May 23, 2022   SOURCE: BusinessWire

The Worldwide Plain Bearing Industry is Expected to Reach $13 Billion by 2026 - ResearchAndMarkets.com

The "Plain Bearing Market by Type, End-Use Industry (Automotive, Industrial, Aerospace, Energy, Construction Machinery, Agricultural & Gardening Equipment, Oilfield Machinery, Office Products) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global plain bearing market size is estimated at USD 10.0 billion in 2021 and is projected to reach USD 13.0 billion by 2026, at a CAGR of 5.2% between 2021 and 2026.

The market is propelled by the growth of various end-use industries. Increasing investments in infrastructure, new industrial projects, and the development of heavy machinery in China, India, the US, Germany, and Brazil have also boosted market growth.

Journal as type is anticipated to grow at the highest CAGR during the forecast period

The journal type segment contributed the largest share to the global plain bearing market in 2020; this segment is projected to grow at the highest CAGR from 2021 to 2026. This growth is mainly attributed to the increasing demand for journal bearings from varied end-use industries such as automobile, aerospace, construction machinery, and energy. In addition, journal bearings have properties such as excellent strength and shock resistance. There is no rolling element in these bearings. These bearings work efficiently in heavily loaded systems, wherein sufficient clearance and lubrication is provided.

Industrial as an end use industry of plain bearings is projected to grow at the highest CAGR during the forecast period

The Industrial industry as an end-use industry is projected to grow at the highest CAGR during the forecast period, due to rapid industrialization in emerging economies India and China in the Asia Pacific region. Plain bearings are used industrial industry in cleaning equipment, chlorine systems, film processing systems, fuel handling systems, oxygen systems, and chemical processing equipment.

Asia-Pacific is projected to grow at the highest CAGR during the forecast period

Increasing demand for plain bearings from the rapidly growing end-use industries such as automotive, aerospace, construction machinery, and energy in the Asia Pacific region is one of the major factors responsible for the highest share and CAGR of this region. The plain bearing market in Asia-Pacific is driven by the increased foreign investments, and low labor costs. The end-use industries of plain bearings, such as automotive, construction machinery, and energy, are growing in emerging countries such as China, India and Thailand, which play an important role in driving the market.

Market Dynamics

Drivers

  • Rising Demand for Plain Bearings from End-Use Industries
  • Cost-Effective Production of Plain Bearings in Asia-Pacific

Restraints

  • Volatility in Prices of Raw Materials

Opportunities

  • Growth Prospects in Emerging Economies
  • Development of Smart Bearing Technology
  • Applications in Renewable Energy Sector

Challenges

  • Increasing Number of Counterfeit Bearings
  • Supply Chain, Trade, and Economic Disruptions Due to COVID-19 Pandemic

Companies Mentioned

  • Accurate Bushing Company
  • AEC
  • Alloy Bearings
  • Boston Gear LLC
  • Chiavette Unificate S.P.A
  • Elringklinger Ag
  • GGB
  • GGT Gleitlager Ag
  • Hepcomotion
  • Igus
  • Kashima Bearings, Inc.
  • Kingsbury, Inc.
  • Midwest Control Products Corp.
  • Minebeamitsumi Inc.
  • NSK Ltd.
  • NTN Corporation
  • PBC Linear
  • RBC Bearings Incorporated
  • Schaeffler Group
  • SGL Carbon
  • SKF Group
  • THK Co. Ltd.
  • Thomson Industries, Inc.
  • Timken Company
  • Zollern GmbH & Co. Kg

For more information about this report visit https://www.researchandmarkets.com/r/wy91e8