Market Size of Composite Bearings Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | > 6.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Composite Bearings Market Analysis
The composite bearings market is expected to grow at a CAGR of over 6% during the forecast period. Major factor driving the market studied is growing demand of composite bearings from automotive industry. On the flip side, high raw material cost for manufacturing of composite bearings and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- Increasing use of self-lubricating composite bearing is forecasted to offer various opportunities for the growth of the market over the forecast period.
- Composite bearings from automotive sector is expected to dominate the market studied over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Composite Bearings Industry Segmentation
The composite bearings market report includes:
Type | |
Fiber Matrix | |
Metal Matrix |
Application | |
Automotive | |
Construction | |
Aerospace | |
Rail and Mass Transit | |
Agriculture | |
Others |
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Composite Bearings Market Size Summary
The composite bearings market is poised for significant growth, driven primarily by the increasing demand from the automotive industry. These bearings, made from materials like fiber-reinforced resin or plastic, are gaining traction due to their self-lubricating properties and ability to withstand high loads, making them ideal for various applications. Despite challenges such as high raw material costs and the lingering effects of the COVID-19 pandemic, the market is expected to expand, with opportunities arising from their use in energy technologies like solar power. The automotive sector is anticipated to dominate the market, leveraging composite bearings for their lightweight and efficient design capabilities.
The Asia-Pacific region is projected to lead the composite bearings market, fueled by rising demand from the automotive and construction sectors in countries such as China, India, and Japan. This region not only represents the largest market but is also expected to experience the fastest growth due to the presence of major producers and supportive government initiatives like India's Housing for All scheme. The push towards lightweight vehicles in more developed economies within Asia-Pacific is further expected to enhance the demand for composite bearings. The market remains partially fragmented, with key players like GGB, SGL Carbon Gmbh, and RBC Bearings Incorporated playing a significant role in shaping its landscape.
Composite Bearings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand of Composite Bearings from Automotive Industry
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1.1.2 Others
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1.2 Restraints
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1.2.1 High Raw Material Cost
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1.2.2 Others
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Fiber Matrix
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2.1.2 Metal Matrix
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2.2 Application
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2.2.1 Automotive
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2.2.2 Construction
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2.2.3 Aerospace
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2.2.4 Rail and Mass Transit
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2.2.5 Agriculture
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2.2.6 Others
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Composite Bearings Market Size FAQs
What is the current Composite Bearings Market size?
The Composite Bearings Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Composite Bearings Market?
RBC Bearings Incorporated, SGL Carbon Gmbh, AST Bearings, CSB Sliding Bearings (India) Pvt. Ltd. and GGB are the major companies operating in the Composite Bearings Market.