The plain bearing market is anticipated to achieve a valuation of USD 12,019.3 million in 2023, with projections indicating it will reach USD 20,850.8 million by 2033. This represents a compound annual growth rate (CAGR) of 5.7% over the forecast period.
Prominent Sectors in the Global Market
Several end-use industries drive the demand for plain bearings, including automotive, construction, aerospace, and heavy machinery. Among these, the automotive sector is expected to lead the global market, capturing the largest share during the forecast period. This is due to the extensive application of plain bearings in vehicle components such as transmissions, engines, and suspensions.
The aerospace sector is also increasingly utilizing plain bearings for critical components such as aircraft engines, control systems, and landing gear. In the heavy-duty and construction sectors, the rising demand is attributed to the significant use of plain bearings in equipment like cranes and excavators.
Overall, the automotive sector remains the dominant player in the global market, driven by its advanced technologies, superior performance, and reliability.
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Key Takeaways from the Plain Bearing Market Report:
- The plain bearing market is estimated to secure a valuation of USD 20.8 Billion with a CAGR of 5.7% by 2033.
- In the historic period, the market captured a valuation of USD 11.4 Billion with a CAGR of 2.7% in 2022.
- The United States is anticipated to secure a share of 14.7% in the global market by 2033.
- Japan is significantly growing its global market revenue by registering a share of 6.1% during the forecast period.
- With a share of 4.8%, Germany is significantly driving the global market size by 2033.
- Australia is anticipated to secure a share of 1.5% in the global market during the forecast period.
How Key Players Bring Opportunities in the Global Market?
The key players in the industry highly fragment the market. These prominent players focus on bringing innovative products to the market by investing Million-dollar in research and development activities. The key players in the market include:
- Timken Company: The Timken Company provides advanced plain-bearing products to end-use industries. The company provides a wide range of related products to several applications.
- Schaeffler AG: Schaeffler AG offers plain bearings products with a strong presence in the market. Based in Germany, this company offers its products to various applications.
Leading Key Players:
- Schaeffler AG
- AB SKF
- The Timken Company
- NTN Corporation
- Minebea Mitsumi Inc.
- RBC Bearings
- THK Co. Ltd.
- Altra industrial motion Corp.
- ElringKlinger AG
- Boston Gear LLC
- GGT Gleitlager AG
- AUSTIN ENGINEERING COMPANY LIMITED (AECL)
- Altra industrial motion Corp.
- Zollern GmbH & Co. KG
- Kashima Bearings
- GGB Bearing Technology
- NSK Limited
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Recent Developments:
- In 2021, SKF AB announced its newly launched product SKF Extended Life series. This series is designed for excellent performance and long service life.
- In 2021, Timken Company announced its acquisition of Aurora Bearing Company. This acquisition took place to expand their portfolio and provide better products to their consumers.
- In 2021, Schaeffler Group announced its partnership with BYD to develop advanced technology electric vehicles.
- In 2021, NTN Corporation developed its new product, tapered roller bearing, to improve fuel efficiency and reduce friction. The company also invested in manufacturing companies in Thailand and India.
- In 2021, GGB Bearing Technology launched its new metal-polymer plain bearings EP15. These bearings provide high leads and temperatures with better performance in several industries.
Plain Bearing Market Segmentation:
By Type:
- Journal
- Linear
- Thrust
- Angular Contact
- Others
By End Use:
- Construction Industry
- Automotive
- Industrial
- Aerospace
- Energy
- Agriculture & Gardening Equipment
- Oilfield Machinery
- Office Product
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltics Countries
- Middle East and Africa
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