Bearings are widely used in manufacturing activities and engineering applications all around the world. The growth of industrial activities in a region has direct implications on demand for bearings. Presently, the global bearings market has been valued at $ 94 billion. As the demand for bearings is increasing in developing regions like the Asia Pacific and Africa, it is expected that the market will continue to expand at a steady pace for the next few years.

According to experts, by 2022, the valuation for the bearings market would cross $ 112 billion, registering an impressive growth rate of approximately 4.6 percent, further boosted by bearings marketing. As per reports, approximately 41 percent of the bearings are sold directly by the OEMs (Original Equipment Manufacturers), after-market making up for 9 percent, while around 20 percent are sold through industrial distributors.

What are the bearings?

According to the American Bearings Manufacturer Association, bearings are precision-engineered components that are used in industrial and mechanical applications. Bearings enable a machine to work at really high-speeds and at full-load with relative ease. They help in reducing the wear and tear on the mechanical parts and help in prolonging the life of the machinery they are used in.

Bearings are designed in such a way that they offer high reliability and durability while minimizing vibration and noise from the machinery. This is possible due to five parts of bearings, namely the rolling element, seals, inner ring, outer rings, and cage. Due to their various useful qualities, bearings are being widely used across various industries including construction, machine tools, automobiles, consumer durables, etc.

There are four types of bearings that are available in the market and are categorized based on their characteristics.

- Spherical Roller Bearings: These bearings are equipped with a barrel-shaped roller which enables it to reduce friction while handling heavy loads. They are widely used in industrial applications such as gearboxes, processing equipment, paper machines, etc.

- Ball Bearings: Metallic balls are used in these bearings to provide the rolling functionality. They are suitable for high-speed usage and can handle light loads in general machines such as fans and automobiles.

- Tapered Roller Bearings: These bearings are a tapered variant of roller bearings and are used in applications where radial and axial loads are combined. They are suitable for heavy loads in industrial applications like generators, trucks, etc.

- Cylindrical and Needle Roller Bearings: In these bearings, cylindrical shaped objects are used to offer the rolling function. They are suitable for heavy applications as they allow low-friction even with heavy applications.

Bearings Market Overview

Some interesting developments are going on in the global bearings market which has the potential to decide the course of the market in the next few years. The major development that is being witnessed is the shift from mature markets to emerging markets. Countries like Germany, the U.S., Japan, Italy, and the U.K. have become mature markets with limited growth potential. Emerging economies like China, India, Australia, and Africa are now driving the growth of the global bearings market.

The Asia Pacific is the fastest growing region for the global bearings market and is expected to register a growth of more than 11 percent. This will be possible due to high growth of industrialization in India and China. The increasing demand for automobiles is also a major reason behind this growth.

The suppliers for bearings are concentrated in developed regions like Japan, the U.S., and Germany. The supply landscape is highly consolidated with a few key players controlling almost two-thirds of the market.

How has the bearings market evolved over the years?

The bearings market has undergone a lot of changes in the last few years that have helped it to reach the situation that it is currently in.

Although no disruptive technology has been introduced in the bearings market in the last few years, users are now increasingly demanding energy efficient as well as long-lasting products. This demand has triggered increased outlays towards research and development in the industry.

The automobile industry has emerged as the biggest growth driver for the bearings market globally. The demand for automobiles is increasing at a steady pace at a global level creating further demand for bearings. Two-wheeler and four-wheeler vehicles are now the major growth segments for auto-bearings. With the move towards electric vehicles, the total number of bearings required in a vehicle will reduce as an electric motor will replace the internal combustion engine. Manufacturers like SKF are now producing light-weight bearings which can facilitate higher speeds.

Innovations in areas like defense, robotics, and space exploration have created demand for heavy-duty and smart bearings that can perform in high-pressure situations. Manufacturers are now using light-weight and high-strength alloys to reduce the weight of bearings without compromising on the performance.

Demand for eco-friendly energy has led to rapid expansion in the wind-energy sector. Governments and private players in countries like India and China are investing heavily in setting up wind power plants. As windmills required high-quality bearings, manufacturers have started preparing specific bearings for this requirement.

Constraints facing the market

Not all developments in the past few years have been good for the bearings industry. There have been some developments that have posed stiff challenges for the manufacturers. The biggest challenge is the availability of cheap counterfeit products which is eroding the market share of established manufacturers and reducing their profitability. Another factor that affects the profitability and viability is increased competition posed by new manufacturers, thereby reducing the prices further.

The slowdown in the global economy has been another impediment for the bearings market as it has resulted in slowing down of industrial activities, thereby reducing the demand for bearings.

Despite some challenges being faced by the bearings industry, the market is expected to grow steadily over the next few years thanks to rapid industrialization and development in the Asia Pacific, Middle East, and African region.