Ball Bearing Market to Attain a Valuation of USD 148.3 billion by 2031: Transparency Market Research Study

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Jan 04, 2024, 10:30 ET

WILMINGTON, Del., Jan. 4, 2024 /PRNewswire/ -- New materials and solutions may drive future demands for environmentally friendly ball bearings. Using 3D printing to manufacture bearings could open up new possibilities for design and production for the ball bearing market in coming years.

The global ball-bearing industry generated US$ 63.7 billion in 2022. A CAGR of 10.0% is projected from 2023 to 2031, reaching US$ 148.3 billion during the forecast period. Due to Industry 4.0 principles and increased automation, precision bearings will be in high demand in robotics, CNC machines, and other automated systems.Sustainability and energy efficiency are becoming increasingly important to industries. Integrated sensors may make bearings more common in the future, enabling real-time equipment health monitoring. New technologies and aircraft designs may increase demand for advanced bearings in the aerospace and defense sectors.

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As long as industry players continue to invest in research and development, innovative bearing solutions will likely be developed that meet evolving industry needs. Changes in manufacturing standards, environmental impacts, and safety regulations may affect ball-bearing designs and production.

Ball Bearing Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2022
Size in 2022	US$ 63.7 Bn
Forecast (Value) in 2031	US$ 148.3 Bn
Growth Rate (CAGR)	10.0 %
No. of Pages	160 Pages
Segments covered	Product, Type, Material, End-use, Distribution Channel

Key Findings of the Market Report

Based on product type, the deep groove segment is anticipated to drive ball-bearing demand.
In terms of type, mounted bearing is projected to drive ball bearing market growth.
A growing demand for metal ball bearings for automotive applications is likely to drive the market for ball bearings.
As the automotive industry grows, the ball bearings are expected to grow rapidly.
Ball-bearing demand is expected to be driven by direct sales in the near future.

Global Ball Bearing Market: Growth Drivers

The ball bearing market is closely tied to industrial activities, including automotive, manufacturing, machinery, and aerospace sectors. Ball bearings are in greater demand as these industries grow. The automotive industry largely uses ball bearings in engine, transmission, and suspension systems, among other applications. In emerging markets, especially, ball-bearing demand has grown significantly due to the automotive industry.
Economic development and globalization drive a growing number of manufacturing activities worldwide, increasing demand for machines and equipment incorporating ball bearings. Besides factories and production lines, this technology can also be applied to other processes. In addition to technological advances, the market also benefits from high-performance and customized ball bearings. Technological advances in materials, design, and lubrication drive industry adoption of ball bearings.
The demand for ball bearings in wind turbines has grown as renewable energy sources become more prevalent. Ball bearings play a key role in ensuring smooth operation and durability of wind turbine components. The ball-bearing market will see new opportunities as electric vehicles become more prevalent. Various components in an EV, including electrical motors and drivetrains, utilize ball bearings. Electrification is increasing the demand for ball bearings that are high quality, efficient, and specialized.

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Global Ball Bearing Market: Regional Landscape

The Asia Pacific region will likely dominate the market in the next few years. Asia Pacific countries like Japan, China, and South Korea are particularly prominent as global manufacturing powerhouse. Manufacturing processes use large amounts of machinery and equipment that drive ball-bearing demand.
Ball bearings are a major component of the automotive industry in Asia Pacific. Due to the large production and sale of cars in countries like China and Japan, ball bearings are significantly affected. Developing countries like China and India are steadily progressing toward industrialization and urbanization, resulting in a growing demand for ball bearings in construction equipment and machinery.
With the growth of machines for construction and transportation, ball bearings have become increasingly popular in infrastructure projects. Asia Pacific is a major region for electronics and technology manufacturing. Many electronic components and machines use bearings, which is why bearings are in demand in the electronic industry. With solar and wind power becoming more popular, ball bearings are in high demand, especially in wind turbines.

Global Ball Bearing Market: Key Players

Key market players are involved in research and development, product expansion, and mergers and acquisitions. In addition to product development, marketing also involves the development of new products. It is highly competitive, with several international and regional companies operating in the market.

NSK Ltd.
Schaeffler AG
JTEKT Corporation
SKF
The Timken Company
MinebeaMitsumi Inc.
NTN Bearing Corporation
Danaher
RBC Bearings Incorporated
Rexnord Corporation
Other Key Players

Key Developments

In December 2023, KLX Energy Services (KLX), which provides onshore oilfield services, including completions, interventions, and productions, comes out with its VISION Suite that includes the OraclE Smart Reach Tool (SRT), the SpectrA PDC, and PhantM Dissolvables. There are fewer parts in the motor bearing pack than in a traditional ball bearing pack due to the design's use of PDC inserts.
In December 2023, ENERMAX detected higher-than-expected RMA (Return Merchandise Authorization) levels in the REVOLUTION D.F. 2 and REVOLUTION D.F. X product lines. With the new models, the fan bearing issue has been addressed by installing double ball bearings of industrial grade.

Global Ball Bearing Market: Segmentation

By Product

Deep Groove
Angular Contact
Four-point Contact
Self-Aligning
Others

By Type

Unmounted Bearing
Mounted Bearing

By Material

Plastic
Ceramic
Metal

Chrome Steel
Stainless Steel
Carbon Steel
Brass
Others

By End Use

Automotive
Construction
Aerospace
Power Transmission
Oil and Gas
Agriculture
Others

By Distribution Channel

Direct Sales
Indirect Sales

By Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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