Thrust Bearings Market Size, Share, Opportunities, And Trends By Type (Thrust Ball Bearing, Thrust Roller Bearing (Cylindrical Thrust Roller Bearing, Tapered Thrust Roller Bearing, Spherical Thrust Roller Bearing)), By Material (Stainless Steel, Ceramic), By End-User (Automotive, Power & Energy, Aerospace, Industrial, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jul 2023
- Report Code : KSI061615674
- Pages : 145
The thrust bearings market is estimated to grow at a CAGR of 5.12% during the forecast period.
Thrust bearings are specialized rotary bearings that are specifically designed to bear and support predominantly axial loads between rotating parts. The thrust bearings market caters to various end users, including automotive, power and energy, and aerospace industry among industrial sectors. These end users rely on thrust bearings to support axial loads in their rotating systems. The bolstering growth in such major end-users is prominently expanding the thrust bearings market size.
The growing automotive sector bolsters the thrust-bearing market growth.
Thrust bearings play a critical role in automotive applications, such as engines, transmissions, and suspension systems, supporting axial loads and enabling smooth rotation and movement. The growth in the automotive sector directly contributes to the growth of the thrust bearings industry as high vehicle production will accelerate the market demand and usage of the thrust bearing. According to the Census and Economic Information Centre, Germany's motor vehicle production witnessed significant growth, reaching 3,677,820 units in December 2022 representing a notable increase of 11.2% in comparison to the previous figure of 3,308,692 units recorded in December 2021.
The booming power & energy sector drives the thrust bearings market expansion.
The power and energy sector plays a crucial role in driving the growth of the thrust bearings industry as thrust bearings are extensively used in power generation systems such as gas turbines, hydroelectric power plants, and wind turbines. The increasing global energy demand has led to continuous expansion of the power and energy sector thereby stimulating the demand for thrust bearings. According to the International Energy Agency, wind electricity generation in 2021 soared to a new high, surging by a remarkable 273?TWh, marking a 17% increase. This growth exceeded 2020’s progress by 55%.
Growing industrial output propels the thrust-bearing industry growth.
Thrust bearings are essential components used in various industrial applications, including heavy machinery, manufacturing equipment, and industrial automation systems. Owing to industrialization progress there is an increasing demand for reliable and efficient machinery and equipment, which is driving the demand for thrust bearings. Favourable government schemes to boost industrial production are further acting as an additional driving factor. For instance, to enhance India's manufacturing potential, the government allocated a significant amount of INR 1.97 lakh crore towards the Production Linked Incentive (PLI) schemes. This allocation, made in the Union Budget 2021-22, was aimed at promoting and supporting 14 key manufacturing sectors in the country.
North America is anticipated to dominate the thrust bearing market.
North America is expected to constitute a significant market share owing to its robust power and energy production coupled with the flourishing automotive industry which is propelling the need for high-performance thrust bearings. According to the Census and Economic Information Centre, In December 2022, Canada's motor vehicle production reached 1,228,735 units, marking a significant increase of 9.7% compared to the previous year's figure of 1,115,002 units in December 2021. Additionally, according to the Energy Information Administration, in 2022, the United States witnessed the addition of eight new natural gas-fired combined-cycle gas turbine (CCGT) power plants to its electric grid.
Volatility in raw materials can restrain thrust bearings market growth.
The manufacturing of thrust bearings necessitates the utilization of diverse raw materials such as steel, alloys, and lubricants. The prices of these essential inputs can undergo fluctuations, which in turn can have a significant impact on the overall manufacturing cost of thrust bearings. For instance, according to the Ministry of Steel, in May '23, the prices of iron ore lump and fines experienced a decline compared to April '23. The price of iron ore lump decreased by 7.4% to Rs. 3,900 per tonne, while the price of iron ore fines dropped by 11.2% to Rs. 3,560 per tonne. Consequently, such volatility in raw material prices has the potential to impose constraints on market growth for thrust bearings.
- February 2023: The American Roller Bearing Company (ARB) was acquired by the Timken Company, a renowned global leader in engineered bearings and industrial motion products, This strategic move enables Timken to expand its portfolio and strengthen its position in the industry. By integrating ARB's assets into its existing operations, Timken further enhances its capabilities to deliver high-quality bearings and innovative solutions to its customers worldwide.
- November 2021: RBC Bearings Incorporated has successfully finalized the acquisition of ABB's DODGE Mechanical Power Transmission Business. This strategic merger between RBC Bearings and DODGE establishes a prominent manufacturing entity with a robust reputation for delivering top-tier, performance-critical bearings, components, and motion control products. The combined company will be well-positioned to cater to the needs of various industries including industrial, aerospace, and defense, and will further strengthen its brand recognition in these markets
- September 2021: SKF, a renowned bearing manufacturer, introduced the latest addition to its Explorer product line: the four-row cylindrical roller bearing (4rCRB). This particular bearing model is specifically designed to meet the rigorous requirements of demanding applications found in long product rolling mills. Notably, the newly unveiled SKF Explorer 4rCRB design surpasses its predecessor by providing an impressive extension of up to 50% in service life
- March 2020: Texspin unveiled its latest offerings in the wheel segment, introducing unitized double-row taper roller bearings. These innovative bearings have been meticulously crafted at the state-of-the-art facility, incorporating cutting-edge cryogenic heat treatment and an advanced sealing design. The result is a wheel-end solution that not only provides superior performance but also eliminates the need for regular maintenance, offering a hassle-free experience.
Thrust Bearings Market Scope:
|Growth Rate||CAGR of 5.12% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Material, End-User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||AST Bearings, American Roller Bearing Company, THE TIMKEN COMPANY, NTN Corporation, NSK Ltd, Hartford Technologies, Inc., RBC Bearing Incorporated, SKF, JTEKT Corporation, Nachi-Fujikoshi Corp|
|Customization Scope||Free report customization with purchase|
- By Type
- Thrust Ball Bearing
- Thrust Roller Bearing
- Cylindrical Thrust Roller Bearing
- Tapered Thrust Roller Bearing
- Spherical Thrust Roller Bearing
- By Material
- Stainless Steel
- By End-User
- Power & Energy
- 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. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. THRUST BEARINGS MARKET ANALYSIS, BY TYPE
5.2. Thrust Ball Bearing
5.3. Thrust Roller Bearing
5.3.1. Cylindrical Thrust Roller Bearing
5.3.2. Tapered Thrust Roller Bearing
5.3.3. Spherical Thrust Roller Bearing
6. THRUST BEARINGS MARKET ANALYSIS, BY MATERIAL
6.2. Stainless Steel
7. THRUST BEARINGS MARKET ANALYSIS, BY END-USER
7.3. Power & Energy
8. THRUST BEARINGS 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. AST Bearings
10.2. American Roller Bearing Company
10.3. THE TIMKEN COMPANY
10.4. NTN Corporation
10.5. NSK Ltd
10.6. Hartford Technologies, Inc.
10.7. RBC Bearing Incorporated
10.9. JTEKT Corporation
10.10. Nachi-Fujikoshi Corp
American Roller Bearing Company
THE TIMKEN COMPANY
RBC Bearing Incorporated
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