plain bearing market is worth US$16.2 bn by 2024
The opportunity in the global plain bearing market is set to be worth US$16.2 bn by 2024, rising from US$9.5 bn in 2015 at a 5.8% CAGR therein. The demand for plain bearings is anticipated to increase at a 6.5% CAGR from 2015 to 2024.
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Journal Bearings Emerge as Key Contributors to Global Plain Bearings Market by Type
Based on design type, the plain bearing market is led by journal bearings and this segment is likely to retain its dominance through 2024 owing to its widespread application in the construction and automotive sector. Emerging as the leading contributor to the plain bearings market, the journal bearing segment accounted for a share of over 42% in 2015, registering a CAGR of 6% from 2016 to 2024.
By end use, the plain bearing market is driven by the automotive sector, which accounted for over half the global market in 2015. The sector is also projected to register a CAGR higher than any other end-use segment during the course of the forecast period. Geographically, Asia Pacific was the leading market for plain bearings and accounted for 39% of the overall market in 2015.
Rise in Defense Infrastructure Development Bodes Well for Plain Bearing Market
Plain bearings are most popularly used in the automotive industry and the soaring production of motor vehicles globally is directly impacting the growth in the demand for plain bearings used in auto parts.
“The global production of motor vehicles in 2015 was pegged at 89.7 mn units by the International Organization of Motor Vehicle Manufacturers and various bearing manufacturers are catering to this rising demand in the automotive sector,” the author of the study states. The impact of this driver is expected to remain high during the forecast period.
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The rising demand for plain bearings in the defense and aerospace industries is also a major factor boosting this market. “The governments of various nations around the world have been revving up their defense infrastructure and this has significantly contributed to the growing demand for plain bearings,” the analyst observes. For instance, the Turkish government has been taking steps to locally manufacture passenger aircraft, helicopters, jet fighters, and unmanned aerial vehicles on a large scale, leading to the rising demand for industrial bearings.
On the flip side, the shrinking after-sales market and an increase in counterfeit products act as deterrents to the plain bearings market. However, the impact of both these factors is forecast to remain low from 2016 to 2024.
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