aerospace bearings Market

The Aerospace Bearings market is projected to reach US$ 6436.48 million by 2028 from US$ 4290.64 million in 2021; it is expected to grow at a CAGR of 6.5% from 2022 to 2028.

The aircraft industry has stringent requirements for the performance, weight, and quality of bearings used. These bearings must be able to withstand extreme loads, high pressure, and temperature variations during operations. Composite bearings, made of materials such as fiber-reinforced resin and plastic, offer numerous advantages such as superior mechanical properties, high strength, rigidity, enhanced safety performance, and low friction and wear, making them the preferred choice for use in the aerospace industry. As a result, the aerospace bearings market is growing. Trelleborg Sealing Solutions, for example, introduced its Orkot C620 composite material in February 2022, specifically developed to meet the aerospace industry's demands, which can withstand the high loads and stresses of landing gear, improving fuel efficiency. Composite materials are lightweight, yet they maintain high strength properties, making them ideal for use by aircraft manufacturers, who seek to make their aircraft lighter and more fuel-efficient. Additionally, composite bearings offer higher compressive strength and more consistent friction than greased bronze bearings, providing added advantages and driving the demand for aerospace composite bearings, which ultimately supports the growth of the aerospace bearings market.

The aircraft industry has stringent requirements for the performance, weight, and quality of bearings used. These bearings must be able to withstand extreme loads, high pressure, and temperature variations during operations. Composite bearings, made of materials such as fiber-reinforced resin and plastic, offer numerous advantages such as superior mechanical properties, high strength, rigidity, enhanced safety performance, and low friction and wear, making them the preferred choice for use in the aerospace industry. As a result, the aerospace bearings market is growing. Trelleborg Sealing Solutions, for example, introduced its Orkot C620 composite material in February 2022, specifically developed to meet the aerospace industry's demands, which can withstand the high loads and stresses of landing gear, improving fuel efficiency. Composite materials are lightweight, yet they maintain high strength properties, making them ideal for use by aircraft manufacturers, who seek to make their aircraft lighter and more fuel-efficient. Additionally, composite bearings offer higher compressive strength and more consistent friction than greased bronze bearings, providing added advantages and driving the demand for aerospace composite bearings, which ultimately supports the growth of the aerospace bearings market.

COVID-19 Impact on Aerospace Bearings Market

The supply chain of raw materials has been disrupted in the Middle East & Africa aerospace bearings market, resulting in adverse effects. As a result, the timely delivery of aircraft bearings was impacted throughout the region. In 2020, due to the grounding of commercial and general aircraft, the military sector became the main contributor to the aerospace industry in the region. Despite the economic downturn, several governments continued to invest in the aerospace sector. In 2021, the Middle East & Africa aerospace industry experienced an increase in demand for new aircraft, leading to an upsurge in the requirement for aircraft bearings in the region. The supply chain disruptions in 2020 and 2021 caused delays in the delivery of aircraft bearings. However, the market players in the aircraft bearings industry in the region were able to meet the lead and delivery timeline requirements from the second quarter of 2021.

Based on market research analysis, the aerospace bearings market in North America was dominated by the US in 2021, primarily due to the presence of aircraft manufacturers and the increasing number of advanced airplanes in the country. Additionally, the market's growth is further boosted by major players like AST Bearings, Aurora Bearing Company, RBC Bearings Incorporated, and Barden, operating in the aerospace bearings market in the US.

Furthermore, the aerospace bearings market in the US is supported by the country's defense budget, which is the largest in the world. A significant portion of this budget is allocated towards the adoption and procurement of upgraded fighter planes. The production of military aircraft in the US also acts as a contributing factor to the aerospace bearings market's growth. 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. The aerospace bearings market in the US is also driven by the production of helicopters, with Boeing delivering 83 new and remanufactured AH-64 Apache attack helicopters and 20 new and renewed CH-47 Chinook transport helicopters manufactured in the country. Moreover, the delivery of the first Cessna SkyCourier turboprop by Textron Aviation to FedEx in May 2022 is another revenue generator for the aerospace bearings market in the US. Additionally, the rising demand for track roller bearings for aircraft structure manufacturing further drives the growth of the aerospace bearings market in the country. The presence of major aircraft OEMs such as Boeing, Airbus, Lockheed Martin, and Textron Inc also contributes to the growth of the aerospace bearings market in the US.

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

The size of the aerospace bearings market has been determined by utilizing primary and secondary sources. Extensive secondary research has been carried out initially by using internal and external sources to gather qualitative and quantitative information related to the market. This process has helped in obtaining an overview and forecast of the aerospace bearings market with respect to all the market segments. Furthermore, multiple 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, who specialize in the aerospace bearings market, to validate the data and gain additional analytical insights.