Global Composite Bearings Market Overview
“The global 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.”
Composite bearings offer a significant advantage over traditional metal bearings by providing lightweight solutions with high strength and improved performance. Industries such as automotive, aerospace, and wind energy are increasingly adopting composite bearings to reduce weight, enhance fuel efficiency, and improve overall system performance.
With the rise of industrial automation, there is a higher demand for reliable and efficient bearings. Composite bearings offer benefits like low friction, self-lubrication, and resistance to wear, making them well-suited for automated systems. The automation industry's expansion across sectors such as manufacturing, logistics, and robotics drives the demand for composite bearings.
Industries operating in demanding environments, such as heavy machinery, mining, and chemical processing, require bearings that can withstand harsh conditions. Composite bearings offer excellent resistance to corrosion, chemicals, and extreme temperatures, enhancing their durability and reliability. The need for reliable bearing solutions in such industries drives the adoption of composite bearings.
Compared to traditional metal bearings, composite bearings can have higher upfront costs due to the specialized materials and manufacturing processes involved. This cost factor can be a deterrent for some industries, especially those with tight budgets or cost-sensitive applications.
The higher initial investment required for composite bearings can limit their adoption, particularly in price-sensitive markets. The performance of composite bearings can vary under different operating conditions, such as temperature extremes, high speeds, or heavy loads. It is crucial to carefully select the right composite material and design configuration to ensure optimal performance. However, in some demanding applications, the variability in performance may pose a restraint if the composite bearing cannot consistently meet the required specifications.
The rapid growth of the electric vehicle market presents a significant opportunity for composite bearings. EVs require lightweight and high-performance components to maximize range and efficiency. Composite bearings offer advantages such as reduced weight, improved energy efficiency, and enhanced durability, making them well-suited for electric vehicle applications.
Demand Outlook
As the adoption of EVs continues to rise, the demand for composite bearings is expected to increase. Ongoing advancements in material science and manufacturing technologies present opportunities for the development of new and improved composite bearing materials and production methods. Innovations in materials, such as nanocomposites or hybrid composites, can further enhance the performance characteristics of composite bearings, opening up new applications and markets.
The pandemic has disrupted global supply chains, causing delays in raw material procurement and component manufacturing. This disruption can affect the production and availability of composite bearings. Manufacturers may face challenges in sourcing materials, components, and finished products, leading to potential supply chain constraints and delivery delays.
The composite bearings market serves a wide range of end-user industries, including automotive, aerospace, industrial machinery, and more. Many of these industries experienced a downturn during the pandemic due to reduced consumer demand, production shutdowns, and travel restrictions.
As economies recover from the pandemic and industries regain their momentum, the demand for composite bearings is expected to rebound. Governments worldwide are implementing stimulus packages and initiatives to revive economies, which can lead to increased infrastructure development and industrial activities. These factors can positively impact the composite bearings market in the long term.
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Market Dynamics
Growth Drivers
The technological advancements and the advanced and innovative technology, which provides better mechanical properties as well as a comparatively longer product lifespan, are driving the growth of the market for composite bearings.
This is causing companies to investigate potential business possibilities in the market for composite bearings which, in turn will drive the expansion of the market worldwide. Growing awareness and increasing popularity for composite bearings within the automotive and industrial sector is one of the major factors which has led to the growth in the industry.
Additionally, a lower or no maintenance cost is an important reason for the increasing market for the composite bearings in the marketplace. Agriculture is an incredibly growing industry within the end-user sector of the market for composite bearings. Composite bearings have a variety of uses in the agricultural industry.
Comprehensive solutions and superior characteristics like lightweight as well as corrosion and fatigue resistant play a significant part in the increasing demand for composite bearings when compared to traditional single-metal bearings used in the agricultural industry.
Additionally, operational stability and the stability of dimensional properties at higher temperatures are significant elements that are contributing to the growth of the market for composite bearings. The high cost of raw materials as well as production costs are among the major constraining elements for the market for composite bearings.
Furthermore, fierce competition from the existing single metal bearing producers is one of the major factors which is hindering the growth of the market for composite bearings. The rising demand for industrial and agriculture applications the emerging markets in Asia Pacific (APAC) along with the various needs of technology can create potential opportunities for the market of composite bearings.
The use of new composite bearings instead of traditional and conventional single metal bearings are increasing the demand for the market for composite bearings. These elements play an essential role in at the same time affecting and contributing to the development of the market for composite bearings substantially.
