The global plain bearing market is projected to grow from USD 11.47 Billion in 2016 to USD 15.23 Billion by 2022, at a CAGR of 4.8% between 2017 and 2022.
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The report "Plain Bearing Market by End User (Automotive, Industrial, Aerospace, Energy, Construction, Oilfield Machinery, Agricultural & Gardening Equipment, Office Products), Type (Journal, Linear, Thrust, Angular Contact), and Region - Global Forecast to 2022",
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There is an increase in the demand for plain bearings from automobile, aerospace, construction, and energy industries as plain bearings are light in weight, require less maintenance, have high load carrying capacity, high reliability, and longer life. All these factors are expected to contribute towards the growth of the global plain bearing market in the near future.
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Journal is the fastest-growing type segment of the global plain bearing market
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. This growth is mainly attributed to the increasing demand for journal bearings from several end-use industries, such as automobile, aerospace, construction, 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 are provided.
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Automobile is the fastest-growing end-use industry segment of the global plain bearing market
The automobile end-use industry segment accounted for the largest share of the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for plain bearings in the automobile industry.
Plain bearings are used in the automobile industry for manufacturing variable intake systems, center armrests, belt tensioners, stub axels, gear actuators, convertible top systems, pedal systems, seating systems, steering systems, throttle valves, and door hinges, among others.
The Asia-Pacific region led the global plain bearing market in 2016
The Asia-Pacific region led the global plain bearing market in 2016, owing to the rising demand for plain bearings from various end-use industries, such as automobile, aerospace, construction, and energy. 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.
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Key players operating in the global plain bearing market include 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).
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