The new report by Expert Market Research titled, ‘Global Ball Bearing Market Size Report and Forecast 2022-2027’, gives an in-depth analysis of the global ball bearing market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): Approximately USD 6 Billion
- Forecast CAGR (2022-2027): 5%
Ball bearings exhibit excellent wear resistance, provide low friction, have a long service life, and do not need much lubrication. In this regard, the product is anticipated to witness high demand in the light-duty and heavy-duty industrial equipment in the forecast period. Moreover, ball bearings are cost-effective as compared to their friction-reducing counterparts. This factor is likely to provide impetus to the market. In addition, the increasing application of ball bearings in the sliding doors in the residential sector is anticipated to bolster the market growth in the coming years. Geographically, the Asia Pacific accounts for a significant share in the market owing to the thriving manufacturing sector in the region.
Industry Definition and Major Segments
Ball bearing is defined as the metal ball, which is placed between two moving parts of a machine to make the movement smooth. This mechanism is known to reduce the friction by carrying the axial and radial loads between two objects in order to boost the efficiency of operations. Moreover, the maximum speed permissible to ball bearings depends upon design and size, cage type, and type of lubrication.
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On the basis of application, the market can be segmented into:
- General Engineering
- Mining and Construction
- Railways, Aerospace, and Shipping
The regional markets for ball bearing include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The key trends in the ball bearing market include the rising application of the product in the precision engineering, owing to the technological advancements in the end use sectors such as aerospace and defence, and automobile, among others. Over the forecast period, the increasing sales of electric vehicles is likely to be a major propelling factor of the ball bearings. Meanwhile, the increasing application of ball bearing in the healthcare industry, in the robotic surgery, is likely to be another key trend in the market. Further, wind turbines require maintenance-free as well as high-quality ball bearings to boost the efficiency and performance of the turbine. Therefore, increasing number of windmills across the globe is generating high demand for ball bearings, leading to market expansion over the forecast period.
Key Market Players
The major players in the market are NTN Bearing Corporation, The Timken Company, Schaeffler Group, Jtekt Corporation, and SKF, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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