The global Plain Bearing Market size is projected to flourish at a CAGR of 5.7% from 2023 to 2033. It is anticipated to reach a valuation of about USD 20,850.8 million by 2033. The global market is expected to cross USD 12,019.3 million in 2023.
Demand for plain bearings is set to be propelled by increasing need from numerous industries across the globe. Over recent years, various trade and investment restrictions have been removed to speed up momentum for large-scale production of plain bearings.
Governments of various countries are set to take initiatives for accelerating flexible foreign direct investments. It has further led to increasing automotive production rate worldwide.
Growing infrastructural developments in emerging countries such as India, China, and Mexico are expected to surge the demand for light and heavy commercial vehicles. It is also projected to bolster growth in the automotive bearing market over the forecast period.
Demand for plain bearings providing high speeds with greater durability and less wear is a growing trend among users for all bearings applications. Ball bearings and tapered bearings are compatible for high-speed bearing applications, ranging from wheel axles to traction motors. Original equipment manufacturers (OEMs) also prefer long-lasting performance bearings, which do not wear out frequently.
Manufacturers of automobiles, aerospace, as well as industrial machinery are focusing on regular maintenance activities to keep the bearings well maintained and up-to-date. It includes regular checking of wear and tear, as well as periodical mounting and demounting.
Such maintenance activities are further expected to create an astonishing demand for plain bearings in the aftermarket. Automotive industry is one of the most prominent sectors pushing demand in the market. The industry is predicted to look for highly durable, energy efficient, and cost-effective plain bearings over coming years.
Growing applications in numerous industries have created a significant demand for plain bearings. These are extensively used in agriculture & gardening equipment, oilfield machineries, and industrial equipment.
Industrial manufacturing is expected to transition toward the 4th generation, with the internet of things, cyber-physical systems, and computing playing a key role. Bearings play a crucial role in gathering process control data to monitor and identify the performance of a machine.
Manufacturers, as a strategy for tomorrow, are leaning toward the production of sensitized components and mechatronic products. It would help them to enable the integration of digital services and become future-ready.
The global market presently has supremacy of a few players with strong distribution networks and supply chains in key automotive industries. South East Asia has enormous small-scale manufacturers for a wide variety of automotive bearings.
Market proposition, however, is projected to remain positive for leading players. Automotive OEMs are inclining toward long-term agreements and contracts with manufacturers for the supply of bearings. Market access for small-scale players is mostly set to remain limited to the aftermarket demand.
| Attributes | Key Insights |
|---|---|
| Plain Bearing Market Estimated Size (2023E) | USD 12,019.3 million |
| Projected Market Valuation (2033F) | USD 20,850.8 million |
| Value-based CAGR (2023 to 2033) | 5.7% |
| Collective Value Share: Top Region (2022A) | 28.2% |
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The global plain bearing market is projected to witness a CAGR of 5.7% in the next ten years. In spite of the pandemic's global impact, the European Automobile Manufacturing Association reports that motor vehicle production grew by 1.3% in 2021.
In 2021, around 79.1 million motor vehicles were produced across the globe. With increasing spending and a convenient lifestyle, demand for motor vehicles is increasing at a steady pace.
Along with considerable demand for conventional vehicles, demand for electric vehicles is expected to surge in the forecast period. Rising investments in zero emission projects and regulatory frameworks are projected to boost the e-mobility market.
High demand for seat adjustment and ventilated seats in the automotive industry is also expected to drive plain bearing sales.
Demand for Sliding Contact Bearings to Surge with Infrastructure Development in Canada and the United States
The United States plain bearing market is projected to create a total absolute dollar opportunity of USD 1,242.0 million between 2023 and 2033. Canada, on the other hand, is set to create an incremental opportunity of USD 397.1 million between 2023 and 2033.
Both Canada and the United States are investing heavily in infrastructure development such as highways, railways, and bridges. These projects require large amounts of heavy machinery and equipment, which often rely on plain bearings for smooth operation.
The manufacturing industry in both countries is growing, particularly in the automotive, aerospace, and defense sectors. These industries require numerous plain bearings for use in a variety of applications, right from engine components to gearboxes and actuators.
