Automotive Industry set to revive capital investments for future Bearings market; next five (5) years forecast promising growth, GIA analytics team says. Sources at PRWeb Online examine the impact of changing technology and materials in essential capital goods in this geo-political survey of future needs of dealerships worldwide.
Global Recovery in Automobile, Industrial, and Aerospace Sectors to Drive the Global Bearings Market, According to New Report by Global Industry Analysts, Inc.
Demand for bearings is dynamic, and closely linked to global GDP trends, given their widespread use in capital goods and engineering industries. Much of the development on the technology front in the bearings industry concerns only usage of newer materials, increasing efficiency of bearings, and manufacturing bearings specific to certain applications. Steel, for long, has been playing a vital role in the manufacture of bearings. Owing to its strength and durability, steel forms the major component used in the manufacture of bearings. However, with the advent of technology and the demand for better performing materials, such as silicon nitride ceramics, steel gradually has taken a backseat in the manufacture of bearings.
The bearings industry waded through troubled waters during 2008 worldwide economic crisis. Demand for bearings was severely impacted in value as well as volume terms as major end-use markets such as automotive and industrial machinery suffered massive downslides during the economic recession. Despite managing to post cautious recovery in 2010 and in early 2011, emergence of the sovereign debt crisis that engulfed the European countries, coupled with the sluggish pace of recovery in the US and contraction in the Japanese economy, restrained the growth prospects of the bearing industry in the year 2012. The trickle-down effect of the slowdown in major advanced economies was also felt in emerging and developing nations such as China and India.
Going forwards, although financial conditions continue to remain fragile, a gradual strengthening of the global economic activity is expected in sync with the easing of the financial crunch, which in other words would push up the demand for bearings in the long term. However, in the short term, growth in the bearings market is expected to remain subdued given the current financial pressure endured by several OEMs and end-users worldwide. The growth prospects of the economy, and therefore, the bearings industry, relies heavily on the resolution of the US fiscal cliff and the containment of the sovereign debt crisis within the Eurozone.
Improvement in balance sheets of non-financial corporate businesses and steady deleveraging by households and banks is expected to aid the smooth flow of capital, and gradually strengthen the consumption of durables. Industrial production and capital investment is anticipated to recover in the next few years to meet the resurgence in demand, thereby reinvigorating demand for roller bearings and ball bearings. Besides, growth would be influenced by lower prices of bearings, which in turn are a result of moderation in raw material prices, and intensifying global competition.
Key end use sectors, including industrial machinery and automotive, would continue to drive the bearings market. The two segments account for a lion’s share of the global bearings market. Though demand for bearings used in the aerospace and allied sectors would also record growth, encroaching upon the market share of motor vehicle and machinery sectors, the latter two sectors would continue to have the largest share of the bearings market. All the three end-use sectors, namely industrial, automotive, and aerospace would primarily be driven by the increased manufacture of rail equipment, electronic devices, aircraft, and motorcycles in the developing regions.
Asia-Pacific represents the largest and the fastest growing market for Bearings, as stated by the new market research report on Bearings. China stands tall as the largest and the fastest growing market for bearings in the Asia-Pacific region. Rapid industrialization and urbanization in China during the past decade has created a huge demand for many industries, such as industrial machinery, electronic products and automotive, making China a frontrunner in the bearings’ market. However, the effect of the slowdown in major advanced economies was also felt in emerging and developing nations, such as China. Additionally, the deceleration in the domestic economy and policy tightening measures implemented by the Chinese government also dampened recovery, albeit to a relatively smaller extent. This carries a rather uncertain future for the global bearings industry, as China is amongst the chief contributors to the bearings market in the Asia-Pacific region.
The global bearings market is intensely competitive with the presence of a number of established players. The large number of players operating in the market compounds pricing pressures for the manufacturers, inevitably squeezing profit margins. Major players profiled in the report include EnPro Industries Inc., Federal-Mogul Corporation, JTEKT Corporation, NSK Ltd., NTN Corp., igus, LM-Tabell Inc., Minebea Co., Ltd., Misumi USA Inc., RBC France SAS, Schaeffler Technologies, SKF Group, The Timken Company, Spyraflo Inc., among others.
The research report titled “Bearings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the bearings market, impact of the recent economic recession and Euro-zone crisis on the bearings market, current market trends, market share data of leading bearing manufacturers, new product launches, strategic corporate deals, and profiles of major/niche global as well as regional market participants. The report provides market data and analytics in terms of dollars for the period 2010 through 2018 for regions including the US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), The Middle East, and Latin-America. Key segments analyzed include Plain Bearings, Ball Bearings, and Roller Bearings. Also, a six-year (2004-2009) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Bearings_Market_Report.asp
About Global Industry Analysts, Inc. Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
