Plain Bearing Market worth $13.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 24, 2022 /PRNewswire/ -- According to the new market research report "Plain Bearing Market by Type, End-Use Industry (Automotive, Industrial, Aerospace, Energy, Construction Machinery, Agricultural & Gardening Equipment, Oilfield Machinery, Office Products) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Plain Bearing Market is projected to reach USD 13.0 billion by 2026, at a CAGR of 5.2% between 2021 and 2026. The market is propelled by the growth of various end-use industries. There is increase in demand for plain bearings from the automobile, aerospace, construction machinery, and energy industries as plain bearings are light in weight, require less maintenance, have high load carrying capacity, high reliability and longer life, these all factors attribute for the growth of the global plain bearing market in the near future.
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Journal is the fastest-growing type segment of the global plain bearing market
The journal type segment contributed the largest share to the global plain bearing market in 2020; this segment is projected to grow at the highest CAGR from 2021 to 2026. This growth is mainly attributed to the increasing demand for journal bearings from varied end-use industries such as automobile, aerospace, construction machinery, and energy. In addition, journal bearings have properties such as excellent strength and shock resistance. There is no rolling element in these bearings. These bearings work efficiently in heavily loaded systems, wherein sufficient clearance and lubrication is provided.
Industrial Industry is the fastest-growing end-use industry segment of the global plain bearing market
Industrial industry as an end-use industry is projected to grow at the highest CAGR during the forecast period, due to rapid industrialization in emerging economies India and China in the Asia Pacific region. Plain bearings are used industrial industry in cleaning equipment, chlorine systems, film processing systems, fuel handling systems, oxygen systems, and chemical processing equipment.
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Asia-Pacific is projected to register the fastest growth for the plain bearing market from 2021 to 2026.
Increasing demand for plain bearings from the rapidly growing end-use industries such as automotive, aerospace, construction machinery, and energy in the Asia Pacific region is one of the major factors responsible for the highest share and CAGR of this region. The plain bearing market in Asia-Pacific is driven by the increased foreign investments and low labor costs. The end-use industries of plain bearings, such as automotive, construction machinery, and energy, are growing in emerging countries such as China, India, and Thailand, which play an important role in driving the market.
Key players operational in the market include NTN Corporation (Japan), SKF Group (Sweden), Schaeffler Group (Germany), Timken Company (US), THK Co., Ltd. (Japan), NSK Ltd. (Japan), MinebeaMitsumi Inc. (Japan), RBC Bearings Incorporated (US), and SGL Carbon (Germany), ElringKlinger AG (Germany), GGB (France), igus (Germany), Kashima Bearings, Inc (Japan), Boston Gear LLC (US), Thomson Industries, Inc. (US), ZOLLERN GmbH & Co. KG (Germany), PBC Linear (US), GGT Gleitlager AG (Switzerland), Midwest Control Products Corp. (US), Accurate Bushing Company (US), AEC (India), Chiavette Unificate S.p.A. (Italy), HepcoMotion (UK), Alloy Bearings (New Zealand), and Kingsbury, Inc. (US).
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