San Francisco, CA -- 02/13/2018 -- Plain Bearing Market: Overview
The global plain bearing market is anticipated to do decently well in the coming years, due to rise in demand for oilfield machinery, motor vehicles, and construction work. An extensive range of equipments are utilized in aerospace, automotive, railways, construction, farm and gardening, and oilfield industry, which are the leading end-users of the plain bearings. The global plain bearings market is prognosticated to register a steady growth with a CAGR of 5.8% within the forecast period from 2016 to 2024. The market was valued at US$9.5 bn in the year 2015. This figure is likely to reach US$16.2 bn by the end of 2024.
On the basis of end use the market is segmented into industrial and automotive sectors. The industrial sector is sub-segmented into agriculture, chemical, food and beverage, aerospace, pulp and paper, and so forth. With the surging production of automobiles, the segment is at the forefront of driving growth in the market and hence accounts for a leading share among end users.
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The report provides well analyzed market figures, along with drivers, restraints, competitive landscape, key players and upcoming scope of growth in the future. It gives an in-depth study of the market with past statistics and current strategies, looking at which the buyer can get a clear idea about the opportunities in the plain bearing market.
Plain Bearing Market: Trends and Prospects
The increased demand for plain bearings in a various industries, for example, energy, railways, aerospace, automotive, and farm and gardening, are the most significant factors contributing in the progress of the market. Also, the fast development of the automobile business in various developing and developed economies is a prominent factor boosting the market.
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The thriving demand for bearings in aviation and defense division in various regions is also stimulating the plain bearing market. Governments of a many developed and developing countries are investing significantly to improve their defense system. This is expected to supplement the development of the market in these areas. Moreover, the rising interest for journal bearings for several end-use sectors is another factor expected to help the market.
Serving to offset the growth prospects resulting from the aforementioned drivers is the rise of fake products. This will likely dampen sales growth, particularly in cost-conscious developing nationsThe collapse of after-sales services is another factor likely to hinder the overall market growth.
Plain Bearing Market: Regional Outlook
Geographically, the global plain bearing market is divided broadly into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these the Asia Pacific region accounted a majority share in the market in 2015. This region is still anticipated to retain its leading position in the coming years as well. The prominent reason behind the dominance of the region is the increasing demand for motor vehicles. Besides, the increase in the urbanization in developing countries such as China and India is also supporting the development of plain bearings in the region.
Plain Bearing Market: Vendor Landscape
The Timken Company, SKF Group, Schaeffler AG, NTN Corporation, NSK Ltd, RBC Bearings, Inc., AST Bearing LLC, JTEKT Corporation, Brammer Plc, and GGB Bearing Technology are among the major players dominating the global plain bearings market.
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