Plain Bearing Market: An Insight On the Important Factors and Trends Influencing the Market

The global plain bearing market features a consolidated landscape, with the top five players accounting for a combined share of more than 40% in 2015, notes TMR. These players are Schaeffler Group, SKF Group, The Timken Company, NTN Corp., JTEKT Corp., and NSK Ltd., with SKF boasting of the leading presence. Leading players are harping on developing new products with advanced functionalities to meet a growing requirements of end-users, in a move to stay ahead of others, observes Transparency Market Research (TMR).
Several of the prominent companies are also focusing on opting for acquisitions to consolidate their positions. A number of players are consider value-based pricing and focusing on mass production to strengthen their shares in the market. Furthermore, they are exploring new geographic regions to gain a better foothold in the global market.
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The global plain bearing market stood at US$9.5 billion in 2015 and is projected to surge to a valuation of US$16.2 billion by 2024 end. The market is anticipated to rise at a CAGR of 5.8% from 2015 to 2024. The demand for plain bearings is projected to expand at a CAGR of 6.5% during the same period.
The major end-use segments are automotive and industrial. Of these, the automotive segment accounted for the dominant share in the market in 2015 and is also projected to rise at the major CAGR during the forecast period. Regionally, Asia Pacific leads the pack and is predicted to hold its dominance throughout the assessment period. The rapid strides taken by the automotive sector in several key economies in the region and the reducing prices of ball bearing are key factors driving the regional factor. The regional market held a share of 39% in 2015.

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