Global Bearings Market to Reach US$63.4 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on bearings markets. The global market for bearings is forecast to reach US$63.4 billion by the year 2015. Rebound in global economies; growing demand from developing economies, particularly China; growth in capital expenditure and recovery in automotive production are the key factors expected to drive future demand for bearings. Major end-user industries such as automotive, consumer, agricultural, construction equipment, and steel and paper would continue to shape the fortunes of the sector.

Bearings: A Global Strategic Business Report

The global economic recession has severely affected sectors such as the automotive industry, which constitutes a major market for roller bearings. With demand for automobiles drooping during the recession, demand for bearings plummeted in 2009. As such, demand for these products from the automobile industry has been declining since 2008. Signs of recovery in the bearings market began to appear in the last quarter of 2009. Despite registering sales lower than the corresponding period in 2008, sales in the fourth quarter of 2009 registered a positive growth over the preceding quarter. The recovery continued through 2010. Going further, the market is expected to post positive gains through the analysis period, fuelled in part by the resurgence in the global automobile sector. However, growth in the market is expected to be relatively subdued given the current financial pressure endured by several OEMs and end-users worldwide. Besides, slowdown in growth is also expected due to lower prices of bearings, which in turn is a result of moderation in raw material prices and increasing competition worldwide. Recovery in auto production and rebound in aerospace sector is expected to spur future market growth.

Major end-user industries such as automotive, consumer, agricultural, construction equipment, and steel and paper would continue to shape the fortunes of the bearings sector. Furthermore, demand is closely linked to GDP trends as it is used in almost all engineered or capital goods sectors. Industrial machinery continues to dominate bearings demand on the strength of recovery in global capital expenditure, and growing output of industrial products that use bearings. Growth in bearings is directly proportional to the global industrial production. Companies differentiate products through certain mechanisms, such as intelligent products with sensors, customized products, and value-added systems with high service. Bearing companies have reduced their capital intensity by decreasing vertical integration, increasing outsourcing, and improving just-in-time manufacturing.

Asia-Pacific represents the largest regional market for bearings worldwide, as stated by the new market research report on Bearings. Europe and the US are the other major markets for sales of bearings. Growth in the bearings market would be led by Asia-Pacific, which is projected to be the fastest growing regional market during the analysis period. Major factor driving growth in the Asia market is the rapidly expanding Chinese market. India, Thailand, Malaysia, Korea, and Indonesia are the other rapidly growing markets in Asia. The market for bearings in Latin America is projected to post a compounded annual growth rate of close to 4.4% during the analysis period. Segment-wise, Ball Bearings represents the largest segment worldwide. Plain Bearings market is projected to rise at a compounded annual growth rate of more than 2.0% during the analysis period.

Demand for bearings in wind turbines has been witnessing significant growth over the recent years and the trend is projected to continue further in the years to follow. Increasing concerns over global warming have compelled many governments worldwide to seek alternative clean sources for generating energy, and towards this end, wind energy is fast gathering popularity worldwide. Bearings find application in the drive units and generator of a wind turbine. Bearings used in wind turbines are large in size, with a high price tag attached to them. Consequently, the value of bearing sales in this segment is expected to substantially higher, despite relatively smaller volume sales when compared to other high volume sectors. Globally, European manufacturers of turbines account for three-fourth of the global wind turbine production.

Major players profiled in the report include Federal-Mogul Corporation, General Bearing Corporation, Kaydon Corporation, JTEKT Corporation, Minebea Co., Ltd., NSK Ltd., NTN Corporation, Schaeffler Group, SKF Group, The Timken Company, among others.

The research report titled “Bearings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the bearings markets, current market trends, impact of recession on the market, key growth drivers, recent product approvals, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections in value terms for bearings market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. The report also analyzes the market through the analysis period 2007-2015 by the following segments – Plain Bearings, Ball Bearings, Roller Bearings, and Others. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.

For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Bearings_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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