August 16, 2023 09:22 ET | Source: Precedence Research Precedence Research
Ottawa, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global ball bearing market size was valued at USD 26,480 million in 2022. Growing demand for bearings in various industries including machine tool, automotive and growing advanced medical fields is expected to herd this market growth in the future. The growing demand for lofty precision bearings in specific applications is driving the growth of the market. Different types of bearings, including self-aligning bearings, are increase popularity in different end-user segments due to their insulation against harsh environmental agents. Tire Hub Assembly
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In addition, the increasing application of precision mechanics in the produce sector is performing an important part in the ball bearing market. This is due to demand from different industries like aerospace and defense, shipbuilding, energy, many others. All the factors mentioned above are expected to positively affect the market in the incoming years.
Orientation is basically used in hardware or equipment, from vehicle parts, farm equipment and home machinery to protective equipment and aeronautics. This factor is expected to promote the development of the market in the near future. There is increasing interest in courses with lesser maintenance, higher efficiency and longer service life. The moving components are basically used to reduce the connection between moving rotating parts and rotating parts to achieve the desired motion. Metal rollers are used in various industrial fields such as automotive, aviation, railway and heavy equipment. The creation of a wind turbine base from developing industries such as China, Brazil, Mexico and India, the growing interest in the elite course for agricultural equipment and the development of industrialization around the world are key factors for the growth of the market.
At the heart of the growth of the global metal ball bearing market is the growing interest in its chesty course and its broad applications. This title is practically used in hardware or equipment ranging from automotive parts, farm equipment and home machinery to protective and aeronautical equipment. This factor is expected to soon promote the development of the market. There is increasing interest in orientation with the prerequisites of lower maintenance, higher efficiency and longer life.
The Asia-Pacific region is expected to show the highest growth of the bearings market during the forecast period. This is characteristic to the growing development of the construction, mining and automotive industries. Public facility improvement plan in rural region are expected to boost the Asia-Pacific market. According to the research, the Asia-Pacific construction market is estimated to reach more than 49 billion USD and is expected to grow in the coming time. The increase in mining operations in Asia, North America and Latin America is expected to have a positive impact on the growth of the bearing industry. Mining activity has increased in recent years in Latin America, particularly in Argentina, Chile and Mexico, due to large mineral deposits.
The automotive sector in Europe accounts for the largest share of the ball bearing market and is expected to remain unchanged. Europe has the main car manufacturers as well as the largest private investors in R&D such as Fiat, BMW, Porsche, Mercedes, Audi, Opel, Volkswagen, and Ferrari. The development of construction infrastructure projects in Europe is expected to promote this type of bearing industry in the coming years.
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There is a growing demand for bearings that require less maintenance, higher efficiency and longer life. Additionally, an increase in demand for specialty bearing that meet various industry related requirements and challenges is expected to drive the market. For example, the increasing application of high-capacity products in turbines is expected to drive demand. Wind turbines use these products to improve wind turbine reliability and performance, reduce lubricant consumption and increasing energy production.
There is increasing demand for miniature bearings in aerospace, automotive, electrical, marine and other industrial applications where equipment space is limited and complex. The production of miniature products is turning out to be a major concern for OEMs. However, market players are focusing on research and development activities to introduce small and micro ball bearings. Miniature precision bearings offer many maintenance challenges and versatility. Timely maintenance is required to maintain the service life and good performance of these bearings. For precision ball bearings, size and capacity options can be limited. In addition, the increase in precision bearing forged products is expected to hinder the market growth.
More and more people are using precision bearings in the automotive field due to its advantages such as corrosion resistance, high strength, low maintenance cost, and high tensile strength. This offers more promising opportunities for the market in the coming years .
Volatile commodity prices impede market growth Changes in trade policies, imbalances in the supply-demand ecosystem, exchange rate fluctuations, increased geopolitical risks in different geographies, potential impact on the price of steel and aluminum bearings. In addition, bearing components including cages, seals, and shields require regular lubrication to ensure smooth operation and low friction. This factor leads to high maintenance costs, which slows down the market.
Automotive is the leading application of the precision ball bearing market and is expected to grow at a 5.2% CAGR of during the forecast period despite the impact of Covid-19. In the automotive sector, the application of precision bearings has increased rapidly along with the increase in product volume and vehicle sales. According to OICA, production of commercial vehicles declined from around 22.90 million units to 25.6 million units for the period 2016-2019 globally. The greater market share of this segment is mainly due to the high production of automobiles globally.
In addition, the demand for advanced technological vehicles is increasing, thus leading to an increase in the production of vehicles requiring tool products. The rising demand for hi-tech vehicles and the parallel increase in vehicle capabilities drove the demand for bearings in the automotive industry. Furthermore, the automotive segment is also expected to grow at a higher CAGR during the forecast period, further driving the demand for bearings.
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