Composite Bearings Market Size, Anticipating Trends and Growth Prospects for 2023-2030
A composite bearing differs from other bearing types due to the fact that it is made of many materials, including resin reinforced fibre. Lubricants and substances that lower friction are included. Composite bearings can also be modified to meet specific needs in a range of applications, such as high-temperature resistance.
Composite bearings are used in emerging energy systems, such as when solar power tower mirrors are moved. They can support the weights, have a low and constant coefficient of friction, and are weather- and corrosion-resistant.
Customising composite bearings allows for the fulfilment of two distinct requirements for a variety of applications: wear and high-temperature resistance.
Composite Bearings Market size is expected to grow at more than 7.5% CAGR from 2023-2030 & to reach above USD 9.2 billion by 2030 from a little above USD 6.05 billion in 2023.
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Combining rising EV demand with rising industrial automation need is creating profitable opportunities for the composite bearing market
Opportunities for composite bearings are being offered up by the increasing use of industrial automation in numerous industries. In order to maintain optimal operation, automation systems frequently need dependable, low-friction bearings.
With its self-lubricating qualities, wear resistance, and low friction coefficients, composite bearings are well suited for use in robots, conveyors, and manufacturing gear since they can withstand the rigours of automated systems. A substantial opportunity for composite bearings is presented by the market for electric vehicles' quick expansion.
To maximise range and economy, EVs need components that are lightweight and high-performance. Composite bearings are ideal for use in electric vehicle applications since they provide benefits like lighter weight, greater energy efficiency, and increased durability. The need for composite bearings is anticipated to expand as EV usage continues to climb.
Key competitors from both domestic and international markets compete fiercely in the worldwide global composite bearings industry are Schaeffler Group, Saint Gobain, Trelleborg Group RBC Bearings Incorporated Rexnord Corporated, Polygon Company, HyComp LLC, Tiodize Co. Inc., TriStar Plastic Corp., Spaulding Composites
Recent Developments
Event News After the great success of the 2023 Bearing & Power Transmission World Meetings, we are delighted to announce the next World Meeting will be held from 10 to 12 June 2024 in Istanbul.
25th August 2022Trelleborg Sealing Solutions launched its latest lightweight thermoplastic composite bearing, the HiMod® Advanced Composites Bearings Plus, an enhanced dual-layer bearing with low-friction modified PEEK layer that reduced friction and increased wear performance for use in bearing, wear ring, and bushing applications.
Segments Covered in the Global Composite Bearings Market
Composite Bearings Market by Product Type
- Metal Matrix
- Fiber Matrix
Composite Bearings Market by Material
- PTFE (poly tetra fluoro ethylene)
- POM (poly oxy methylene)
Composite Bearings Market by Application
- Construction & Mining
- Agriculture
- Automotive
- Aerospace
- Marine
Due to the specialised materials and manufacturing procedures required, composite bearings may have greater initial prices than typical metal bearings. Some companies, especially those with limited resources or cost-sensitive applications, may find this cost element to be a turnoff.
The use of composite bearings may be constrained by the larger initial investment needed, especially in price-sensitive sectors. Under various operating conditions, such as high operating speeds, large loads, or temperature extremes, composite bearing performance can vary.
To ensure optimum performance, it is critical to carefully choose the appropriate composite material and design configuration. However, if the composite bearing is unable to consistently satisfy the necessary parameters, the performance variability may constitute a constraint in some demanding applications.
The composite bearings industry has been greatly impacted by the COVID-19 pandemic's repercussions on the global economy
The global economic downturn caused by the pandemic resulted in a decline in manufacturing and construction activities, leading to reduced demand for composite bearings in industries such as automotive, aerospace, energy, and industrial machinery.
Many companies faced financial constraints and delayed or cancelled their projects, which further impacted the demand for composite bearings. Moreover, the restrictions imposed to control the spread of the virus, such as lockdowns, travel limitations, and social distancing measures, disrupted the global supply chain for composite bearings.
Manufacturing facilities faced temporary closures or reduced capacity, leading to production delays and supply shortages. Additionally, the reduced availability of raw materials and components further hampered the production of composite bearings.
The pandemic also caused uncertainty and volatility in the financial markets, leading to reduced investments and cautious spending by businesses and consumers. This cautious approach affected the demand for capital-intensive products like composite bearings, as companies postponed or scaled back their investment plans.
In 2022 North America emerged as the leading region in the market and is projected to maintain its dominant position throughout the forecast period. This can be attributed to the increasing demand for composite bearings from the construction, mining, and automotive sectors. The region benefits from the desirable characteristics of composite bearings, including lightweight design, dimensional stability, resistance to fatigue and corrosion.
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