July 28, 2020 03:05 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, July 28, 2020 (GLOBE NEWSWIRE) -- The global ball bearing market size is predicted to reach USD 21.90 billion by 2027, exhibiting a CAGR of 2.1% during the forecast period. The growing requirement precision engineering in various industries owing to its robust properties will have a positive effect on the market during the forecast period, states Fortune Business Insights, in a report, titled “Ball Bearing Market Size, Share & COVID-19 Impact Analysis, By Product Type (Self-Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings, and Others), By Application (Automotive, Industrial Machinery, Mining & Construction, Medical, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 19.08 billion in 2019.
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The report on the ball bearing market incorporates:
Rising Emphasis on Precision Engineering to Fuel Market Demand
The growing utilization of customized bearings can be an essential factor fueling the demand for precision engineering across various industries. Precision engineering involves, the designing of components, fixtures, and machines to stabilize it for extreme working conditions due to its low tolerance level. The growing development of power trains, artificial satellites, and others will include the use of precision bearings by manufacturers, which, in turn, will boost the growth of the market. The rising application of chrome steel metal for the manufacturing of precision bearings will foster the healthy growth of the market in the foreseeable future. The enhanced physical properties of the bearings comprise of wear resistance, hardness, and fatigue to withstand extreme conditions, making it stronger compared to the conventional bearing. Also, manufacturers are producing bearings with tungsten carbide and ceramic material to cater to the requirements of various industries for high-end applications, which, in turn, will bode well for the market.
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Surge in Mining Activities to Accelerate Market in North America
Asia Pacific is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the booming construction, mining, and automotive industry. The market in North America is expected to account for a high share during the forecast period owing to the development of robust aircraft in the US. Latin America is predicted to rise tremendously during the forecast period due to the rising mining activities in Argentina, Chile, and Mexico. For instance, 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.
September 2019: JTKET, a Japanese corporation’s bearing division, Koyo launched environmentally friendly ‘New Advanced Knowledge’ (NK) long-life ball and roller bearings
November 2019: Schaeffler AG, a German manufacturer of rolling element bearings for automotive, aerospace and industrial uses announced that it has signed a partnership with Audi for the development of Audi e-tron FE07 for the series’ seventh season
List of the Leading Companies Operating in the Ball Bearing Market are:
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Have a Look at Related Research Insights:
Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearing, Roller Bearing), By Application (Automotive, Industrial Machinery, Aerospace, Others), and Regional Forecast, 2019-2026
Needle Roller Bearings Market Size, Share & Industry Analysis, By Type (Radial Needle Roller, Drawn Cup Needle Roller, Heavy-duty Needle Roller, Track Roller, Thrust Needle Roller, Combined Radial, Drawn Cup Roller), By Application (Automotive, Heavy Machinery, Aerospace & Defence, Medical Devices, Others) Others and Regional Forecast, 2019-2026
Cross Roller Bearings Market Size, Share and Industry Analysis by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Regional Forecast 2019-2026
Roller Bearings Market Size, Share and Industry Analysis By Product Type (Tapered, Spherical, Cylindrical, Others), By Application (Automotive, Industrial Machinery, Aerospace, Others) and Regional Forecast, 2019 - 2026
Aerospace Bearings Market Size, Share & Industry Analysis, By Bearing Type (Roller BearingsBall Bearings), By Application (Landing Gears, Engines, Aero structure, Flight Control Systems, Others (turbojets, turbofans, turbo shafts, etc.)), By End use (Helicopter, Aircraft, Space) and Regional Forecast, 2019-2026
Automotive Bearings Market Size, Share & Industry Analysis, By Type (Roller Bearings, Ball Bearings, Others), By Market Type (OEMs, Aftermarket), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026
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