Germany, France, and the U.K. are the leading countries in terms of production and consumption of plain bearings in the European region. Moreover, the rising demand from the growing automotive and aerospace industries is further anticipated to drive the growth of the plain bearing market in the European region.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 45 %, Tier 2 – 35%, and Tier 3 – 20%
• By Designation: C Level – 40%, D Level – 35%, and Others – 25%
• By Region: North America - 51%, Europe – 15%, Asia-Pacific – 23%, Middle East & Africa – 7%, and South America- 4%
Furthermore, as a part of qualitative analysis, the report provides a comprehensive overview of major drivers, restraints, opportunities, and challenges influencing the growth of the global plain bearing market. It also discusses competitive strategies adopted by different market players, such as NTN Corporation (Japan), SKF Group (Sweden), Schaeffler Technologies AG & Co. KG (Germany), Timken Company (U.S.), THK Co. Ltd. (Japan), NSK Ltd. (Japan), RBC Bearings Incorporated (U.S.), Minebea Mitsumi Inc. (Japan), and SGL Group (Germany), among others.
The report provides a comprehensive overview of the global plain bearing market and associated end-use industries, plain bearing types, and regions. It further aims at estimating the market size and future growth potential of varied market segments and subsegments. Furthermore, the report also includes an in-depth competitive analysis of key players in the market along with their company profiles, market share, SWOT analysis, recent developments, and key growth strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of revenue numbers for the global plain bearing market and its subsegments. This report will also help stakeholders to better understand the competitor landscape and gain worthy market insights to better position their businesses and develop suitable go-to-market strategies. The report further helps stakeholders to understand the pulse of the market and offers them information on key market drivers, restraints, challenges, and opportunities.