South Korea Bearing Market Overview, 2027

Bearings are components that aid in the rotation of objects on machinery to ensure its smooth operation. Like airplanes, automobiles, electric generators, and any other moving objects or machines. Additionally, they are also used in household appliances like refrigerators, vacuum cleaners, and air conditioners. Bearings are also labelled as the bread and butter of the machinery industry. They are an indispensable part of any type of machine. They reduce friction and make rotation more swift, supported by shafts that cut down on energy consumption. They further help prevent damage from the rotation force created and extend the life of the machine for use over and over again. Bearings are almost a crucial part of machines, and constant efforts are in stride to make them more precise and durable.

According to the report title, South Korea Bearing Market Overview, 2027, the market is projected to grow rapidly over the forecast period, driven by the demand for mounted bearings. By the end of the forecast period 2027, the ball bearing segment is expected to account for nearly half of the market. This is due to its small surface contact that helps reduce friction to a great extent. These are increasingly being used in automobiles as they can be used with thrust and radial loadings, which will drive future market prospects. Roller bearings are the other segment that is expected to be growing consistently in demand as they support pinion shafts with regular adjustments to reduce cost and enhance strength. Industrial applications are the highest as huge machineries have a number of bearings for smooth functioning of the equipment. The entire aircraft, like wing systems, flight, cockpit, and other interiors, is in demand for bearing use. At the same time, innovations are being held to make light-weight bearings with low emission levels and at the same time fuel efficient. The recent innovation of Airbus's disclosure of its three concepts for zero emissions is influenced by environmentally friendly products. Aerospace industry demands for heavy duty lighter bearings are increasing with increased research and development in the industry.

This is due to increased air passenger and air cargo use. The threats and geopolitical situations demand more aerial defence aircraft. Unmounted bearings have a major market share as they are traditional bearings that were introduced first in the market space. OEM bearing demands are high as they require bearings in different forms to manufacture and assemble the equipment or products, such as automobiles or appliances that they make. Aftermarkets generally cater to replacing and maintaining the original equipment, appliances, or other machinery and have less market share. Stainless steel bearings are in demand over the coming years as they can withstand high heat.
Mounted bearings are expected to drive future market demand with wide scale application. Increased efficiency and long life of bearings that demand less maintenance are the other factors that created more demand for bearings. However, competitive products in the market may act as a market restraint. There would be more demand for specialised bearings to optimise the costs of machines and increased adoption of sensor-based bearing units coupled with the Internet of Things are expected to be growth opportunities for bearings.

Railways and agriculture are projected to utilise more bearings in the forecast period as this industry focuses on reducing costs and enhancing the lifetime of rails and machines. Railway gearboxes use bearings to lessen shocks caused due to friction between motors and wheels running on tracks. The advancements in technology have reduced the maintenance costs for railways and strengthened cage strength. The innovations in agriculture IoT have led to increased utilisation and monitoring of equipment and machineries that further accelerate market demand for bearings in the country. Agriculture equipment like horizontal and vertical conveyors, worm conveyors, auxiliary transmissions, ploughs, and harvesters have boosted demand for mounted bearings in recent years.
Chrome steel is the most widely used material to make bearings as it is both cost-effective and durable. Bearings can also be made from other materials like stainless steel, carbon steel, brass, plastics, ceramics, and other types. Stainless steel bearings are used in corrosive atmospheres as they are resistant and hard but not suitable for salt water and other chemicals. Ceramics are used for extreme temperatures, while plastic bearings are used where less load and speed is required.

The supply and demand chain for bearings was highly disturbed amid the pandemic. Trade restrictions led to shortages of parts and raw materials from the Asia Pacific region. This resulted in delayed production orders and a reduced workforce, which halted OEM production lines. The automotive sector was highly affected, but the demand for electric vehicles increased amid the pandemic, which created new demands for bearings, which supported the market growth. After the pandemic, the technological advancements in the bearing market are expected to significantly drive demand. The high import duties levied and scarce raw materials have led to a rise in the cost of bearings.

Considered in this report

• Geography: South Korea
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report

• South Korea Bearing market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By product type in the report:

• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.)

By application type in the report:

• Automotive
• Industrial
• Aerospace
• Others (Railway, Agriculture, etc.)

By installation type in the report:

• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:

• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:

• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.