Aerospace Bearings Global Market Report 2024

Aerospace bearings are components used in aerospace applications to reduce load and friction between moving or rotating parts, minimizing radial and axial forces within an aircraft. These bearings play a crucial role in facilitating the movement of various components such as seats, doors, and engine management and flight control systems, ensuring smooth operation without failures.

The main types of bearings in aerospace applications include plain bearings, roller bearings, ball bearings, and others. Plain bearings are particularly utilized in aerospace applications to enhance fuel efficiency, extend maintenance intervals, and reduce carbon emissions. They find installation in various aircraft systems, including wing systems, flight controls, cockpit controls, and auxiliary power units. Aerospace bearings are constructed using materials such as stainless steel, fiber-reinforced composites, engineered plastics, ceramics, and alloys. These materials are employed in different applications across landing gear, cockpit controls, aerostructures, aircraft systems, engines and auxiliary power units (APUs), doors, and aircraft interiors.

The aerospace bearings market research report is one of a series of new reports that provides aerospace bearings market statistics, including aerospace bearings industry global market size, regional shares, competitors with aerospace bearings market share, detailed aerospace bearings market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace bearings industry. This aerospace bearings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aerospace bearings market size has grown rapidly in recent years. It will grow from $7.94 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth observed during the historical period can be attributed to factors such as the aging aircraft fleet, an increase in military budgets, regulatory changes, initiatives in space exploration, and a heightened focus on lightweight materials within the aerospace bearings industry.

The aerospace bearings market size is expected to see rapid growth in the next few years. It will grow to $13.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be attributed to factors such as the growth of emerging markets, the increasing threat of cybersecurity, ongoing infrastructure development, rising demand for new aircraft, and an increasing demand for unmanned aerial vehicles (UAVs) within the aerospace bearings industry. Noteworthy trends expected in this forecast period include advancements in lubrication technologies, the development of smart bearings, miniaturization of bearings, the adoption of sustainable bearing solutions, and the implementation of condition monitoring technologies.

The escalating emphasis on the green aerospace sector stands as a significant contributor to the burgeoning growth of the aerospace bearings market. Green aerospace endeavors aim to enhance aircraft fuel efficiency and develop pioneering technologies and systems fostering a global future of carbon-neutral air transportation. Key aerospace bearing manufacturers are directing their efforts towards the creation of fuel-efficient bearings, aligning the market demand towards low-emission products. For example, as per the International Air Transport Association in December 2022, the production of sustainable aviation fuel (SAF) is projected to grow substantially by 200%, reaching 300 million liters in 2022 from the previous year. This expansion primarily hinges on the use of hydrogen as a primary power source. The growing emphasis on the green aerospace sector is poised to drive the growth of the aerospace bearings market in the foreseeable future.

The surge in demand for commercial aircraft is anticipated to fuel the expansion of the aerospace bearings market. Commercial aircraft, commonly referred to as airliners, are primarily designed for transporting passengers and cargo in commercial air travel. Aerospace bearings are pivotal components used within commercial aircraft to facilitate safe and efficient flight operations. These bearings contribute to controlling surfaces, managing landing gear, reducing aircraft weight, and enhancing fuel efficiency. Notably, reports published by Gulf Industry in July 2023 forecast a 33% growth in the global commercial aviation fleet, surpassing 36,000 aircraft by 2033 compared to the 27,400 aircraft operational in 2020. Consequently, the escalating demand for commercial aircraft is a significant driver behind the increasing market demand for aerospace bearings.

Technological advancements emerge as a notable and growing trend within the aerospace bearings market. Leading companies in this sector concentrate on developing new technological solutions to cater to consumer demands. For instance, in January 2021, NSK Ltd., a Japan-based bearing manufacturer, introduced a novel machine tool bearing technology. This innovation reduces run-in time, simplifies spindle assembly, and enhances reliability. This technology also minimizes temperature rise under oil-air lubrication while improving cage strength, ensuring increased durability and reliability.

Prominent companies within the aerospace bearings market are adopting a strategic partnership approach to provide holistic solutions, enhance their offerings, and address evolving client needs. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. For example, in September 2023, Carter Americas LLC, a US-based specialist in bearings and aerospace bearing tools, formed a partnership with Collins Aerospace, a US-based aerospace and defense company. This collaboration aims to stimulate new product developments and innovations, demonstrating their commitment to jointly develop aerospace bearing tools and solutions tailored to the industry's requirements.

In November 2022, the Timken Company, a US-based manufacturing firm, acquired GGB Bearings for an undisclosed amount. Through this acquisition, Timken aims to expand its product portfolio, gain access to GGB Bearings' expertise in material science, surface engineering, and tribology, and fortify its global presence. GGB Bearings, based in the US, specializes in manufacturing aerospace bearings and other components. This strategic move bolsters Timken's capabilities and positions within the aerospace bearings market.

Major companies operating in the aerospace bearings market include AST Bearings LLC, EnPro Industries Inc., JTEKT Corporation, Kaman Corporation, New Hampshire Ball Bearings Inc., National Precision Bearing Group of Mechatronics Inc., RBC Bearings Incorporated, SKF Group, Schaeffler AG, NTN Corporation, The Timken Company, Pacamor Kubar Bearings (PKB), Regal Beloit Corporation, Schatz Bearing Corporation, HKT Bearings Limited, GGB Bearing Technology, NSK Ltd., THK CO. LTD., Aurora Bearing Company, Precision Bearing Co., SGL Bearings India Private Limited, Spherical Bearings Private Limited, The Barden Corporation., The General Bearing Corporation., The Torrington Company., TimkenSteel Corporation, Trelleborg Sealing Solutions, Wafangdian Bearing Co Ltd., Zhejiang Tianma Bearing Co Ltd., ZYS Bearing Co Ltd.

North America was the largest region in the aerospace bearings market in 2023. North America is expected to be the fastest-growing region in the aerospace bearings market share during the forecast period. The regions covered in the aerospace bearing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the aerospace bearings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The aerospace bearings market consists of sales of aircraft track rollers, airframe control bearings, spherical bearings, rod end bearings, instrument bearings, and thrust bearings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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