According to our latest study on "Plain Bearings Market Analysis and Forecast to 2031 - by Product Type and Application," the market is expected to grow from US$ 9,536.90 million in 2023 to US$ 14,560.40 million by 2031; it is anticipated to record a CAGR of 5.4% from 2023 to 2031. The report includes growth prospects owing to the current plain bearings market trends and their foreseeable impact during the forecast period.

Based on product type, the plain bearings market is segmented into spherical bearings, rod end bearings, and bushings. The spherical bearings segment is further categorized into radial, angular, and thrust. The rod end bearings segment is further segmented into female thread, male thread, and welding thread. In terms of application, the market is divided into agriculture, construction, industrial vehicles, automotive & transportation, aerospace & defense, and energy & power.

The plain bearings market growth is primarily observed in Asia Pacific, North America, and Europe, followed by the Middle East & Africa and South & Central America. China, the US, France, the UK, and Brazil are among the major countries contributing to the plain bearings market growth.

Key Findings of Market Study:

Europe accounted for 24.2% of the plain bearings market in 2023 and is expected to maintain its dominance during the forecast period. France, the UK, Spain, and Germany are among the key enablers of the market in this region owing to a high demand for plain bearings in the manufacturing of equipment required in industries such as automotive, aerospace & defense, agriculture, and renewable energy. Europe is home to automotive manufacturers. As per the International Organization for Motor Vehicle Manufacturers, the region recorded the manufacturing of ~18.12 million units of all vehicle types in 2023, at a more than 12% increase from 2022. In 2023, Germany accounted for the majority of total vehicle production in Europe, followed by Spain, France, and the UK, respectively. A surge in vehicle production in the region resulted in a significant demand for plain bearings in European countries.

Europe is home to large aerospace & defense companies, including Airbus SA, Thales Group, Safran S.A., Leonardo SpA, and Rolls Royce Holdings plc. These companies are engaged in expanding the production of aviation and defense fleets to fulfill the demand from clients. Plain bearings are essential in aircraft wing systems, flight control systems, auxiliary power units, landing gear, and others to achieve better fuel efficiency, extend maintenance intervals, and lower carbon emissions. Hence, the flourishing aerospace & defense industry is expected to fuel the demand for plain bearings in the region in the future.

The increase in demand for plain bearings in the manufacturing of machinery for high-load and low-speed applications is expected to drive the plain bearings market growth in Germany during the forecast period. The demand for this machinery is attributed to the ongoing industrialization and investments in upgrading industrial infrastructure. Plain metal bearings find significant applications in many large industrial machinery types, including steam turbines, large two-stroke marine vessels, and internal combustion (IC) engines. In December 2023, the total car production in Germany reached a volume of 264,500 units, registering an increase of 1% compared to December 2022. A total of more than 4 million cars were dispatched out of production lines in 2023, i.e., 18% more than in 2022. Such a rise in automotive production fuels the demand for plain bearings in Germany.

Rheinmetall AG, RBC Bearing Incorporated, Bailey International LLC, The Timken Co., AST Bearing LLC, NTN Corp, IKO International, Inc., SKF AB, Regal Rexnord Corp, and Daido Metal Co. Ltd. are among the key players profiled in the plain bearings market report. Companies in the plain bearings market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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