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Global Plain Bearing Market is valued approximately USD 9.54 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2022-2028.
Plain bearings are mechanical components that support a load while also allowing for sliding or rotational motion between two machine parts. Their primary function is to avoid wear of the machine’s support points, which would occur if the shafts rolled directly on the framework. It is being used in various industries such as construction, automotive, industrial, and more. Increase in demand for plain bearing in end use industry and effective production of plain bearing in Asia pacific has led the adoption of Plain Bearing across the forecast period.
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For Instance, according to Statista, in year 2018, the total construction spending across the globe reached at USD 11.5 trillion which increased to USD 12.5 trillion in year 2020 and it is projected to reach at 19.2 trillion by year 2035. As a result, rising construction activities leads to adoption of plain bearing. Also, with the development of smart bearing technology and growth in emerging technology, the adoption & demand for Plain Bearing is likely to increase the market growth during the forecast period. However, fluctuation in raw material prices impedes the growth of the market over the forecast period of 2022-2028.
Asia Pacific, North America, Europe, Latin America and Rest of the World are the key region considered for the regional analysis of global Plain Bearing market. Asia pacific is the leading region across the world in terms of market share owing to the rising demand of plain bearing form various end use industries and rising production of plain bearing in the region. Whereas, North America is projected to have heighted growth over the forecasted period 2022-2028. strategic moves by market players for product innovation would create lucrative growth prospects for the Plain Bearing market across Asia-Pacific region.
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Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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