plain bearings Market

The plain bearings market size is projected to reach US$ 14,560.40 million by 2031 from US$ 9,536.90 million in 2023. The market is expected to register a CAGR of 5.4% during 2023-2031. The emergence of innovative eco-friendly plain bearings is likely to bring in new trends in the plain bearings market.

The end users of plain bearings market include industries such as industrial vehicles, wind energy, forklifts, material handling, agriculture, railways, automotive, aerospace & defense, construction machinery, power generation, oil and gas exploration, gear drives, and others. After the bearings are provided to the end users, aftermarket services enter the value chain. When these bearings fail, the aftermarket includes the supply of raw materials or replacement parts. Bearings materials suppliers and prefabricated structure providers, which are usually spare parts, are examples of important aftermarket services and products. These spare parts are replaced as part of routine maintenance, repair, and overhaul. Aftermarket is gaining traction in a variety of industries, including aerospace, healthcare, and manufacturing, where there is a high risk of failure or declining operational efficiencies due to constant heavy loads. Various associations associated with plain bearings include the World Bearing Association (WBA), American Bearing Manufacturers Association (ABMA), American Society of Mechanical Engineers (ASME), Bearing Specialists Association (BSA), and Eastern India Ball Bearing Merchants Association (EIBBMA), among others.

The plain bearings market is very dynamic and requires liquidity, flexibility, and transparency to function effectively. Therefore, multiple sources of supply, manufacturers, multiple users, and a comprehensive supply chain from raw material supplier to end user are required. The plain bearings market is highly developed in North America and the Asia-Pacific region

In the US, the demand for plain bearings is widely generated by industrial, agricultural, industrial vehicles, and construction end users. It has a mature but continuously growing industrial sector, which is contributing to the demand for plain bearings. The country is one of the largest producers of crude oil around the globe. The country comprises ~8,650 oil rigs that are currently in operation and produce crude oil for domestic consumption and exports. The number of offshore rigs rose from ~436 in 2020 to 580 in 2021 and 721 in 2022, which is anticipated to have a positive impact on the demand for plain bearings in the US.

The construction industry in the US is growing with the increasing number of commercial, residential, and civil engineering projects. As per the report by the US Census Bureau, till June 2022, the US Department of Housing and Urban Development sanctioned ~1,800,000 permissions for new residential constructions across the country. A progressive construction sector propels the demand for construction equipment. Population growth, increasing urbanization, and numerous ongoing infrastructure projects are the factors bolstering the demand for plain bearings in the country. According to the Associated General Contractors, the construction sector is one of the prime contributors to the US economy, and it generates approximately ~US$ 2.1 trillion worth of structures each year. Burgeoning construction activities owing to government initiatives toward improving roads and building bridges in remote and rural parts also benefit the plain bearings market in the US.

Plain bearings also have substantial applications in the agriculture sector. The growing government focus on developing the agriculture and forestry sector is one of the prime factors fueling the growth of the plain bearings market. Additionally, the US hosts various racing circuits for sports cars, drag racing, and off-road events, showcasing the nation's diverse love for speed and competition. The US industry emphasizes precision engineering, advanced materials, and continual R&D to enhance performance. Thus, the increased popularity of motorsport and infrastructure has driven the motorsport industry, ultimately driving the plain bearings market growth in the United States.

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.