Plain Bearings Market is expected to reach US$ 14.56 Billion by 2031

Increasing Investments in Railway and Aerospace & Defense Sectors are Boosting Plain Bearings Market Growth

According to our latest study on "Plain Bearings Market Analysis and Forecast to 2031 – by Product Type and Application," the market is expected to grow from US$ 9.54 billion in 2023 to US$ 14.56 billion by 2031; it is anticipated to record a CAGR of 5.4% from 2023 to 2031. The report includes growth prospects owing to the current plain bearings market trends and their foreseeable impact during the forecast period.

Plain bearings are an integral part of commercial and passenger aircraft, helicopters, and jet fighters. Plain bearings with the AS 9100D quality certification standard are used in landing gears, flight controls in aerospace, engine manufacturing, passenger seating, and a wide variety of made-to-measure applications in the aerospace & defense sector. They are also used in navigation systems, target acquisition pods, counter-measuring systems, bearings propulsion, transmission and suspension systems, and control systems. As the aerospace & defense sector thrives (due to rising government investment in the military sector), the plain bearings market growth is attributed to propel. According to the Aerospace and Defense Industry Association, the global aerospace & defense industry revenue increased by 11% compared to 2022 to reach US$ 829 billion in 2023; it is growing at a rapid pace with notable investments being made by the key players operating in the market. The civil aviation key companies such as Boeing, GE Aerospace, Rolls-Royce and Safran showed double-digit revenue growth. This created a massive demand for aerospace components and showed increased demand for aerospace bearings to manufacture civil and commercial aviation.

Plain Bearings Market Share — by Region, 2023

Source: The Insight Partners Analysis

Further, plain bearings are widely used in railways and metros to offer linear motion. These plain bearings are utilized in railway applications where axial loads need to be transferred in couplers and traction motors. Bearings serve as critical components within locomotives, freight cars, passenger coaches, and various railway infrastructures, enabling the seamless movement of wheels, axles, and other rotating parts. Increasing investments in the railway sector by several governments across the world drive the plain bearings market growth. According to the India Brand Equity Foundation Organization, the Indian Railways revenue reached US$ 28.75 billion in fiscal year 2024. Also, during 2023–2024, the Indian government Union Budget allocated capital of US$ 29 billion for the railway projects.

Public spending on the railways by the UK government was around US$ 33.34 billion in 2023, while in 2022, it was US$ 32.83 billion. Such growing investments in the railway sector drive the growth of the plain bearings market size.

Based on product type, the plain bearings market is segmented into spherical bearings, rod end bearings, and bushings. The spherical bearings segment is further categorized into radial, angular, and thrust. The rod end bearings segment is further divided into female thread, male thread, and welding thread. In terms of application, the market is divided into agriculture, construction, industrial vehicles, automotive & transportation, aerospace & defense, and energy & power.

Plain bearings have wide applications in the agriculture sector; these are used in combine harvesters, balers, mowing, raking, and picking machines. Further, spherical plain bearings are majorly used in fertilizer sprayers in the agriculture sector. The adoption of several types of agricultural equipment has been on the rise, which is further driving the plain bearings market growth for the agriculture segment across the world. According to The Insight Partners’ analysis, in Canada, the 100+ HP tractor segment witnessed an increase of around 8% in 2023, 4WD tractor sales increased to around 14%, and combined farm equipment sales witnessed an increase of around 19% in 2023. This shows strong growth in the sales of agriculture equipment and is likely to provide future opportunities for market vendors in the coming years as well.

The scope of the plain bearings market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). APAC held the largest plain bearings market share in 2023 and is projected to maintain its dominance during the forecast period. North America is the second-largest contributor to the global plain bearings market, followed by Europe.

The presence of several manufacturers and suppliers of plain bearings in North America and Europe drives the plain bearings market growth. For example, RBC Bearings Incorporated, Bailey International LLC., The Timken Company, AST Bearings, and AB SKF are among the major players based in North America and Europe.

Growing demand for plain bearings in the agriculture and industrial sectors and the rising number of new construction projects boost the growth of the plain bearings market globally. The demand for plain bearings is further driven by the large production of industrial vehicles in manufacturing plants and transportation & logistics sectors.

The surge in the construction sector across Asia Pacific countries propels the demand for plain bearings. In 2024, NLEX Corporation announced three new projects in the Philippines. The first project includes the widening of a 5 km road, the second project includes the construction of a 2 km expressway, and the third project is an expansion of NLEX San Fernando to SCTEX Spur. Further, in 2024, the Government of Indonesia announced the largest infrastructure budget of the country, amounting to US$ 26.48 billion, including road infrastructure development and upgradation costs. The growing government focus on infrastructure development is also having a positive impact on the plain bearings market in Asia Pacific.

The expanding demand for energy, natural gas, and crude oil in different end-use applications bolsters the growth of the energy, power, oil, and gas pipeline infrastructure in the Middle East & Africa, which is increasing the application scope of plain bearings. Growing urbanization, which fuels the development of residential and commercial infrastructure, fosters the application of plain bearings, thereby driving the plain bearings market growth in the Middle East & Africa.

The burgeoning energy demand in South & Central America is attributed to population growth and industrialization. As a result, the gas industry in South & Central America attracts significant investments from domestic and foreign companies. Partnerships between national oil companies and international collaborators drive the oil & gas industry's growth. In August 2023, Exxon announced its plans to develop its sixth offshore oil project worth US$ 12,93 billion in Guyana. Such developments have been catalyzing the growth of the global plain bearings market size.

Rheinmetall AG, RBC Bearing Incorporated, Bailey International LLC, The Timken Co., AST Bearing LLC, NTN Corp, IKO International, Inc., SKF AB, Regal Rexnord Corp, and Daido Metal Co. Ltd. are among the key players profiled in the plain bearings market report. Companies in the plain bearings market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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