The global marine bearings market is forecasted to be appraised at USD 8543.0 million by 2032, up from USD 5622.0 million in 2022, advancing at a CAGR of 4.3% during the forecast period.
The marine bearings have critical importance in any marine vessel, whether it is a cruise ship with full luxury and comfort or any other ship used for transportation or a warship to protect the water boundaries of the nation. This factor is likely to influence the growth of the marine bearings market during the period 2022 to 2032.
Marine bearings have their prime application in providing support to the engine in the transmission of power and load. Thus the demand for marine bearings is anticipated to see a rise in the market size. Marine bearings are specially designed to be used in an underwater environment.
| Report Attribute | Details |
|---|---|
| Marine Bearings Market Value (2022) | USD 5622.0 Million |
| Marine Bearings Market Anticipated Value (2032) | USD 8543.0 Million |
| Marine Bearings Projected Growth Rate (2022 to 2032) | 4.3% |
Moreover, the shipbuilding industry is on rising due to increased globalization, and easy accessibility of raw materials, components, and finished products across the globe, which is driving the sales of marine bearings.
Therefore, the marine bearing industry is expected to have significant growth in the upcoming years due to its long operational life being the prime criterion in the market.
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Marine bearings have a prime application in providing support to the engines in the transmission of power and load. Saltwater is corrosive to metal. Hence the metal bearings do not sustain in saltwater for long, leading to subsequent corrosion and failure in due course of time. This increases the maintenance and operational costs for the ships and is driving the demand for marine bearings.
Moreover, the corrosive resistant nature of marine bearings with superior reliability even at extreme water temperatures with limited lubrication requirements is acting as a key driver for generating huge sales for marine bearings.
Furthermore, due to increased globalization, there is a growth in the shipbuilding industry. The market players in the industry are engaged in the construction, repair, and modification of ships, which is anticipated to drive the market size of marine bearings.
Additionally, according to the United Nations Conference on Trade and Development (UNCTAD), the operation of merchant ships contributes to approximately USD 380 billion in freight rates within the global economy, representing about 5% of the total world trade.
The growth of the global seaborne trade can be attributed to the surging demand for marine bearings, expansion of e-commerce platforms as well as growing industrialization is driving the steady growth of the shipbuilding industry, which in turn is fuelling the marine bearings market size.
Furthermore, the rise in water-based logistics activities has led to a continuous increase in sea traffic which has fuelled the demand for ships & cargo in the past few years, and it is expected to boost the shipbuilding industry in the forecast period, which in turn will create demand for marine bearings market over this period.
In addition, several governmental authorities have proposed financial provisions for the marine industry. These are among the few key factors signaling the marine bearings market to take off to a healthy recuperation.
However, the unprecedented economic disaster caused huge losses to industry stakeholders in the base year, with imposed bans and shrinkage of cargo volumes, which have acted as key restraining factors for the marine bearings market.
At present, Asia-Pacific is expected to be the largest and fastest-growing market for marine bearings during the forecast period. The region has a dominant presence in the merchant marine, fishing vessel, and offshore vessel segments.
China is a dominant player in the region, and it alone produces more than 90 percent of the world’s shipping containers.
A demand and growing preference for outdoor recreational activities in these regions has increased the demand for recreational boats. To satisfy the high-end demand of clients, manufacturers are designing luxury yachts with the best machinery, including better composite bearings. Due to these reasons, the shipbuilding industry has observed a steady rise in terms of recreational boat manufacturing.
Moreover, growth in the travel, transportation, and leisure sectors is an important factor driving the growth in these regions. The repairs and maintenance demands of the components are also expected to leverage the market growth for marine bearings.
However, in terms of production Europe and North American regions are expected to hold a major share of the marine bearings market, whereas North America is anticipated to have a prominent market in terms of demand.
Some of the key players in the marine bearings market are: TENMAT Ltd, Trelleborg Sealing Solutions, Thordon Bearings Inc., Orkot® Marine, Teignbridge Propellers International Limited, VERSITEC MARINE, HORN International AS, SKF group, Chatfield Engineering Limited, CJR Propulsion., CRAFTED WITH CRAFTSMAN MARINE, ELCIHE RADICE Spa, Italian Propellers S.r.l., Lewmar Limited.
Some of the key developments in the marine bearings market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2014 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | TENMAT Ltd; Trelleborg Sealing Solutions; Thordon Bearings Inc.; Orkot® Marine; Teignbridge Propellers International Limited; VERSITEC MARINE; HORN International AS; SKF group; Chatfield Engineering Limited; CJR Propulsion.; CRAFTED WITH CRAFTSMAN MARINE; ELCIHE RADICE Spa; Italian Propellers S.r.l.; Lewmar Limited |
| Customization | Available Upon Request |
The marine bearings market is precited to grow at a CAGR of 4.3% during the forecast period.
The marine bearings market would be USD 8543.0 million by the end of 2032.
Surging demand for recreational boats and yachts owing to the rising disposable incomes of people is poised to drive the global market.
Composite bearings surpass the traditional metal or bronze bushing in terms of durability, productivity, and maintenance and therefore dominate the global market.
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Marine Bearings Market
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