"Catapult Your Business to Fore, Gain Competitive Advantage "
The global ball bearing market size was valued at USD 18.41 Billion in 2018 is projected to reach USD 25.73 Billion by 2026, exhibiting a CAGR of 4.29% during the forecast period (2019 – 2026).
Bearings play an essential role in the machinery and equipment sector. The increasing demand from the various sectors, including machine tools, automotive and evolving advance medical sectors is expected to drive the ball bearing market growth in the near future. Rising demand for the high precision bearing for specific applications is further resulting in the growth of the market. An upsurge in the production of electric motors is the key driving factor for the ball bearing industry. Furthermore, the different types of ball bearings, including self-aligned bearings are gaining popularity among various end-user segments.
Get comprehensive study about this report by, request a free sample copy
The advancement in technologies is resulting in the long-lasting and cost-efficient bearing. The material advancement such as chrome and plastic are further contributing to the market potential. The rise in demand for precision bearings across industries is expected to drive the ball bearing market trend. The chrome steel used in high precision bearings undergoes an additional melting process to produce excellent grain steel. The procedure enhances the bearing in terms of hardness, fatigue life, wear resistance and quieter products in comparison to the traditional ones.
Furthermore, the increasing requirement of customers for extreme environment applications has resulted in the use of tungsten carbide ball bearings. The tungsten carbide increases durability, and corrosion resistance and has application in a high stress, low lubrication, high impact, heavy load and high-temperature conditions including hydraulic valve. The advancements in plastic have resulted in the development of plastic ball bearings. These are a highly functional and cost-effective solution for low-load situations. The ease in manufacturing and distributing plastic-type is expected to drive the usage of ball bearings in various applications.
"Smart Bearings Are Gaining Popularity In Ball Bearing Sector."
The increasing influence of the Internet of Things (IoT) is resulting in advanced technology-induced bearings. The increasing demand for real-time monitoring of the machinery & equipment is expected to adhere to the smart bearings market. The smart bearing comes with built-in sensors that monitor to predict fault beforehand. The increase in technological advancements is expected to drive the market in the near future. Sensor bearings of NSK have magnetic encoder to detect rotating direction, speed and are twice as resistance to magnetic flux as conventional sensors. These are specially designed for industrial machinery offers compact and easy assembly process as a result of sealed for life type. Furthermore, the increasing demand from the automotive industry, specifically from the light-duty vehicles is expected to drive the ball bearing market revenue in the near future.
The ball bearing manufacturers are focusing on value addition to attract customers. This has resulted in the emergence of integrated bearings, sensor bearing, and application-specific bearings. The integrated bearing development is gaining popularity owing to the cost efficiency and reduction of bearing units in the assembled products. For instance, Wippermann manufactures SPR sprockets with force-fitted ball bearings for simplex roller chains. The sensor bearing units gained popularity in automotive applications including road rollers, conveyors and forklifts. To digitally monitor, acceleration, speed, axial movement, load-carrying capacity, and deceleration. Furthermore, the innovation of ceramic ball bearings is one of the best solutions which is cost-effective and environmentally friendly.
The features of deep groove ball bearing such as reduced upkeep, versatility, cost-effectiveness have gained popularity over the forecast period. The high operational speed and efficiency in radial and axial loads handling are expected to drive the adoption of deep groove ball bearings. The increasing demand for deep groove ball bearings across industries including agriculture, food processing, material handling, medical/pharmaceutical, printing, railway and, other transportation, wind farms, packaging plants, shipping, manufacturing, and engineering. Deep groove ball bearings are commonly used within electric motor. Moreover, they are readily being used in general machinery and mechanisms including pumps, gearboxes, compressors, and fans.
Self-aligning bearing is expected to be the fastest-growing product segment of the market. This is attributed to the increasing demand from the applications including machine tools such as paper and textile processing machinery. The varying loads exerted by different machine objects in machine tools result in shaft misalignment. As self-aligning can adjust to the radial loads preventing the shaft misalignment, thus has gained popularity in the machinery sector. The rising demand for angular contact bearing is owing to its low operational cost and maintenance. Furthermore, the angular contact ball bearing supports high processing speed; precision and rigidity. Hence, has application in various fields including woodworking spindles, vacuum pump, high-speed rolling mills, boat gyrostabilizers, and printing machinery.