Oil and Mining Companies in Brazil, Mexico, and Argentina to Look for Plain Shaft Bearings
In Latin America, Brazil is projected to create an absolute dollar opportunity of about USD 245.6 million in the forecast period. Mexico and Argentina are estimated to create a total absolute $ opportunity of USD 144.9 million and USD 47.5 million between 2023 and 2033, respectively.
Manufacturing sector in these countries is expanding, particularly in the automotive, aerospace, and construction industries. Increased use of heavy machinery and equipment in these sectors is set to propel demand for plain bearings.
Brazil, Mexico, and Argentina also have significant mining and oil industries. These industries require numerous heavy-duty equipment and machinery. Plain bearings are used extensively in these industries, and hence sales of plain bearings are set to expand.
Surging Transportation Networks in India to Bolster Demand for Slide Bearings
As per Future Market Insights (FMI), India contributes to 37.9% of the total plain bearing market share among other counties in South Asia & Pacific. The country is estimated to witness a robust CAGR of about 6.9% in the assessment period.
India has set ambitious targets for renewable energy generation, including solar, wind, and hydropower. Manufacturing and installation of renewable energy equipment require plain bearings, which is contributing to growth in the market.
The country also has one of the fastest-growing transportation sectors in the world. It houses a rapidly expanding network of highways, railways, and airports. Expansion is hence pushing plain bearing demand in the manufacturing of vehicles, locomotives, and other transportation equipment.
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Demand for Journal and Thrust Plain Bearing Materials to Skyrocket by 2033
The journal and thrust type segments account for around 38.8% and 23.3% of the global market share, respectively. The journal plain bearing segment is expected to create a total absolute $ opportunity of USD 3,989.5 million between 2023 and 2033. The thrust segment is projected to create an incremental opportunity of USD 1,643.4 million between 2023 and 2033.
Journal plain bearings are often preferred over other bearing types due to their environmentally friendly properties. They require minimal lubrication and generate less waste, making them a sustainable choice for several applications.
The aerospace industry relies heavily on thrust bearings for applications such as aircraft engines and landing gear. As the aerospace industry continues to expand, so would demand for high-performance thrust bearings.
The plain bearing market is highly consolidated owing to the presence of limited players across the globe. However, tier 1 players hold a significant portion of the market, estimated to be around 40% to 45%.
Plain bearing manufacturers are set to benefit from superior manufacturing capabilities, consistent cash flow, and a strong supply & distribution network. A few other companies are also focusing on creating stable long-term customer relationships.
A handful of market participants are strategically focusing on the introduction of high durability and lightweight bearings. They are also looking for public and private investments in automotive, construction machinery and industrial sectors to attain high market shares.
For instance,
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | USD 12,019.3 million |
| Projected Market Valuation (2033) | USD 20,850.8 million |
| Value-based CAGR (2023 to 2033) | 5.7% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value (USD million) |
| Segments Covered | Type, End Use, and Region |
| Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan & Baltic Countries; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Germany, United Kingdom, France, Italy, Spain, BENELUX, Nordics, Poland, Hungary, Romania, Czech Republic, Russia, China, Japan, South Korea, Taiwan, India, Association of Southeast Asian Nations, Australia and New Zealand, Gulf Cooperation Council countries, Türkiye, Northern Africa, and South Africa, Israel |
| Key Companies Profiled | Schaeffler AG; AB SKF; The Timken Company; NTN Corporation; Minebea Mitsumi Inc.; RBC Bearings; THK Co. Ltd.; Altra industrial motion Corp.; ElringKlinger AG; Boston Gear LLC; GGT Gleitlager AG; AUSTIN ENGINEERING COMPANY LIMITED (AECL); Altra industrial motion Corp.; Zollern GmbH & Co. KG; Kashima Bearings; GGB Bearing Technology; NSK Limited |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
The plain bearing market size is valued at USD 12,019.3 million in 2023.
The plain bearing market is projected to thrive at 5.7% CAGR through 2033.
The plain bearing market is predicted to surpass USD 20,850.8 million by 2033.
The top region acquired 28.2% of the plain bearing market share in 2022.
India is predicted to rise at a 6.9% CAGR in the plain bearing market by 2033.
| Estimated Market Size in 2021 | USD 171 Billion |
|---|---|
| Projected Market Size in 2022 | USD 180 Billion |
| y-o-y in 2022 | 4.94% |
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