Plain Bearings Market Report By Insights, Size, and Growth - 2031

The plain bearings market is anticipated to grow significantly, with projections indicating it will reach approximately US$ 14,560.40 million by 2031, up from US$ 9,536.90 million in 2023. This growth represents a compound annual growth rate (CAGR) of 5.4% from 2023 to 2031. The introduction of innovative and environmentally friendly plain bearings is expected to create new trends within the market.

Key end users of the plain bearings market span various industries, including industrial vehicles, wind energy, forklifts, material handling, agriculture, railways, automotive, aerospace and defense, construction machinery, power generation, and oil and gas exploration, among others. Once these bearings are supplied to end users, aftermarket services become a crucial part of the value chain. In instances of bearing failure, the aftermarket encompasses the provision of raw materials or replacement components. Suppliers of bearing materials and providers of prefabricated structures, often in the form of spare parts, play a vital role in aftermarket services. These spare parts are typically replaced during routine maintenance, repair, and overhaul activities. The aftermarket sector is gaining momentum across various industries, including aerospace, healthcare, and manufacturing, where the risk of failure or reduced operational efficiency due to heavy loads is significant. Notable associations related to plain bearings include the World Bearing Association (WBA), American Bearing Manufacturers Association (ABMA), American Society of Mechanical Engineers (ASME), Bearing Specialists Association (BSA), and Eastern India Ball Bearing Merchants Association (EIBBMA), among others.

The plain bearings market is characterized by its dynamic nature, necessitating liquidity, flexibility, and transparency for effective operation. This requires a diverse range of supply sources, manufacturers, and users, along with a comprehensive supply chain that connects raw material suppliers to end users. The market is particularly well-established in North America and the Asia-Pacific region.

In the United States, the demand for plain bearings is primarily driven by sectors such as industrial, agricultural, industrial vehicles, and construction. The country boasts a mature yet steadily expanding industrial sector, which significantly contributes to the demand for plain bearings. As one of the largest crude oil producers globally, the US operates around 8,650 oil rigs, which are essential for both domestic consumption and export. The number of offshore rigs has increased from approximately 436 in 2020 to 580 in 2021, and further to 721 in 2022, positively influencing the demand for plain bearings in the US.

The construction industry in the US is experiencing growth, fueled by a rising number of commercial, residential, and civil engineering projects. According to the US Census Bureau, as of June 2022, the US Department of Housing and Urban Development had approved around 1,800,000 permits for new residential constructions nationwide. A thriving construction sector drives the demand for construction equipment. Factors such as population growth, urbanization, and numerous ongoing infrastructure projects are contributing to the increasing demand for plain bearings in the country. The Associated General Contractors report that the construction industry is a major contributor to the US economy, generating approximately US$ 2.1 trillion in structures annually. The surge in construction activities, supported by government initiatives aimed at enhancing roads and building bridges in remote and rural areas, also benefits the plain bearings market in the US.

Plain bearings find extensive applications in the agricultural sector as well. The growing governmental emphasis on advancing the agriculture and forestry sectors is a key driver of the plain bearings market's growth. Furthermore, the US is home to various racing circuits for sports cars, drag racing, and off-road events, reflecting the nation's passion for speed and competition. The US industry prioritizes precision engineering, advanced materials, and ongoing research and development to improve performance. Consequently, the rising popularity of motorsport and infrastructure development has propelled the motorsport industry, which in turn stimulates growth in the plain bearings market within the United States.

Prominent players in the plain bearings market include Rheinmetall AG, RBC Bearing Incorporated, Bailey International LLC, The Timken Co., AST Bearing LLC, NTN Corp, IKO International, Inc., SKF AB, Regal Rexnord Corp, and Daido Metal Co. Ltd. These companies primarily focus on enhancing their products and services by incorporating advanced features and technologies into their offerings.