To get details on market share, speak to our analyst
The upsurge in the adoption of the miniature bearing from the automotive industry and increasing applications in various industries including medical, robotics, and machine tools is expected to result in the growth of ball bearing market sales in the near future. The automotive sector is the key driving factor for the growth in demand for ball bearings. Advancement in technologies and government initiatives is resulting in the increasing adoption of automobiles. For instance, in 2019, the government of India encouraged 100% foreign direct investment under the automatic route in the automobile sector. Furthermore, under the FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles) scheme the government is going to introduce electric vehicles in their public transport. In 2019, the government of India sanctioned the FAME II scheme with a budget of USD 1.39 Billion for the year 2020-2022.
The mining and construction sector is expected to exhibit growth over the forecast period. The increasing investment in mining to exploit the natural resources is expected to drive the mining in various regions, including Asia Pacific and Latin America. In 2018, Brazil announced its auction for 20,000 areas for mining activities in 2019. Furthermore, a government authority named as National Mining Agency has been formed to encourage mining in Latin America. The rise in demand for various metals including gold, aluminum, nickel and iron ore across industries is expected to drive the mining industry. The increase in construction projects in residential as well as commercial sectors is further expected to contribute positively to the growth of machineries such as crane, dozers, and excavators. The above-mentioned trends in the mining and construction industry are also expected to result in the growth of ball bearing market. The manufacturers are focused on developing bearing that can bear heavy loads along with shock loads in extreme environments. An example, NSK develops HST highly reliable equipped with cage, long life thrust ball bearing for the agricultural machinery.
The robotic surgery (minimally invasive surgery) is gaining momentum in the medical sector owing to its various benefits including reduced pain; discomfort and shorter recovery time. Thus contributing positively to the growth of the market. The different types of bearing used in the medical application are a miniature ball bearing, instrument ball bearing, linear bushing bearings, and others. The applications for these ball bearings include diagnostic and laboratory equipment, dental and surgical tools, and pumps. An example, KMS Bearings Inc. manufactures a plastic race radial ball bearing with borosilicate glass balls used in an MRI patient table application.
Asia Pacific Ball Bearing Market, 2018
To get geographical overview of this market, request a free sample copy
Asia Pacific is expected to exhibit the highest ball bearing market growth over the forecast period. This is attributed to the increasing development of the construction, mining, and automotive industry. The public facility enhancement projects in rural areas is expected to drive the Asia Pacific construction market. According to the secondary sources, Asia Pacific construction equipment market is estimated to be more than USD 49 Billion and is expected to exhibit growth in the near future. The increasing adoption of earthmoving and material handling equipment is expected to drive the construction equipment’s which in turn results in the growth of the market in the near future.
The surge in mining activities in Asia, North America, and Latin America is expected to positively impact the growth of the ball bearing industry. The mining activity has increased over the past few years in Latin America including Argentina, Chile, and Mexico as a result of large deposits of minerals. For example, the Lithium projects in Argentina include the Caucharí-Olaroz and Salar del Rincón projects which are under development and are valued at approximately USD 425 Million and USD 220 Million respectively.
The automobile sector in Europe holds the major share of the ball bearing industry and is expected to remain the same. Europe has the presence of leading automobile manufacturers along with the largest private investors in R&D. For instance,
Mercedes, BMW, Opel, Audi, Volkswagen, Porsche, Fiat, and Ferrari. The evolving construction infrastructure projects in Europe are further expected to drive the ball bearings demand in the near future.
The report provides qualitative and quantitative insights on the bearing industry with a detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by product type and application on global as well as regional level. Based on product type, the market is segmented by self-aligning ball bearings, deep groove ball bearings, angular contact ball bearings, and others. Based on the application, the market is drilled down into automotive, industrial machinery, mining & construction, medical, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
To get information on various segments, share your queries with us
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are recent industry developments such as mergers & acquisitions, and key industry trends.
By Product Type
In 2018, the global ball bearing market was valued at USD 18.41 Billion.
In 2026, the global ball bearing market is expected to reach USD 25.73 Billion.
The ball bearing market is projected to grow at a CAGR of 4.29% during the forecast period (2019-2026).
Self-aligning bearing is expected to lead the ball bearing market during the forecast period.
Popularity of smart bearings including sensor bearing in automotive sector is expected to drive the ball bearing market in the near future.
SKF, The Timken Company, THB Bearings, NSK Ltd, ISB Industries, NTN Bearing Corporation are the top players in ball bearing market.
Europe holds the major market share of ball bearing market owing to the strong presence of car manufacturers
Automotive application holds the major market share in the ball bearing market.
The material advancement such as chrome, plastic and increasing demand of precision bearings across application are the key trends driving the ball bearing market.
The increasing popularity of minimal invasive surgery is resulting in growth of bearing in various medical instruments including surgical robots.