Composite Bearings - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Composite Bearings market accounted for $ 3.80 billion in 2017 and is expected to reach $ 8.19 billion by 2026 growing at a CAGR of 8.9% during the forecast period. Some of the key factors such as increasing need of long product life with low maintenance cost, rapid technological advancements in production process, longer product life and providing superior mechanical properties and rising use of self-lubricating composite bearing are driving the market growth. However, the tough competition from single metal bearing manufacturers and rise in cost of raw material & production cost are the restraining factors for the market growth. Moreover, high demand from applications like automotive and agriculture will provide ample opportunities for the growth of the market.
A composite bearing is an equipment that is used to control friction and provide separation between two moving parts. They have properties of low friction, low heat build-up and no cold flow conditions The unique characteristic is that it is made from a mixture of materials such as resin reinforced along with fiber. This includes friction-reducing lubricants and ingredients. By replacing the conventional greased bronze bushings with composite bearings in industrial applications, the weight could be reduced and provides better efficiency. Composite bearing are used in various industry such as automotive, marine, construction & mining, agriculture, and aerospace among others.
By application, agriculture application segment is likely to grow with highest CAGR during the forecast period due to its light weight nature, resistance against corrosion, and operational stability at high temperatures in the marine, construction & mining and aerospace industries is growing at a high rate. By geography, North America is expected to observe significant growth in the forecast period, mainly due to the increasing demand from the construction & mining and automotive industries as they utilize these advanced bearings and provide operational stability in harsh environments leading to increased product life, efficiency of the equipment, and low maintenance cost..
Some of the key players in this market include VNC Bearing, Inc., AB SKF, Trelleborg AB, CIP Composites, Soucy Composites Inc., Federal-Mogul Corporation, Rexnord Corporation, Franklin Fibre Lamitex Corp. , TriStar Plastic Corp., Tiodize Technologies, Tufcot Engineering Ltd., AST Bearings LLC, HyComp LLC, Schaeffler Group, RBC Bearings Incorporated.
• POM (poly oxy methylene) composite
• PTFE (poly tetra fluoro ethylene) composite
Product Types Covered:
• Metal Matrix
• Fiber Matrix
• Construction & Mining
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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