Growth and Expansion of Chemicals and Materials Industry will Emerge as a Determinant for the Global Composite Bearings Market

 

A composite bearing is distinguished by the fact that it is made up of various materials, including resin reinforced fibre. Friction-reducing lubricants and chemicals are included. Composite bearings can also be modified to meet specific needs in various applications, such as high-temperature resistance. Composite bearings are being used in emerging energy technology, such as rotating the mirrors in solar power towers. They can bear the weights, are weather and corrosion resistant, and have a low and consistent friction coefficient. Composite bearings can be tailored to satisfy the specific needs of various applications, including wear and high-temperature resistance. ​

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Global composite bearings market is expected to reach USD 7,023,397.15 thousand by 2028 from USD 4,411,864.93 thousand in 2020, growing with a substantial CAGR of 6.3% in the forecast period of 2021 to 2028. In order to improve the mechanical properties of the composite bearing products, different types of resins are often blended with friction modifiers, including graphite, PTFE, or molybdenum di sulphide. Composite bearings products are high in demand across all the regions due to some considerable properties of the material, such as low water absorption, high dimensional stability, high solvent resistance and low coefficient of friction. Also, most importantly, composite bearings help reduce wear and tear in the machine. Composite bearings are becoming crucial in aerospace, automotive and, construction and mining applications due to the light weight & superior properties, low maintenance and long product life and these are some other important market growth determinants.

Composite Bearings Market

Rise in the use of bearings across wide variety of industrial applications globally is expected to drive the market's growth rate

Composite bearings are produced from material made up of different components aiming to impart a low coefficient of friction, high dimensional stability, and high solvent resistance. Composite bearings have a wide variety of applications due to their high load-bearing power, wear resistance, self-lubrication properties, and anti-corrosive properties. Composite bearings are being used in almost every industry that utilizes moving parts and machinery. Thus, the increasing demand for quality and performance in the various industrial and consumer-related sectors will boost the global composite bearings market.  

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2021 to 2028

Base Year

2020

Historic Years

2019 (Customizable to 2012 - 2017)

Quantitative Units

Revenue in USD Thousand, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Fiber Matrix and Metal Matrix), Material (Poly Tetra Fluoro Ethylene (PTFE) Composite and Poly Oxy Methylene (POM) Composite), Form (Cylindrical Bushes, Flanged Bushes, Sliding Plates, Thrust Washers and Flanged Washers), Distribution Channel (Offline and Online), Application (Construction & Mining, Automotive, Aerospace, Agriculture, Marine, Renewable Energy, Food & Beverage, Gym Equipment, Oil & Gas, Hydraulic Industry and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Polygon Company (India), Schaeffler AG (Germany), Huntsman International LLC (U.S.), HyComp LLC (U.S.), GGB (U.K.), SGL Carbon (Germany), CIP Composites (U.S.), Rexnord Corporation (U.S.), Tenneco Inc. (U.S.), SPAULDING COMPOSITES (U.S.), TIODIZE Co., Inc. (U.S.), Trelleborg AB (Sweden), KOR-PAK Corporation (U.S.), RBC Bearings Incorporated (U.S.), TriStar Plastics Corp. (U.S.), SKF (Sweden), Quality Pacific Manufacturing, Inc. (U.S.), FTL Technology (India), Technoslide (South Africa) and Rheinmetall Automotive AG (Germany) among others.             

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Segment Analysis:

Global composite bearings market is segmented into five notable segments which are based on the product type, material, form, distribution channel and application.

