Aerospace Bearings Market Forecast, Trends, Scope by 2031
The aerospace bearings market size is projected to reach US$ 7.79 billion by 2031 from US$ 4.56 billion in 2023. The market is expected to register a CAGR of 6.9% during 2023–2031. The increasing global defense spending for procurement of military aircraft is likely to remain a key trend in the market.
Aerospace Bearings Market Analysis
The bearing manufacturers players include SKF Group; JTEKT Corporation; GGB; The Timken Company; RBC Bearings Inc.; NSK Ltd.; Schaeffler AG; NTN Corporation; Kaman Corporation; and other manufacturing players. The advancement in bearing technology is strengthening the demand for aerospace bearings. For instance, in September 2021, SKF launched a new line of spherical roller bearings in North America. Thus, such developments from the aerospace bearings manufacturers are driving the market outlook.
Aerospace Bearings Market Overview
The major stakeholders in the global aerospace bearings market ecosystem include raw material suppliers, aerospace bearing manufacturers, and end-users. The raw material supplier is the crucial stakeholder in the ecosystem of the aerospace bearings market. The major raw materials are steel, ceramics, plastics, and composite material primarily used to manufacture the bearings used in aircraft. The major raw material suppliers include TriStar Plastics Corp; Continental Steel & Tube; Johnson Bros. Metal Forming Co; All Metal Sales, Inc. Company; Morgan Advanced Materials; Kineco Limited; UNITECH GROUP; Hexcel Corporation; and other players. In October 2021, the ÉireComposites, a design, manufacturing, and testing company, signed a new multi-million-euro contract with Spirit AeroSystems to supply structural components for commercial airliners and business jets and assembly parts. In addition, in December 2020, Hexcel extended the long-term supplier contract with Safran to include advanced composite materials for a broader range of commercial aerospace applications, including engine nacelles and aircraft interiors. Thus, such growing initiatives from the raw material suppliers are strengthening the production of aircrafts which is propelling the market growth.
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Aerospace Bearings Market: Strategic Insights
Market Size Value in US$ 4290.64 million in 2021 Market Size Value by US$ 6436.48 million by 2028 Growth rate CAGR of 6.5% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
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Aerospace Bearings Market: Strategic Insights
| Market Size Value in | US$ 4290.64 million in 2021 |
| Market Size Value by | US$ 6436.48 million by 2028 |
| Growth rate | CAGR of 6.5% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Aerospace Bearings Market Drivers and Opportunities
Aircraft Production Driving the Market Growth
According to the company website data, Airbus delivered 611, 661, and 735 commercial aircraft deliveries in the years 2021, 2022, and 2023 respectively. Similarly, Boeing delivered around 340, 480, and 528 commerial aircraft in the years 2021, 2022, and 2023 respectively. This shows an increase in aircraft production and deliveries from the two of the major aircraft OEMs worldwide which is leading to generate new demand for aircraft components and sub-components including bearings for different aircraft applications.
The growing initiatives for expanding the production sites is augmenting the demand for components and equipment used in aircrafts which is further fueling the market growth. For instance, in May 2024, Bombardier inaugurated its new production US$ 500 million Global aircraft assembly center at Toronto Pearson, Canada. Such developments are driving the growth for aerospace bearings market globally.
Future Commercial and General Aircraft Deliveries
The rise in aircraft deliveries is anticipated to hold potential demand for line fit aerospace bearings, driving the market growth over the forecast period. For instance, in March 2022, Airbus reported consolidated financial results for its first quarter and forecasted strong growth in commercial aircraft demand driven by the A320 Family. The company plans to increase A320 family production rates to 75 aircraft a month in 2025. In addition, Boeing has received ~300 orders for the new generation of the 777 family, and in April 2022, it pushed the delivery of its first 777X plane to 2025. Boeing expects to produce 25,680 new single-aisle airplanes over that period with a market value of US$ 4.4 trillion, whereas Bombardier forecasts 22,000 business aircraft deliveries over the next 20 years. In 2024, Airbus projected the demand for more than 42,000 new passengers and freighter aircraft by 2042. Thus, the rise in number of aircraft deliveries, increases the aircraft production which further augments the demand for aerospace bearings, fueling the market growth over the forecast period.
Aerospace Bearings Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aerospace bearings market analysis are type, application, material, and aircraft type.
- Based on type, the aerospace bearings market is segmented into ball bearings, roller bearings, needle bearings, thrust bearings, and others. The ball bearing segment held a larger market share in 2023.
- Based on application, the aerospace bearings market is segmented into aircraft landing gear struts, hydraulic fuel pumps, flight control systems, and others. The flight control system segment held a larger market share in 2023.
- Based on material, the aerospace bearings market is segmented into stainless steel, fiber-reinforced composites, engineered plastics, and others. The stainless steel segment held a larger market share in 2023.
- Based on aircraft type, the aerospace bearings market is segmented into fixed wing and rotary wing. The fixed wing segment held a larger market share in 2023.
Aerospace Bearings Market Share Analysis by Geography
The geographic scope of the aerospace bearings market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific. Further, Asia Pacific is likely to witness highest CAGR in the coming years. One of the main factors likely to generatenew opportunities for market vendors in the Asia Pacific region includes the expected delivery of commercial and military aircraft across the region in the coming years. For instance, according to the Airbus’ forecasts more than 18,800 commercial aircraft are expected to be delivered in the Asia Pacific region by the end of 2042. Such factor is likely to generate new opportunities for aerospace bearings in the coming years.
Aerospace Bearings Market Report Scope
Aerospace Bearings Market News and Recent Developments
The aerospace bearings market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aerospace bearings market are listed below:
- Cablecraft Motion Controls (“Cablecraft”), a Torque Capital Group portfolio company, announced today that it has completed the purchase of Radial Bearing Corp. (“Radial”), a leading designer and manufacturer of rod ends and spherical bearings. Based in Danbury, Conn., Radial has a rich history of delivering engineered solutions in the aerospace, defense, and industrial markets. (Source: Cablecraft Motion Controls, Press Release, Feb 2024)
Schaeffler will provide long-term support for Rolls-Royce with the latest production technologies and manufacturing processes. The contract mainly covers production and development of engine rolling bearing systems for widebody aircraft and business jet market segment (Source: Schaeffler, Press Release, April 2022)
Aerospace Bearings Market Report Coverage and Deliverables
The “Aerospace Bearings Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aerospace bearings market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aerospace bearings market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Aerospace bearings market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aerospace bearings market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Material, and Aircraft Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the aerospace bearings market in 2023.
Increasing demand for aerospace composite bearings and increasing aircraft production are some of the factors driving the growth for aerospace bearings market.
The rise in military spending for the procurement of military aircraft is one of the major trends of the market.
AST Bearings, GGB, JTEKT Corporation, Accurate Bushing Company, Minebeamitsumi Inc, NTN Bearing Corporation of America, RBC Bearings Incorporated, SKF Group, Regal Rexnord Corporation, and Barden Bearings are some of the key players profiled under the report.
The estimated value of the aerospace bearings market by 2031 would be around US$ 7.79 billion.
The aerospace bearings market is likely to register of 6.9% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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