The global plain bearing market features a consolidated landscape, with the top five players accounting for a combined share of more than 40% in 2015, notes TMR. These players are Schaeffler Group, SKF Group, The Timken Company, NTN Corp., JTEKT Corp., and NSK Ltd., with SKF boasting of the leading presence. Leading players are harping on developing new products with advanced functionalities to meet a growing requirements of end-users, in a move to stay ahead of others, observes Transparency Market Research (TMR).
Several of the prominent companies are also focusing on opting for acquisitions to consolidate their positions. A number of players are consider value-based pricing and focusing on mass production to strengthen their shares in the market. Furthermore, they are exploring new geographic regions to gain a better foothold in the global market.
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The global plain bearing market stood at US$9.5 billion in 2015 and is projected to surge to a valuation of US$16.2 billion by 2024 end. The market is anticipated to rise at a CAGR of 5.8% from 2015 to 2024. The demand for plain bearings is projected to expand at a CAGR of 6.5% during the same period.
The major end-use segments are automotive and industrial. Of these, the automotive segment accounted for the dominant share in the market in 2015 and is also projected to rise at the major CAGR during the forecast period. Regionally, Asia Pacific leads the pack and is predicted to hold its dominance throughout the assessment period. The rapid strides taken by the automotive sector in several key economies in the region and the reducing prices of ball bearing are key factors driving the regional factor. The regional market held a share of 39% in 2015.
Vastly Rising Demand for Motor Vehicles to Drive Growth
The growing demand for motor vehicles world over is the key factor driving the plain bearing market. The rising demand for bearings in oilfield machinery and construction work is another key factor boosting the market. The wide demand for plain bearings in several industries such as energy, railways, aerospace, farm and gardening, and automotive is a seminal factor accentuating the growth of the market. In addition, the rapid growth of the automotive industry in numerous developing and developed economies is a notable factor boosting the market.
The burgeoning demand of bearings in the defense and aerospace sector in various developing and developed regions is also providing a robust fillip to the plain bearing market. Governments of several emerging and developed nations are pouring in significant funds in improving the defense infrastructure. This is expected to complement the growth of the market in these regions.
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Smart Bearings to Open up Lucrative Prospects
However, the extensive demand for journal bearings for various end-use industries is a notable factor anticipated to boost the market. The mounting concern of the growing availability of counterfeit products is a notable factor likely to hinder the growth of the market to an extent in various regions. In addition, the marked slump in after-sales service is a key factor negatively affecting the revenue of the market. Nevertheless, the launch of smart bearings is expected to open up lucrative avenues for market players in the coming years. In addition, substantial manufacturing activities in the automotive sectors is anticipated to bolster the demand for plain bearings. The rapid pace of industrialization is also adding to the growth of the market.