Steady growth of shipbuilding industry fuel marine wheel bearings market and projected to open new opportunities

The progress in marine wheel bearings market was drastically hampered in 2020 due to the spread of Covid-19 crisis.

Players manufacturing marine wheel bearings witnessed heavy losses due to a strong fall in the demand worldwide leading to reduced sales. The impact was so catastrophic that even lead to the closure of some known companies.

However the demand has started gaining traction since the lockdown has been lifted up and manufactures are free to produce and supply their products and services.

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In 2021, leading corporations are delivering superior quality and uniqueness in their offerings to attract global users.

What are Marine Wheel Bearing Manufacturers Doing?

Recognized manufacturers including NSK Limited, Schaeffler AG, NTN Corporation, Iljin Bearing, RKB Bearing Incorporation, Timken Corporation, THK Corporation, Wafangdian Bearing Limited, Tenmat Limited, Horn International Corporation and Lewmar Limited are increasing their market share through the adoption of strategies such as collaborations, joint ventures, partnership agreements, sales contracts, product diversifications, innovative launches, acquisitions, research and developments, technological upliftments, e-selling, product line extensions, hiring technical expertise, investing in latest IT infrastructure etc.

For instance, Koyo Bearings, a division of JTEKT Corporation has made an announced of introducing a new range of wheel bearings with creep resistant features to extend the component life in October 2019.

The new design features a circumferential groove in the center of the outer ring’s outside diameter to tackle the strain creep. It offers an equivalent to an increase in wheel bearing thickness by 35 % which could equate to a 50 % reduction in housing wear.

The design lends itself well to installation in next generation vehicles particularly in ships and other hybrid and electric vehicles.

The JTEKT engineers recently developed a new special coating to be used around the entire outer ring which is able to suppress housing wear caused by co-rotation creep.

This clever combination enables the bearing to perform operations like an equivalent with a thicker outer ring but without the size and weight penalty. By saving on material, the design also keeps the costs down.

These enhanced features will make the new range of wheel bearingsmore durable and long lasting giving the products a longer life.

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What is a Marine Wheel Bearing?

A wheel bearing consists of steel balls joined together by a metal ring known as a race. They enable a wheel to spin fast with minimum friction. Every kind of vehicle ranging from cars and aircrafts to bicycles use those. Marine wheel bearing, as the name suggests, finds usage in the shipbuilding industry.

It is particularly useful in applications such as steering and propulsions in merchant and navy vessels.

Composite bearings, tri-metal bearings, and bi-metal bearings are the different materials generally used for manufacturing marine wheel bearing keeping in mind the extreme challenges posed by the marine environment.

The global marine wheel bearing market has been filliped greatly by globalization, which has resulted in increased volume of international trade.

As per a conference of United Nations Conference on Trade and Development (UNCTAD), merchant ships contributes close to a staggering US$380 billion in freight rates in the global economy. This equals to almost 5% of the overall trade worldwide.

Surging demand for recreational boats and yachts, owing to rising disposable incomes of people, has also proved beneficial to the demand for marine wheel bearing for the products are needed for effective maintenance.

Composite marine bearings, which are highly durable and hence need little maintenance, are highly utilized in the shipbuilding as well as offshore construction industries.

A new report on the global marine wheel bearings market is being compiled by Fact.MR. The report provides in-depth analysis of the past, present and future trends of the industry that have a bearing on the global market.

Thorough research analysis has made the report an all-inclusive source to be referred by industry professionals to understand market scenario between the forecast period of 2021-2031.

Marine wheel bearings find application in shipbuilding industry, particularly in steering and propulsion applications of navy and merchant ships. Steering system of any boat, ship or a luxury yacht utilizes different types of bearings such as ball bearing, roller bearing, and wheel bearing.

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Common material types used in the manufacture of marine wheel bearings include bi-metal, tri-metal, and composite bearings.

As marine environment presents distinct yet extreme challenges, the nature of material of bearings and lubricants used in manufacturing process plays an important role in long term operational efficiency of ships.

Steady Growth of the Shipbuilding Industry to Fuel the Market

Increased globalization has resulted in the growth of the shipbuilding industry due to easier accessibility of components, raw materials, and finished products across the globe.

Market players in the industry are engaged in the construction, repair, and modification of the ships. Further, according to the United Nations Conference on Trade and Development (UNCTAD), the operation of merchant ships contributes to approximately US$ 380 billion in freight rates within the global economy, representing about 5% of the total world trade.

This growth of the global seaborne trade can be attributed to surging international trade, expansion of e-commerce platform as well as growing industrialization. Steady growth of the shipbuilding industry is likely to seek after marine bearings in the future.

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