Global Statistics Representing Ball Bearing Market Scenario
A ball bearing is used to mitigate rotational friction by carrying the load, ensuring smooth operation. It is a type of rolling bearing that uses balls to retain the separation between bearing races. It consists of bearing rings (an inner ring and outer ring), a rolling element retainer and a rolling element. A ball bearing’s function is to connect two machine members moving relative to one another in such a way that the frictional resistance to motion is minimal. The three main parts in a ball bearing are two grooved, ring-like races or tracks and several hardened steel balls.
Ceramic ball bearings are expected to witness substantial growth during the forecast period, owing to their ability to prevent electrical arching, reduce maintenance cost, prevent wear and tear from contamination and vibration, and lower operating temperature. With consumer preference shifting towards electric vehicles, developed countries are striving to reduce dependency on fossil fuels for transportation. Parallel to this, increasing awareness regarding carbon emission across the globe will help boost the electric vehicle industry. According to the International Energy Agency, in 2017, the global sales of electric vehicles exceeded 3 million, marking a 54% increase over 2016.
The ball bearing industry is focusing on the wind energy segment to implement its energy-efficient application. Wind turbines require larger, maintenance-free, high-quality bearings to reduce carbon emission and save energy. Thus, the demand for bearings is witnessing an upward trend in manufacturing and heavy machinery industries.
Increase in manufacturing output is expected to bolster the ball bearing market, although value gains in this product will continue to be held back by intense competition from low-cost foreign suppliers.
The global ball bearing market was valued at USD 28 billion in 2018 and is projected to reach a value of USD 46.69 billion by 2026 registering a CAGR of 6.6% during the forecast period, 2019–2026.
Self-Aligning Bearings and the Railway Sector to Dominate the Ball Bearing Market by Type & End-Use, Respectively
Based on type, the market is segmented into deep-groove, angular contact, thrust, and self-aligning bearings. The self-aligning segment is expected to hold a considerable share in the market as these bearings generate less friction as compared to other counterparts, delivering higher speed with less heat. Self-aligning ball bearings find extensive applications in various industries, including textile, power machinery, heavy machinery, mining, and others.
Based on end-use, the market is segmented into process industries (general industries, mining, energy, construction, metal, cement, pulp/paper, and defense), and transportation (passenger cars, commercial vehicles, railways, civil aerospace, and others). In railways, ball bearings are used for wheel axles, drive units, and traction motors. The expanding railway industry and associated maintenance activitiesare expected to upsurge the demand for ball bearings during the forecast period.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Latin America and the Middle East & Africa (LAMEA).
The increasing rate of passenger car production and commercial vehicles in North America, owing to the availability of developed infrastructure and other parameters drives the growth of the ball bearing market in the region. Europe is one of the leading producers of automobiles and the region is anticipated to remain prominent throughout during the forecast period.
Asia-Pacific is expected to witness significant growth in the ball bearing market due to improving economic conditions and gradual establishment of a manufacturing base in rising economies such as China, Indonesia, and India. Installation of several rotating equipment in the manufacturing units of various manufacturing industries is also foreseen to bolster the market.
Some of the key players in the product market are SKF (Sweden), Schaeffler AG (Germany), THE TIMKEN COMPANY (U.S.), NSK Ltd (Japan), NTN Corporation (Japan), JTEKT Corporation (Japan), NRB Bearing Limited (India), MinebeaMitsmi Inc. (Japan), Luoyang LYC Bearing Co., Ltd. (China), C&U Americas (U.S.), and Nachi-Fujikoshi Corp (Japan).
Future Developments Expected to Influence the Ball Bearing Market
Ball Bearing Market Segmentation
Which Details are Covered in the Ball Bearing Market Report?