Thrust Bearings Market Forecasts from 2023 to 2028

The thrust bearings market is estimated to grow at a CAGR of 5.12% during the forecast period.

Thrust bearings are specialized rotary bearings that are specifically designed to bear and support predominantly axial loads between rotating parts. The thrust bearings market caters to various end users, including automotive, power and energy, and aerospace industry among industrial sectors. These end users rely on thrust bearings to support axial loads in their rotating systems. The bolstering growth in such major end-users is prominently expanding the thrust bearings market size.

MARKET DRIVERS:

The growing automotive sector bolsters the thrust-bearing market growth.

Thrust bearings play a critical role in automotive applications, such as engines, transmissions, and suspension systems, supporting axial loads and enabling smooth rotation and movement. The growth in the automotive sector directly contributes to the growth of the thrust bearings industry as high vehicle production will accelerate the market demand and usage of the thrust bearing. According to OICA, global vehicle sales increased from 78787566 units in 2021 to 82755197 units by 2022.

The booming power & energy sector drives the thrust bearings market expansion.

The power and energy sector plays a crucial role in driving the growth of the thrust bearings industry as thrust bearings are extensively used in power generation systems such as gas turbines, hydroelectric power plants, and wind turbines. The increasing global energy demand has led to continuous expansion of the power and energy sector thereby stimulating the demand for thrust bearings. According to the International Energy Agency, wind electricity generation in 2022 soared to a new high, surging by a remarkable 265 TWh, marking a 14% increase, reaching more than 2100 TWh.

Growing industrial output propels the thrust-bearing industry growth.

Thrust bearings are essential components used in various industrial applications, including heavy machinery, manufacturing equipment, and industrial automation systems. Owing to industrialization progress there is an increasing demand for reliable and efficient machinery and equipment, which is driving the demand for thrust bearings. Favorable government schemes to boost industrial production are further acting as an additional driving factor. For instance, to enhance India's manufacturing potential, the government allocated a significant amount of INR 1.97 lakh crore towards the Production Linked Incentive (PLI) schemes. This allocation, made in the Union Budget 2021-22, was aimed at promoting and supporting 14 key manufacturing sectors in the country.

North America is anticipated to dominate the thrust bearing market.

North America is expected to constitute a significant market share owing to its robust power and energy production coupled with the flourishing automotive industry which is propelling the need for high-performance thrust bearings.  According to the OICA, Canada witnessed a 10% increase in the motor vehicle production in 2022, from 2021. Additionally, according to the Energy Information Administration, in 2022, the United States witnessed the addition of eight new natural gas-fired combined-cycle gas turbine (CCGT) power plants to its electric grid.

MARKET RESTRAINTS:

 Volatility in raw materials can restrain thrust bearings market growth.

The manufacturing of thrust bearings necessitates the utilization of diverse raw materials such as steel, alloys, and lubricants. The prices of these essential inputs can undergo fluctuations, which in turn can have a significant impact on the overall manufacturing cost of thrust bearings. For instance, according to the Ministry of Steel, in May '23, the prices of iron ore lump, and fines experienced a decline compared to April '23. The price of iron ore lump decreased by 7.4% to Rs. 3, 900 per tonne, while the price of iron ore fines dropped by 11.2% to Rs. 3, 560 per tonne. Consequently, such volatility in raw material prices has the potential to impose constraints on market growth for thrust bearings.

Key Developments

• February 2023 The American Roller Bearing Company (ARB) was acquired by the Timken Company, a renowned global leader in engineered bearings and industrial motion products. This strategic move enables Timken to expand its portfolio and strengthen its position in the industry. By integrating ARB's assets into its existing operations, Timken further enhances its capabilities to deliver high-quality bearings and innovative solutions to its customers worldwide.
• November 2021 RBC Bearings Incorporated has successfully finalized the acquisition of ABB's DODGE Mechanical Power Transmission Business. This strategic merger between RBC Bearings and DODGE establishes a prominent manufacturing entity with a robust reputation for delivering top-tier, performance-critical bearings, components, and motion control products. The combined company will be well-positioned to cater to the needs of various industries including industrial, aerospace, and defense, and will further strengthen its brand recognition in these markets.
• April 2021 SKF, a renowned bearing manufacturer, introduced the latest addition to its Explorer product line: the four-row cylindrical roller bearing (4rCRB). This bearing model is specifically designed to meet the rigorous requirements of demanding applications found in long product rolling mills. Notably, the newly unveiled SKF Explorer 4rCRB design surpasses its predecessor by providing an impressive extension of up to 50% in service life.

Segmentation

By Type

• Thrust Ball Bearing
• Thrust Roller Bearing
• Cylindrical Thrust Roller Bearing
• Tapered Thrust Roller Bearing
• Spherical Thrust Roller Bearing

By Material

• Stainless Steel
• Ceramic

By End-User

• Automotive
• Power & Energy
• Aerospace
• Industrial
• 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
• Other