Ball Bearing Market Size, Share & Trends Estimation Report By Product Type (Self-Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings),By Application (Automotive, Industrial Machinery, Mining & Construction, Medical), By Region, And Segment Forecasts, 2023 - 2030
The Global Ball Bearing Market Size Was Valued At USD 21.57 Billion In 2022. It Is Projected To Reach USD 32.6 Billion By 2031, Growing With A CAGR Of 4.5% During The Forecast Period (2023–2030).
Ball Bearing Market Overview:
This market is expected to grow in the not-too-distant future because of the growing demand for ball bearings in a number of industries, such as machine tools, automobiles, and the developing advanced medical sectors. The market is growing because more and more applications need highly precise bearings. Different kinds of ball bearings, like self-aligned bearings, are becoming more popular in a wide range of end-user markets because they are not affected by harsh outside factors. Also, the growing use of precision engineering in the industrial sector is a big part of the market's overall growth. This is because of the need from a wide range of industries, such as aerospace and defence, shipbuilding, energy, and a lot of others. It is expected that each of the things listed above will have a positive effect on the market in the future.
Ball Bearing Market Dynamics:
During the time period covered by this estimate, the market is expected to grow because more automation in industry will increase the need for precision ball bearings. More and more industries, like aerospace and machine tool manufacturing, need precision ball bearings. As the use of ball bearings in industrial robotics grows, people all over the world are likely to buy more of them. The number of industrial robots that can work on their own went up by 12% around the world in 2017, according to the IFR International Federation of Robotics. Due to this growth, another 2.7 million robots were made. In 2021, people all over the world bought 373,000 robots. This means that a lot of new robots are still being sold. In the coming years, new technology in office automation, medical equipment, and audio-visual equipment are likely to increase the need for ball bearings.
Ball bearings are getting more technologically advanced as the need for high-performance bearings grows. Because of this, companies are making their products with more advanced sensor units. The sensor modules help with digital monitoring of the product's load-carrying capacity, speed of rotation, slowing down, speeding up, and axial movement. Also, the Internet of Things (IoT) has made it easier for people to use connected machines and equipment and has made it possible to keep an eye on these assets all the time. During the time of the forecast, the market for ball bearings grew, which was helped by this new finding.
Product designers are always trying to make their products work better and use less energy. They use different kinds of materials for the raceways, cages, and rolling parts, and they also change the shape of the raceways. Also, improvements in sealing and lubrication technologies and the use of lightweight materials in high-performance goods give manufacturers a lot of hope. When you add electromechanical parts to bearings, they work better, get smaller, and cost less. Plus, the bearings are getting smaller.
The design of components, fixtures, and machines that have an exceptionally low tolerance and remain stable over time despite being subjected to harsh operating conditions is the focus of precision engineering. It is anticipated that the sudden rise in the use of specialised bearings will lead to an increase in the market income, which in turn would result in an increase in the need for precision engineering.
In addition, in order to stimulate the entire ecosystem, manufacturers are placing a significant amount of emphasis on the design and production of precision bearings for use in power trains and the drive sections of artificial satellites, among other applications.
Changes in trade rules, differences between supply and demand, changes in exchange rates, increased geopolitical threats in different parts of the world, and other things can all affect the prices of steel and aluminum bearing materials. Also, the cages, shields, seals, and other parts of the bearing need to be oiled often to make sure the bearing runs smoothly and with little friction. Because maintenance costs are so high, the market moves slower as a result.
By Product Type:
It is expected that the market segment for self-aligning bearings will have the highest growth rate. This is because of the rise in demand from applications like machine tools, which are used to make things like paper and textiles.
Deep groove ball bearings are expected to become more popular because of their high operational speed and their ability to handle radial and axial stresses well. Also, the angular contact ball bearing makes it possible to work at high speeds while keeping accuracy and rigidity. Because they aren't used much in industry, growth opportunities for the other types are probably at a standstill.
Robotic surgery, which is also called minimally invasive surgery, is becoming more popular in the medical field because it has many benefits, such as less pain and discomfort and a shorter time needed to recover. This is a good thing that is helping the market grow.
Due to the moderate demand for these bearings in rotating the shafts of different machines, it is expected that the market for industrial machinery will grow significantly. It is expected that sales in this market will grow in the not-too-distant future because of the rise in the use of miniature bearings in the automotive industry and the growing number of uses in other fields, such as the medical, robotics, and machine tool fields. In a similar way, the aerospace industry is expected to grow steadily in order to improve the efficiency of the machines that are built into aero planes.
During the time frame of the forecast, the ball bearing market is expected to grow the most in Asia-Pacific. This could be because the car, building, and mining industries are becoming more important. People expect that projects to improve public facilities in rural areas will help the market in Asia and the Pacific. According to the results of the study, the market for construction equipment in Asia and the Pacific is worth more than USD 49 billion right now and is expected to grow in the near future.
It is expected that the increase in mining in Asia, North America, and Latin America will help the ball bearing industry grow. Because of the huge amounts of minerals in Latin America, such as those found in Argentina, Chile, and Mexico, there has been a rise in mining in the last few years. In Argentina, the Cauchar-Olaroz and Salar del Rincón projects are both related to lithium. Both of these projects are still in the planning stage, and it is thought that they will cost about $425 million and $220 million, respectively.
Most of the market share for ball bearings is controlled by the automotive industry in Europe, and this is not likely to change in the near future. Some of the best car companies in the world are based in Europe, which also has the highest number of private R&D investors. For instance, Mercedes, BMW, Opel, Audi, Volkswagen, Porsche, Fiat, and Ferrari. It is expected that the growing number of construction infrastructure projects in Europe will continue to drive this type of bearings industry in the not-too-distant future.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 4.5% from 2023 to 2030|
|By Product Type||
|Reasons to Purchase this Report||
Customers in the ball bearings business care a lot about having a wide range of products to choose from. Because of this, market participants put a lot of emphasis on providing specialised and custom-made bearings. So, businesses in this area are remanufacturing and rotating the performance of bearing equipment to make a big difference in the growth and profitability of the area as a whole. For example, SKF was able to grow its automotive business around the world by putting the "Turnaround Plan" into action. The Timken Company is also trying to get the best return on investment from its line of bearings so that its core business can continue to bring value to its shareholders.
- In September 2018, SKF introduced its Ball Bearing Units-UC series in India in order to meet the market's growing demand. The product is made in the area, is of good quality for a good price, and meets international quality standards..
- In November of 2017, Schaeffler AG and Audi have started to work on developing technology, especially in the areas of transmission, engine, bearings, and other areas, to improve Formula E's performance density. Since 2017, Schaeffler has been working closely with Audi to make drive trains for the "Formula E" racing series.
By Product Type
- Self-Aligning Ball Bearings
- Deep Groove Ball Bearings
- Angular Contact Ball Bearings
- Others (Thrust Ball Bearings, etc.)
- Industrial Machinery
- Mining & Construction
- Others (Aerospace, etc.)
- C&U Group
- Federal Moghul Holding Corporation
- JTEKT Corporation
- NKE AUSTRIA GmbH
- SKF AB
- THK Company
- TIMKEN Company
- Asahi Seiko
- Graham Corporation
- Ingersoll Rand
- LYC Bearing
- Nachi Fujikoshi
- RBC Bearings