Composite bearings are resin bonded fabric reinforced composite bearing materials, specially designed and manufactured to suit a number of bearing applications. Composite bearings can resist the loads in concentrated solar power (CSP) applications, are corrosion and weather resistant and also provide continuous and low friction. Some of the common applications of composite bearings are valve spindles, hydraulic cylinder bearings, hot and cold water pumps, chemical pumps, vertical pumps, suspension struts, passenger lifts, and many others.
Asia-Pacific is likely to be the fastest growing region in composite bearings market during the forecast period. The increasing use of composite bearings in automotive industry and rising application in construction sector in countries like India, China, and Japan is anticipated to propel the demand for composite bearings in the APAC region. In addition, surge in the demand of agricultural applications in developing markets of Asia Pacific along with several technological requirements are acting as a future growth opportunities for the composite bearings market. Besides, increasing popularity of lightweight vehicles in order to achieve fuel efficiency standards is expected to improve the demand for composite bearings in the coming years.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the composite bearings market. In addition, complete analysis of changes on composite bearings market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Asia Pacific economies, international trade, business investments, GDP and marketing strategies of key players present in the market. COVID-19 impact on the composite bearings market was moderate owing to the decline in demand from automotive, aerospace, marine, and construction and mining industries.
The study analyses Asia Pacific composite bearings market based on product type, material, end use industry and country.
Two major product types such as metal matrix and fiber matrix are covered in the global composite bearing market. Metal matrix composite bearing are the leading type of composite bearings used for several applications, such as agriculture, automotive, aerospace, and more. The metal matrix composite bearings market is the largest due to its high strength and low cost compare to fiber matrix bearings. Owing to this it is used in above-mentioned applications.
Based on material, the market is segmented into PTFE composite (poly tetra fluoro ethylene) and POM composite (poly oxy methylene). The PTEF composite segment likely to dominate the market. However, POM composite segment is witnessing fastest growth. An increased adoption of POM composite bearings in applications such as apparatus engineering, machine construction, construction and agricultural machines, hydraulic cylinders and many others is accredited to the market growth.
End use industries such as construction & mining, automotive, agriculture, aerospace, marine, and others are covered in the Asia Pacific composite bearings market. Construction and mining segment is expected to dominate the Asia Pacific composite bearings market in the coming years. Rapid growth in the construction and mining industry of the emerging countries of APAC such as India, China and many others is making more demand for composite bearing in the APAC region. For instance, India is likely to become the third largest construction market in the world by 2022, as per IBEF. Increasing attraction of both domestic and international players to develop infrastructure in the country will attribute to the market growth.
Country wise, the study is comprised of the key countries such as China, India, Japan and rest of Asia Pacific. China held the largest market share of Asia Pacific composite bearings market and is likely to dominate the market over the estimated time frame. Well-established automotive industry of the country and thus demand for composite bearings in various automotive applications is major factor behind the market growth in APAC region. China is the world’s largest vehicle market by both manufacturing output and annual sales, with domestic production anticipated to reach 35 million vehicles by 2025. In addition, increasing production and sales of automotive vehicles across the country is further contributing to the market growth. For instance, as per the Ministry of Industry and Information Technology, in China more than 25 million vehicles were sold in 2019.
The major key players of market includes Schaeffler Group, Saint Gobain, Trelleborg Group, RBC Bearings Incorporated, Rexnord Corporation, Polygon Company, HyComp LLC, Tiodize Co., Inc, TriStar Plastic Corp, Spaulding Composites, AB SKF, CIP Composites, Federal-Mogul Corporation, Tufcot Engineering Ltd., Franklin Fibre Lamitex Corp, Soucy Composites Inc, AST Bearings LLC and VNC Bearing, Inc.
February 2021: SKF India launched an online store, E-shop eshop.skf.co.in, to provide products from its industrial and automotive business for industrial and retail buyers. This online store will offer direct access to company’s genuine and reliable products ranging from bearings and bearing units, greases, housing and accessories, and other maintenance products.
June 2020: SKF announced that it is making investments in strengthening its manufacturing footprint in China for ball bearings. The company announced a SEK 400 million investment in a new factory in Xinchang.
August 2019: RBC Bearings Incorporated, a global manufacturer of highly-engineered precision components and bearings for the aerospace, defense and industrial industries announced the acquisition of Swiss Tool Systems AG, from Cross Equity Partners LLP and other private owners for nearly CHF 33.0 million (USD 33.9 million).
October 2017: Federal-Mogul Powertrain has validated its DEVA maintenance-free sliding bearings for special-purpose vehicle chassis applications. These composite bearings can be used in agricultural vehicles, construction machines, and other special-purpose vehicles.
The study analyses Asia Pacific composite bearings market based on product type, material, end use industry and country. Two major product types such as metal matrix and fiber matrix are covered in the Asia Pacific composite bearing market. The metal matrix segment is likely to dominate the market over the forecast period. Increased adoption of metal matrix composites owing to its several benefits is attributed to the market growth. Based on material, the market is segmented into PTFE composite (poly tetra fluoro ethylene) and POM composite (poly oxy methylene). End use industries such as construction & mining, automotive, agriculture, aerospace, marine, and others are covered in the Asia Pacific composite bearings market. The automotive and construction and mining segment are likely to register fastest growth in years to come. Country wise, the study is comprised of the key countries such as China, India, Japan and rest of Asia Pacific.
Why to buy this report: