Thrust Bearings Market Report 2024

This Thrust Bearings market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The thrust bearings market size has grown strongly in recent years. It will grow from $3.26 billion in 2023 to $3.51 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historical period can be linked to increasing industrialization, a rise in automotive production, the expansion of aerospace applications, greater use of heavy machinery, and the simplification of wind energy installations.

The thrust bearings market size is expected to see strong growth in the next few years. It will grow to $4.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth projected for the forecast period can be credited to the increasing demand for renewable energy, a rise in construction activities, growth in oil and gas exploration, expanding adoption of e-mobility, and the increasing use of robotics and automation. Key trends during this period include a growing demand for eco-friendly materials, emphasis on energy efficiency, the rise of electric vehicles, increased automation in manufacturing, and the expansion of offshore energy projects.

The thrust bearings market is anticipated to grow significantly, driven by the expanding automotive sector. This industry includes businesses involved in the design, development, manufacturing, and sale of motor vehicles. The automotive sector is gaining momentum due to factors such as consumer demand, the availability of credit, the rise of electric vehicles, and a shift in consumer preferences towards innovative transportation solutions. Thrust bearings play a crucial role in this sector by supporting axial loads and reducing friction in vital components such as transmissions and steering systems, thereby enhancing vehicle durability and performance. For example, a report from Statistics Canada indicates that in 2022, the number of registered road motor vehicles in Canada reached 26.3 million, marking a 0.3% increase from 2021. This growth in the automotive sector is a key driver for the thrust bearings market.

Key players in the thrust bearings market are increasingly focusing on the development of mounted thrust bearings to satisfy the rising demand for efficient and durable components across various industrial sectors. These mounted thrust bearings, which are pre-assembled and ready for installation, offer several benefits, including reduced maintenance time, enhanced load-carrying capacity, and improved alignment. For instance, in March 2024, Auburn Bearing & Manufacturing, a US-based company specializing in ball and roller thrust bearings, introduced the MT-114RG mounted thrust bearing. This new product enhances the versatility of the T-114RG thrust bearing series by allowing for easier installation. The MT-114RG can be simply threaded onto a shaft, streamlining the installation process and ensuring secure placement.

In April 2024, Zhejiang XCC GROUP CO. Ltd, a Chinese manufacturer of thrust bearings, acquired WJB Automotive LLC for an undisclosed sum. This acquisition is expected to leverage WJB Automotive's market expertise alongside XCC-ZXZ Group's manufacturing capabilities, facilitating global growth, broadening market reach, and accelerating product innovation within the automotive industry. WJB Automotive LLC is a US-based company that produces thrust bearings and related components.

Major companies operating in the thrust bearings market are JTEKT Corporation, SKF AB, NTN Corporation, The Timken Company, Nachi-Fujikoshi Corp., RBC Bearings Ltd, C&U Group, Waukesha Bearings Corp, American Roller Bearing Company, NSK Ltd, Kingsbury Inc., Bearings Plus Inc, Scheerer Bearing Corporation, SNL Bearings Ltd, ZKL Group, Boca Bearings Co. Ltd, Adarsh Bearings Pvt Ltd, Gem Bearings, Qibr Bearing Co. Ltd, Astro Bearings Corp.

North America was the largest region in the thrust bearings market in 2023. The regions covered in the thrust bearings marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the thrust bearings marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A thrust bearing is a specialized type of rotary bearing designed to bear axial loads, which are forces applied parallel to the axis of the shaft. In contrast to radial bearings, which support loads that are perpendicular to the shaft, thrust bearings are specifically engineered to handle forces that push or pull along the rotational axis. Their primary function is to minimize friction and support axial loads in rotating applications, facilitating smooth rotation while enduring the forces exerted along the axis of the rotating components.

The main categories of thrust bearings include ball thrust bearings, single-direction thrust bearings, double-direction thrust bearings, cylindrical roller thrust bearings, spherical roller thrust bearings, and tapered roller thrust bearings. A ball thrust bearing is crafted to support axial loads while allowing rotational movement between two parts, all while reducing friction. These bearings are typically made from materials such as stainless steel and ceramic. They are available through various distribution channels, both online and offline, and are utilized across numerous sectors, including automotive, power and energy, aerospace, and industrial applications.

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

The thrust bearings market consists of sales of magnetic thrust bearings, fluid film thrust bearings, full complement thrust ball bearings, angular thrust ball bearings and thrust needle 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 and 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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