Global Self-lubricating Bearings Market 2015-2019
Market outlook of the global self-lubricating bearings market
Self-lubricating bearings are modern devices, which are created to cater to the growing need for energy efficiency and functionality of various equipment used in manufacturing processes. Tremendous progression in the bearing lubrication technology has led to the growth of self-lubricating plain bearings that are lightweight and incur low maintenance cost, enabling end-users to optimize the productivity of various bearing-based applications competently and cost-effectively.
The global self-lubricating bearings market is expected to grow significantly during the forecast period, posting a CAGR of more than 9%. This growth is attributed to factors such as global economic growth, increased manufacturing and construction activities, rising energy demand, and income levels. Advances in technology coupled with the need for energy-efficient and high-performance bearings in industrial equipment and machinery will further assist in the growth of the self-lubricating bearings market.
Segmentation of the self-lubricating bearings market by end-user
Heavy industrial machinery
The automotive industry holds the largest market share with over 37% and is one of the key end-users of bearings, as all the vehicles require a wide range of application-specific bearings. The main factors contributing to the growth of the automotive industry are favorable government regulations, steady economic growth, and infrastructure development in APAC, Europe, North America, and Latin America.
Geographical segmentation of the self-lubricating bearings market
APAC leads the self-lubricating bearings market with nearly 50% market share. The high tax imposition on completely built units and completely knocked down units has compelled global manufacturers to shift their manufacturing facilities to developing regions such as APAC, thus stimulating growth in this region. Countries such as China, India, Thailand, and Indonesia lead the market in the APAC region.
Competitive landscape and key vendors
The innovation of smart self-lubricating bearing is a growing trend, which will drive the demand for self-lubricating bearings in the forecast period. Moreover, globalization and lack of product differentiation have also encouraged vendors to transform their products by adding new features and functionalities to enhance product performance and capabilities.
The primary vendors in this market are -
TimkenOther prominent vendors included in this report are Eickoff, Koyo Bearings, INA Bearing, Nachi-Fujikoshi, JTEKT, and NMB Bearings.
Technavio Announces the Publication of its Research Report – Global Self Lubricating Bearings Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Self Lubricating Bearings Market: NSK, NTN, Schaeffler, SKF and Timken
Other Prominent Vendors in the market are: Eickoff, Koyo Bearings, INA Bearing, Nachi-Fujikoshi, JTEKT, and NMB Bearings.
Commenting on the report, an analyst from Technavio’s team said: “Changing consumer preferences have increased competition among bearing vendors. This has influenced them to develop additional features in their product portfolio to attract consumers. Integrated bearings are manufactured to reduce the number of bearing units required in an assembled product. These bearings lack surface, and their surrounding units can act as an internal component of the bearing design.”
According to the report, automobile manufacturers are focusing on new customer-centric business models to enhance the consumer experience and services in response to growing competition and changing economic environments. Therefore, they are developing vehicles that improve comfort and maneuverability in a bid to strengthen brand loyalty. This could lead to improved sales of automobiles, thereby raising the demand for self-lubricating bearings.
Further, the report states that the cost of raw materials, such as ceramics, chrome steel, and stainless steel, used for manufacturing self-lubricating bearings are rising annually. However, bearing manufacturers are unable to raise their product prices because of high market competitiveness, lowering overall profit margins. Fluctuations in the cost of commodities also affect the price of bearings.
NSK, NTN, Schaeffler, SKF, Timken, Eickoff, Koyo Bearings, INA Bearing, Nachi-Fujikoshi, JTEKT, NMB Bearings.
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