Global plain bearing market expected to reach $14.56 billion by 2031, driven by automotive demand.
From GlobeNewswire: 2024-10-23 10:45:00
A new report from The Insight Partners reveals significant growth in the global plain bearing market, driven by increasing demand in automotive and aerospace applications. The market is expected to reach US$ 14.56 billion by 2031 at a CAGR of 5.4%. Key players in the market include Rheinmetall AG, SKF AB, and The Timken Co., focusing on innovative product launches and expansions to stay competitive. Plain bearing is used in automotive, transportation, aerospace, energy, and construction sectors, with Asia Pacific leading the market in revenue share. The growth of the automotive and transportation segment, coupled with increasing investments in infrastructure projects in Asia Pacific, are contributing to the overall expansion of the plain bearing market.
Innovations in the plain bearing market include the development of new products such as spherical roller hydrodynamic plain bearings by companies like Schaeffler and SKF, aiming to meet the growing demand for efficient bearing solutions. Major players like Rheinmetall and The Timken Company have secured orders for plain bearing components, indicating a positive outlook for the market. The introduction of the ECO P210 Plain Bearing Series by Igus further expands the application possibilities for plain bearings in various industrial machines.
The automotive and transportation segment leads the plain bearing market, with significant applications in vehicles for smooth power transmission operations. The Asia Pacific region, including countries like China, India, and Japan, shows a strong focus on infrastructure development projects, driving the demand for high-quality bearing solutions. Government initiatives and private investments in infrastructure projects further support the growth of the plain bearing market in the region. Overall, the plain bearing market is expected to witness sustained growth due to increasing industrial applications and ongoing innovations in bearing technology.
Read more at GlobeNewswire: Plain Bearing Market Size Worth $14.56 Billion, Globally,