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(MoneyNewsWire.Net, June 03, 2018 ) 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. This growth is mainly attributed to the increasing demand for plain bearings in the Asia-Pacific region. Increasing applicability of plain bearings in automobile, aerospace, energy, construction, office products, and agriculture industries further propels the growth of the global plain bearing market. Plain bearings offer several advantages over other common rolling element bearing materials. They require less maintenance and create less noise.
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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, owing to the increasing demand for journal plain bearings from various end-use industries, such as automobile, aerospace, energy, and construction. Journal plain bearings also exhibit properties, such as excellent strength, shock resistance, and high load carrying capacity.
Among all end users, the automobile segment accounted for the largest share of the global plain bearing market in 2016. The automobile end user segment is also projected to grow at the highest CAGR from 2017 to 2022. Plain bearings are widely used in automobile industry, owing to their properties such as lightweight, low maintenance, high wear & fatigue resistance, and high load carrying capacity.
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The Asia-Pacific region accounted for the largest share of the global plain bearing market in 2016. The Asia-Pacific plain bearing market is projected to grow at the highest CAGR during the forecast period owing to the rise in the demand for plain bearings from various end-use industries, such as automobile, aerospace, industrial, energy, construction, agricultural & gardening equipment, oilfield machinery, and office products in this region. China, India, and Japan are the leading countries in terms of production and consumption of plain bearings in the Asia-Pacific region. Moreover, easy availability of raw materials and labor is further anticipated to drive the growth of the plain bearing market in the Asia-Pacific region.
Factors inhibiting the growth of the global plain bearing market include slow economic recovery of the European countries and increasing life span of bearings due to the technological innovations in the overall bearing industry. This has hindered the aftermarket sales of plain bearings, ultimately affecting the global plain bearing market. 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, are the key players in the plain bearing market. New product launches, agreements, expansions, acquisitions, and research & development are some of the key strategies adopted by the market players to strengthen their presence in the global plain bearing market.
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