World bearings market to be worth $95 billion by 2016
Cleveland, OH - Worldwide demand for bearings is expected to increase 8.0% per year to $95 billion in 2016, according to a study by the Freedonia Group. Unmounted ball and roller bearings will make up three-quarters of total sales in 2016, with...
Cleveland, OH – Worldwide demand for bearings is expected to increase 8.0% per year to $95 billion in 2016, according to a study by the Freedonia Group. Unmounted ball and roller bearings will make up three-quarters of total sales in 2016, with the market for these products reaching $71 billion.
Global sales of unmounted plain bearings will rise to $11 billion in 2016, while aggregate demand for mounted bearings, bearing parts and combination type bearings will be $13 billion in the same year.
In mature bearing markets (such as Western Europe, Japan, and North America), growth in demand will be driven by rebounding motor vehicle production and a healthy fixed investment environment.
In nations where the bearing market is developing, sales will rise on rapidly increasing durable goods manufacturing and the improving ability of the average consumer to purchase items such as motor vehicles and appliances — boosting demand for these goods both from manufacturers and in the aftermarket.
Strong exports to aid developing region gains
Demand for bearings in Western Europe, Japan, and the US — historically the largest markets — will expand at above historical rates between 2011 and 2016. In many of these countries, the level of manufacturing activity plummeted during the 2006-2011 period (especially motor vehicle output), dragging associated bearing sales downward. As manufacturing recovers to pre-decline levels, gains in bearing demand will be well above those posted in the 2001-2011 period, due partially to the extremely low levels of demand in 2011.
In addition, promising export markets in the developing world for industrial products and a variety of durable goods will aid in the rapid acceleration of bearing sales to original equipment manufacturers.
Motor vehicle, machinery markets to remain dominant
The motor vehicle and machinery markets accounted for just over 70% of global bearing demand in 2011. Although these two markets will remain the largest in 2016, sales of bearings used in aerospace and other applications will increase slightly faster, reducing the overall share of sales held by motor vehicle and machinery bearing suppliers.
Sales to all of these markets will be boosted by greater output of aircraft, rail equipment, motorcycles, electronic devices and medical equipment in the developing nations, along with moderate gains in these same categories in the rest of the world.
The study, compiled in 2012, includes profiles for 32 global players including JTEKT (Koyo), NSK, NTN, Schaeffler (INA, FAG, Barden), SKF and Timken
For details, visit http://www.freedoniagroup.com.