Ball Bearing Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Deep Grove, Angular, Thrust Ball Bearing), By Material (Steel, Ceramic, Plastic, Glass), By End-Users (Automotive, Aerospace, Industrial, Manufacturing, Mining, Others), And By Geography - Forecasts From 2023 To 2028
- Published : May 2023
- Report Code : KSI061615220
- Pages : 140
A ball bearing is a type of rolling-element bearing that consists of several balls (usually made of steel, plastic, glass, or ceramic) held in a circular raceway. The purpose of a ball bearing is to reduce friction between two moving parts, allowing them to move more smoothly with less resistance. Ball bearings are typically designed to handle both radial and axial loads, and can operate at high speeds with minimal friction. The different types of ball bearings include deep grove, angular, and thrust ball bearings. Ball bearings are used in a wide range of applications, including automotive, aerospace, industrial, manufacturing, and mining. The increasing focus on reducing energy consumption and enhancing efficiency in machinery and equipment, growing adoption of automation and robotics in manufacturing processes, and surge in the use of ball bearings in automotive production is expected to drive the demand for ball bearings, thereby boosting their market growth.
The increasing automotive production will boost the ball-bearing market growth.
Ball bearings are used in various parts of automotive, including engines, transmissions, wheels, and suspension systems, and play a crucial role in reducing friction and wear between moving parts, which helps to improve the performance and durability of these components. Governments around the world are tightening emissions standards which have made automakers produce more fuel-efficient cars. Ball bearings can help to reduce emissions and energy consumption by reducing friction and increasing the efficiency of the engine and transmission. Anti-lock braking systems (ABS) and electronic stability control (ESC) require high-precision components that can operate reliably under a wide range of conditions, and ball bearings are well-suited for this purpose. The increasing demand for fuel-efficient, safe, and high-performance vehicles coupled with the growing production is driving the growth of ball bearings. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, global passenger car production increased by 7.9% when compared to the previous year. According to the Association of Southeast Asian Nations Automotive Federation (ASEAN AF), the total passenger car production in the Southeast Asian region increased from 2.09 billion in 2021 to 2.65 billion in 2022. This demonstrates that ball bearings hold a great demand in the future.
The growing manufacturing activities will boost the growth of the ball-bearing market.
Ball bearings are essential components in a wide range of manufacturing equipment, including machine tools, conveyors, pumps, compressors, and turbines as they help to reduce friction and wear between moving parts, which improves the efficiency, reliability, and lifespan of the equipment. Ball bearings are often used in applications where precision and accuracy are critical. Ball bearings play an important role in automation and robotics as they enable smooth and precise movement of components and reduce the risk of breakdowns and downtime. The increase in manufacturing activities will boost the demand for ball bearings. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing activity has been recovering since the second half of 2020 after a significant decline due to the COVID-19 pandemic. UNIDO also reported that manufacturing production increased by 1.9% in the first quarter of 2021, with the strongest growth seen in developing economies.
The Asia Pacific region is expected to hold a significant market share during the forecast period.
The Asia-Pacific region is projected to hold a significant market share due to the growth in manufacturing activities, industries such as automotive, aerospace, and electronics in countries such as China, Japan, and India, and rapid industrialization and urbanization. The "Dual Circulation Strategy", a development plan announced by the Chinese government in 2020, aimed at boosting domestic demand and reducing reliance on foreign markets, and the plan included investments in technology, infrastructure, and innovation to strengthen the domestic supply chain and promote the growth of the manufacturing industry. In August 2021, "the Vehicle Scrappage Policy", introduced by Prime Minister Mr. Narendra Modi, aims to gradually phase out outdated, environmentally hazardous vehicles, and this policy parallelly increases the production and sales of new cars. In 2020, the Ministry of Economy, Trade, and Industry (METI) of Japan released an "Industry 4.0 Implementation Guideline" to promote the digital transformation of the manufacturing sector, and the guideline provides practical advice and recommendations for companies seeking to implement Industry 4.0 technologies, including IoT, AI, and robotics. The increasing manufacturing activities with the use of modern technologies like robotics, and increasing production of automobiles in the Asia-Pacific region will boost the demand for ball bearings.
- August 2022: SKF developed a grooved ball bearing namely “SKF Explorer Self-Aligning Ball Bearings” for high-speed applications including electric machines and drives, and traction motors used in the automobile sector.
- June 2021: NTN Corporation launched a new high-speed angular contact ball bearing called ‘"HSR Series" that was designed for use in high-speed machining applications and was designed to reduce heat generation and improve lubrication.
- February 2021: NSK Ltd. launched a new series of ball bearings called the "NSKHPS High-Performance Standard Bearings" which were designed to offer improved durability, reduced noise and vibration, and longer service life.
- By Type
- Deep Grove
- Thrust Ball Bearing
- By Material
- By End-User
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. BALL BEARING MARKET ANALYSIS, BY TYPE
5.2. Deep Grove
5.4. Thrust Ball Bearing
6. BALL BEARING MARKET ANALYSIS, BY MATERIAL
7. BALL BEARING MARKET ANALYSIS, BY END-USER
8. BALL BEARING MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. HCH Bearing Americas (China Huanchi Bearing Group Co. Ltd.)
10.2. JTEKT Corporation
10.3. NACHI-FUJIKOSHI CORP
10.4. NSK Ltd.
10.5. NTN Corporation
10.6. RBC Bearing Incorporated
10.7. Schaeffler Group
10.8. Scheerer Bearing Corporation
10.10. Timken Company
HCH Bearing Americas (China Huanchi Bearing Group Co. Ltd.)
RBC Bearing Incorporated
Scheerer Bearing Corporation
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