  • On the basis of product type, the composite bearings market is segmented into fiber matrix and metal matrix. In 2021, metal matrix segment is expected to dominate global composite bearings market with 64.73% market share as metal matrix can be shaped easily according to the products of different industries which increase its demand globally. In Asia-Pacific, the demand for the metal matrix segment is more in China and India due to increase in the production of automotive engine product.
  • On the basis of material, the composite bearings market is segmented into poly tetra fluoro ethylene (PTFE) composite and poly oxy methylene (POM) composite. In 2021, poly tetra fluoro ethylene (PTFE) composite segment is expected to dominate global composite bearings market with 75.04% market share as poly tetra fluoro ethylene (PTFE) composite is used for the manufacturing of various automotive interior products. In Asia-Pacific, poly tetra fluoro ethylene (PTFE) composite segment dominates as poly tetra fluoro ethylene (PTFE) composite production technology is present in the region.
  • On the basis of form, the composite bearings market is segmented into cylindrical bushes, flanged bushes, sliding plates, thrust washers and flanged washers. In 2021, cylindrical bushes segment is expected to dominate the global composite bearings market with 39.45% market share as cylindrical bushes form is used to reduce the vibrations and noise created by engine. In Asia-Pacific, presence of large area for agriculture increases the demand for high quality of cylindrical bushes segment in the region. In North America, the cylindrical bushes segment is dominating the market as cylindrical bushes are more used for the wind turbines and in other renewable energy engines.
  • On the basis of distribution channel, the composite bearings market is segmented into offline and online. In 2021, the offline segment is expected to dominate the global composite bearings market with 89.68% market share as offline are engaged in the bulk manufacturing and sale of the composite bearing products, which makes the offline segment dominate the region. In Asia-Pacific, the large numbers of offline dealers in the region make the offline segment dominate in the region. In North America, the offline segment is dominating the market as the demand for a specific size of composite bearing to engine requirement makes the offline segment dominate in the region.
  • On the basis of application, the composite bearings market is segmented into construction & mining, automotive, aerospace, agriculture, marine, renewable energy, food & beverage, gym equipment, oil & gas, hydraulic industry and others. In 2021, the automotive segment is expected to dominate the global composite bearings market with 23.34% market share as several types and sizes of composite bearing products are used in the automotive engine, which makes automotive application dominate globally. In Asia-Pacific, the large population in India and China increases the demand for passenger vehicles and public transportation, making the automotive segment dominate in the region. In North America, people have more purchasing power and prefer to buy the latest cars, which makes the automotive segment dominate the region.

Automotive dominates the application segment of the composite bearings market

In 2021, automotive segment will emerge as the dominating segment with 23.3% market share. This is because of the increasing number of car competition and auto expo of the engine accessories, which makes the automotive segment dominate the region. In the Middle East and Africa, the import and export of the raw material or finished goods through road ways increases the demand for heavy vehicles, making the automotive segment dominate the region.

Major Players

Data Bridge Market Research recognizes the following companies as the major composite bearings market players in the market are HyComp LLC (U.S.), GGB (U.K.), Rexnord Corporation (U.S.), Tenneco Inc. (U.S.), Trelleborg AB (Sweden), RBC Bearings Incorporated (U.S.), TriStar Plastics Corp. (U.S.), and Rheinmetall Automotive AG (Germany).

Composite Bearings Market

Market Development

  • In September 2020, SKF company has decided to bring up new bearing technology named Bearings 2.0, speeding up industrial digitalization and creating new business models. The following topics will be highlighted: prognostics and the benefits of accurately predicting bearing performance; life models, such as SKF's GBLM (Generalized Bearing Life Model), which can now be used to select hybrid bearings; the circular economy and the demand for bearing remanufacturing and recycling of bearing-related materials; and the circular economy and the demand for bearing remanufacturing and recycling of bearing-related materials. The most recent advancements in deep groove ball bearings and their applications in electric vehicles will be discussed. This development helps the company to increase revenue.
  • In October 2019, Trelleborg Group has launched a new product name Orkot. The product is more used in the aerospace industry. They can withstand edge loading and misalignment even with the greatest weights, and they're especially well-suited to freezing fitting without shattering. The standard grade of Orkot® TLMM is a thermosetting resin matrix with woven fabric reinforcing and solid lubricants. The material can be used with both water and oil lubrication, and it can even be driven dry for short periods of time. This development helps the company to increase revenue.
  • In September 2019, Rheinmetall Automotive AG has decided to develop and manufacture innovative load-bearing structural components made of carbon fiber-reinforced­ plastic (CFRP). This development helped the company to increase revenue.

Regional Analysis

Geographically, the countries covered in the composite bearings market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in composite bearings market during the forecast period 2021 - 2028

The Asia-Pacific region is dominating due to the large population, creating a large customer base in the region for the composite bearings market. Also, growth and expansion of various end user verticals will yet again bolster the growth of the market.    

North America is estimated to be the fastest-growing region in composite bearings market the forecast period 2021 - 2028

Over the next five years, North America is predicted to be the fastest-growing market for composite bearings. The increasing demand from the construction and mining industries and the automobile industry are the key reasons driving its rise. These sophisticated bearings are utilized in construction and mining equipment because they provide operating stability in tough situations, resulting in increased product life, equipment efficiency, and low maintenance costs.

COVID-19 Impact Analysis

The pandemic of COVID-19 has resulted in impacting the composite bearings market. Lockdown, movement restrictions and disruptions in the supply chain resulted in negatively impacting the composite bearing market. Temporary shutdown of economic activities and restrictions imposed by the government on economic activities further derailed the market growth rate.

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