Roller Bearing Market - Forecasts from 2023 to 2028

The roller bearing was valued at US$30.077 billion in 2021 and will witness modest growth over the forecast period.

A shaft is supported by steel rollers that are enclosed in a cage in a bearing known as a roller bearing. Roller bearings are equipped with anti-friction components that lessen friction and enhance resistance, increasing machine mobility, higher load capacity, and lifespan. In addition, there is an increase in the use of heavy machinery and equipment, particularly in manufacturing facilities and the automobile industry. The market is expanding due to the growing use of high-performance industrial machinery and the demand for machines specifically designed to handle complex operations and tasks. The rise in investment projects in infrastructure development, offshore wind farm construction, and mining is also anticipated to boost the roller-bearing market growth.

The growing production activity in the aerospace industry is boosting market growth.

Roller bearings are employed in various aerospace applications, such as aircraft landing gear struts or shock absorbers, where they prevent ladder cracking and surface damage from heat. The growing aerospace production capabilities will increase the demand for roller bearings, boosting the overall market growth. According to the International Trade Administration August 2022 report, Canada's total local aerospace production is estimated to increase from 15,621 in 2021 to 21,913 in 2022. According to the same source, rhe Canada Aerospace Regional Recovery Initiative was implemented by the Canadian government in August 2021; over three years, this national program will provide C$250 million (about US$194.21 million) to support the growth of Canada's aerospace industry. According to the General Aviation Manufacturer Association, in 2022, piston aircraft deliveries increased by 8.2% to 1,524 units, turboprop plane deliveries increased by 10.4% to 582 units, and business jet deliveries increased to 712 units from 710 in comparison to 2021. The value of airplane deliveries in 2022 was $22.9 billion, a 5.8% increase. The rising aerospace production and shipping globally will increase the demand for roller bearings which will boost the overall market growth during the forecasted period.

The rising application in the automotive sector is contributing to the demand for roller bearings.

Roller bearings are used to move and rotate auto parts mostly in a single direction by supporting and guiding elements like the wheel or steering shaft, and they can offer precise movement. The engines, gearboxes, transmissions, wheels, steering, electrical motors, pumps, and other main subsystems all use roller bearings. The rising automobile manufacturing production will drive roller-bearing market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA) data, global motor vehicle production has increased from 77,650,152 units in 2020 to 85,016,728 in 2022, which has shown an increase of 10% in the production rate. Furthermore, as per the same source, global motor vehicle sales have increased from 78,774,320 units in 2020 to 82,684,788 in 2021, showing a 5% increase in sales. This indicates that the demand for roller bearings will increase with the accelerated production and sales of the automotive, which will drive the overall market growth.

The Asia Pacific region is expected to dominate the market during the forecast period.

During the projection period, Asia-Pacific is expected to dominate the roller-bearing market owing to the successful applications in the automobile and aerospace sector in major nations like China and India. The growing automotive production with the increasing setup of aircraft facilities will boost the roller-bearing market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), motor vehicle production in the Asia Pacific region has increased from 44,276,549 units in 2020 to 50,020,793 in 2022, showing an increase of 13% in vehicle production. In April 2023, Airbus inked new collaboration agreements with its partners in the Chinese aviation industry. The next stage of this collaboration will focus on increasing capacity at Airbus' Tianjin A320 final assembly line. The new line will assist the firm in meeting its goal of delivering 75 aircraft per month by 2026.

Market Developments:

• In September 2021, SKF introduced a new line of spherical roller bearings in North America, specifically engineered to maximize uptime, minimize production costs, and reduce environmental impact in slab, billet, and bloom continuous casting operations.
• In January 2019,the firm's INA Bearings India Pvt Limited and Luk India Pvt Limited merged with Schaeffler. This growth strategy increased the company's product portfolio of roller and ball bearings and other industrial applications.

Market Segmentation:

By Type

• Cylindrical
• Spherical
• Needle Roller
• Tapered

By Material

• Steel
• Ceramic
• Plastic

By End-User

• Automotive
• Aerospace
• Industrial
• Mining
• Others

By Geography

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