The market for composite bearings is growing significantly due to the high growth rate in mining, construction agricultural, automotive and other large-scale industries around the world. This results in increasing need for bearings made of composite. Manufacturers are always looking at product development to take advantage of the new markets, as they have the potential to expand their market share worldwide.
Trends
Different types of bearings are utilized in aircrafts. Recently because of the various strict standards for fuel efficiency implemented by governments to improve fuel efficiency manufacturers are working to lessen the weight of their bearings. Manufacturers are working to develop innovative technologies to solve these issues. In off-highway building equipment, composite bearings are used to connect loaders to hydraulic transmission systems.
Due to factors like increasing global warming and rising sea levels, and the emergence of extreme weather, regulatory organizations like EPA (Environment Protection Agency) and ICAO (International Civil Aviation Organization) are working on regulations that reduce carbon emissions from all industries.
Challenges
High Risk of Delamination
The risk of delamination where two or more materials are joined by air pockets or the insufficient compression or temperature is typically found in composite bearings. When a material delaminates it is prone to further delamination, weakened and becoming ineligible to use. Stress that is too high and exceeds strength of the matrix is the primary reason for matrix perpendicular or parallel cracks.
Delamination is also a possibility when the matrix is constructed of non-suitable materials. Additionally due to their nature as composites the composite bearings need some amount of time and special equipment in the different stages that lead to production. Due to the factors mentioned above the possibility of delamination is regarded as the primary reason behind the development of the Composite Bearings Market.
Global Composite Bearings Market Segment Analysis
The market is split between metal matrix and fiber matrix according to type. Due to its robust operation, increased strength in challenging settings, and affordable price, the metal matrix segment commands a significant market share. Due to the extensive usage of metal matrix made possible by these qualities in a variety of end-use sectors, this category is expected to increase at a rapid rate over the next years.
Based on material, market is segmented into PTFE (poly tetra fluoro ethylene) and POM (poly oxy methylene). PTFE is a commonly used material in composite bearings due to its excellent low-friction properties and self-lubricating nature.
PTFE composite bearings offer low wear rates, high chemical resistance, and good dimensional stability. These bearings find extensive applications in industries such as automotive, aerospace, fluid handling, and food processing. They are particularly suitable for high-load and low-speed applications. POM, is a thermoplastic material with good mechanical properties, low friction, and excellent dimensional stability.
Based on the application, market is segmented into construction & mining, agriculture, automotive, aerospace, marine. Since many different types and sizes of composite bearing products are utilized in the automotive engine, which dominates the worldwide market for automotive applications, the automotive segment is predicted to dominate the market for composite bearings in 2022.
The Asia-Pacific region's automotive industry dominates due to the region's dense populations in China and India, which raises demand for passenger cars and other forms of public transit. The automotive industry dominates the region in North America as individuals have greater disposable income and favor purchasing the newest models.
Competitive Landscape of the Composite Bearings Market
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 in the Composite Bearings Market:
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 2022: Trelleborg 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.
1st November 2021: RBC Bearings Incorporated, a leading international manufacturer and marketer of highly engineered precision bearings and products for industrial, defense and aerospace industries, announced that it had completed its previously announced acquisition of the DODGE mechanical power transmission division of Asea Brown Boveri Ltd for approximately USD 2.9 billion in cash subject to post closing working capital adjustments.
Regional Insights
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.
Furthermore, advancements in technology enabling mass production of composite bearings and their growing adoption in the aerospace industry contribute to the market's growth in North America. On the other hand, Asia Pacific is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period, primarily driven by its large population and subsequently expanded customer base for the composite bearings market. Additionally, the growth and expansion of various end-user industries in the region further strengthen the market's potential for growth.
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
Composite Bearings Market by Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently asked questions with answers:
Who are the key players in the global composite bearings market?
Some key players operating in the global composite bearings market include Schaeffler Group, Saint Gobain, Trelleborg Group, RBC Bearings Incorporated, Rexnord Corporated, Polygon Company, HyComp LLC, Tiodize Co. Inc., TriStar Plastic Corp., Spaulding Composites.
What are the factors driving the global composite bearings market?
Composite bearings offer a significant advantage over traditional metal bearings by providing lightweight solutions with high strength and improved performance. Industries such as automotive, aerospace, and wind energy are increasingly adopting composite bearings to reduce weight, enhance fuel efficiency, and improve overall system performance.
What is the global composite bearings market growth?
The global composite bearings market is expected to grow at a compound annual growth rate of 6.96% from 2022 to 2029 to reach USD 8.39 billion by 2029.
Which region accounted for the largest global composite bearings market share?
The North America dominated the global composite bearings market with a share of 39% in 2022.
