Ball Bearing Market - Forecasts from 2023 to 2028

The ball bearing market was valued at US$46.189 billion in 2021 and will witness robust growth over the forecast period.

A ball bearing is a trolling-element bearing consisting of several balls (usually made of steel, plastic, glass, or ceramic) held in a circular raceway. The purpose of a ball bearing is to reduce friction between two moving parts, allowing them to move more smoothly with less resistance. Ball bearings are typically designed to handle both radial and axial loads and can operate at high speeds with minimal friction. The different types of ball bearings include deep grove, angular, and thrust ball bearings. Ball bearings are used in various applications, including automotive, aerospace, industrial, manufacturing, and mining. The increasing focus on reducing energy consumption and enhancing efficiency in machinery and equipment, growing adoption of automation and robotics in manufacturing processes, and surge in the use of ball bearings in automotive production is expected to drive the demand for ball bearings, thereby boosting their market growth.

The increasing automotive production is boosting the ball- bearing demand.Ball bearings are used in various parts of automotive, including engines, transmissions, wheels, and suspension systems, and play a crucial role in reducing friction and wear between moving parts, which helps to improve the performance and durability of these components. Governments worldwide are tightening emissions standards which have made automakers produce more fuel-efficient cars. Ball bearings can help reduce emissions and energy consumption by reducing friction and increasing the engine's and transmission's efficiency. Anti-lock braking systems (ABS) and electronic stability control (ESC) require high-precision components that can operate reliably under a wide range of conditions, and ball bearings are well-suited for this purpose. The increasing demand for fuel-efficient, safe, and high-performance vehicles coupled with the growing production is driving the growth of ball bearings. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, global passenger car production increased by 7.9% compared to the previous year. According to the Association of Southeast Asian Nations Automotive Federation (ASEAN AF), the total passenger car production in the Southeast Asian region increased from 2.09 billion in 2021 to 2.65 billion in 2022. This demonstrates that ball bearings hold a great demand in the future.

The upswing in manufacturing activity across key economies is anticipated to augment the ball bearing market growth. 

Ball bearings are essential components in a wide range of manufacturing equipment, including machine tools, conveyors, pumps, compressors, and turbines, as they help reduce friction and wear between moving parts, improving the equipment's efficiency, reliability, and lifespan. Ball bearings are often used in applications where precision and accuracy are critical. Ball bearings play an important role in automation and robotics as they enable smooth and precise movement of components and reduce the risk of breakdowns and downtime. The increase in manufacturing activities will boost the demand for ball bearings. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing activity has been recovering since the second half of 2020 after a significant decline due to the COVID-19 pandemic. UNIDO also reported that manufacturing production increased by 1.9% in the first quarter of 2021, with the strongest growth in developing economies.

The Asia Pacific region is expected to hold a significant market share during the forecast period.

The Asia-Pacific region is projected to hold a significant market share due to the growth in manufacturing activities, automotive, aerospace, and electronics industries in countries such as China, Japan, and India, and rapid industrialization and urbanization. The "Dual Circulation Strategy," a development plan announced by the Chinese government in 2020, aimed at boosting domestic demand and reducing reliance on foreign markets, and the plan included investments in technology, infrastructure, and innovation to strengthen the domestic supply chain and promote the growth of the manufacturing industry. In August 2021, "the Vehicle Scrappage Policy" was introduced by the Indian government, which aims to gradually phase out outdated, environmentally hazardous vehicles. This policy parallelly increases the production and sales of new cars. In 2020, the Ministry of Economy, Trade, and Industry (METI) of Japan released an "Industry 4.0 Implementation Guideline" to promote the digital transformation of the manufacturing sector, and the guideline provides practical advice and recommendations for companies seeking to implement Industry 4.0 technologies, including IoT, AI, and robotics. The increasing manufacturing activities using modern technologies like robotics and the rising production of automobiles in the Asia-Pacific region will boost the demand for ball bearings.

Market Developments:

• August 2022:SKF developed a grooved ball bearing, "SKF Explorer Self-Aligning Ball Bearings," for high-speed applications, including electric machines and drives, and traction motors used in the automobile sector.
• June 2021:NTN Corporation launched a new high-speed angular contact ball bearing called '"HSR Series" designed for use in high-speed machining applications to reduce heat generation and improve lubrication.
• February 2021:NSK Ltd. launched a new series of ball bearings called the "NSKHPS High-Performance Standard Bearings," which were designed to offer improved durability, reduced noise and vibration, and longer service life.

Market Segmentation:

By Type

• Deep Groove
• Angular
• Thrust Ball Bearing

By Material

• Steel
• Ceramic
• Plastic
• Glass

By End-User

• Automotive
• Aerospace
• Industrial
• Manufacturing
• Mining
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Other