The global plain bearing market was valued at USD 11.47 Billion in 2016 and is projected to reach USD 15.23 Billion by 2022, at a CAGR of 4.8% from 2017 to 2022. This growth is mainly attributed to the increasing demand for plain bearings from various end-use industries, such as automobile, aerospace, energy, construction, agriculture, and office products.
The Asia-Pacific region led the global plain bearing market in 2016, owing to the rising demand for plain bearings from various end-use industries, such as automobile, aerospace, construction, and energy. China, India, and Japan are the leading countries in terms of production and consumption of plain bearings in the Asia-Pacific region. Moreover, easy availability of raw materials and labor is further anticipated to drive the growth of the plain bearing market in the Asia-Pacific region.
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NTN Corporation (Japan), SKF Group (Sweden), Schaeffler Technologies AG & Co. KG (Germany), Timken Company (U.S.), THK Co. Ltd. (Japan), NSK Ltd. (Japan), RBC Bearings Incorporated (U.S.), Minebea Mitsumi Inc. (Japan), and SGL Group (Germany) are some of the leading players in this market. These players are focused on the adoption of key growth strategies, such as new product launches, agreements, acquisitions, and expansions to cater to the increasing demand for plain bearings across various industry verticals. NTN Corporation, NSK Ltd., RBC Bearings Incorporated, and Minebea Mitsumi Inc. reported the highest number of developments in the global plain bearing market between 2011 and 2016.
NSK Ltd. is one of the leading manufacturers of plain bearings. The company is primarily focused on strengthening its position in the global plain bearing market by launching new products and expanding its manufacturing facilities. For instance, in November 2016, NSK Ltd. launched a new plain bearing which has low friction loss and is highly dust resistant with improved reliability and energy saving features for office equipment applications, such as copy machine. This new product launch strategy helped the company expand its existing plain bearing product portfolio. Over the past few years, the company has launched a wide range of plain bearing products that include BNEQARTET and others to widen its presence in the global plain bearing market.
NTN Corporation is another key player in the global plain bearing market and has its presence in several regions across the globe. NTN Corporation offers economical as well as environment-friendly and cost-effective products and services. The company also focuses on the adoption of key growth strategies, such as new product launches, agreements, and expansions to reinforce its position in the global plain bearing market. For instance, in May 2014, the company expanded its automotive products manufacturing facility in New Mexico. The main purpose of establishing the new facility is to generate profit and expand business in the growing markets. This development strategy helped the company expand its product portfolio and cater to the increasing demand for plain bearings from several end-use industries, such as automobile, energy, aerospace, agriculture, and construction.
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