Aerospace Bearings Market Research Report and Outlook by 2028

The Aerospace Bearings sector is anticipated to achieve a valuation of US$ 6436.48 million by 2028, rising from US$ 4290.64 million in 2021, with a projected compound annual growth rate (CAGR) of 6.5% from 2022 to 2028.

The aviation industry imposes rigorous standards regarding the performance, weight, and quality of bearings utilized. These components must endure extreme loads, high pressures, and significant temperature fluctuations during operation. Composite bearings, constructed from materials like fiber-reinforced resin and plastic, present a variety of benefits, including exceptional mechanical properties, high strength, rigidity, improved safety performance, and reduced friction and wear. This makes them the preferred option within the aerospace sector. Consequently, the aerospace bearings market is witnessing substantial growth. For instance, Trelleborg Sealing Solutions launched its Orkot C620 composite material in February 2022, specifically engineered to satisfy the aerospace industry's stringent requirements, capable of withstanding the considerable loads and stresses associated with landing gear, thereby enhancing fuel efficiency. These composite materials are lightweight yet retain high strength characteristics, making them ideal for aircraft manufacturers aiming to produce lighter and more fuel-efficient aircraft. Furthermore, composite bearings provide greater compressive strength and more consistent friction compared to traditional greased bronze bearings, which adds to their appeal and fuels the demand for aerospace composite bearings, ultimately fostering the expansion of the aerospace bearings market.

Impact of COVID-19 on the Aerospace Bearings Market

The COVID-19 pandemic has disrupted the supply chain of raw materials within the aerospace bearings market in the Middle East and Africa, leading to negative repercussions. Consequently, the timely delivery of aircraft bearings was adversely affected across the region. In 2020, with the grounding of commercial and general aviation aircraft, the military sector emerged as the primary contributor to the aerospace industry in this area. Despite the economic challenges, various governments continued to invest in the aerospace sector. By 2021, the aerospace industry in the Middle East and Africa saw a surge in demand for new aircraft, resulting in an increased need for aircraft bearings. Although supply chain disruptions in 2020 and 2021 caused delays in the delivery of aircraft bearings, market players in the region managed to meet lead and delivery timelines starting from the second quarter of 2021.

According to market research, the aerospace bearings market in North America was predominantly led by the United States in 2021, primarily due to the concentration of aircraft manufacturers and the growing fleet of advanced airplanes in the country. The market's growth is further propelled by key players such as AST Bearings, Aurora Bearing Company, RBC Bearings Incorporated, and Barden, which are active in the US aerospace bearings market.

Moreover, the aerospace bearings market in the United States benefits from the country's defense budget, which is the largest globally. A significant portion of this budget is allocated for the acquisition and modernization of advanced fighter aircraft. The production of military aircraft in the US also significantly contributes to the growth of the aerospace bearings market. In 2021, Boeing delivered 21 F/A-18 Hornet/Super Hornet multirole fighters, 13 KC-46 Pegasus aerial refueling aircraft, and 16 P-8 Poseidon maritime patrol aircraft manufactured in the US. Additionally, the production of helicopters has also driven the aerospace bearings market, with Boeing delivering 83 new and remanufactured AH-64 Apache attack helicopters and 20 new and renewed CH-47 Chinook transport helicopters. Furthermore, the delivery of the first Cessna SkyCourier turboprop by Textron Aviation to FedEx in May 2022 has generated additional revenue for the aerospace bearings market in the US. The increasing demand for track roller bearings for aircraft structure manufacturing further propels the growth of the aerospace bearings market in the country. The presence of major aircraft original equipment manufacturers (OEMs) such as Boeing, Airbus, Lockheed Martin, and Textron Inc also plays a crucial role in the expansion of the aerospace bearings market in the US.

Key players in the global aerospace bearings market include Schaeffler Technologies AG, NTN Bearing Corporation, RBC Bearings, JTEKT Corporation, and GGB.

The size of the aerospace bearings market has been determined through a combination of primary and secondary research methods. Extensive secondary research was conducted initially, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach has facilitated the development of an overview and forecast of the aerospace bearings market across all segments. Additionally, numerous primary interviews have been conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aerospace bearings market, to validate the data and gain further analytical insights.