According to IMARC Group’s latest report, titled “Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global ball bearing market reached a volume of more than 33 Billion Tons in 2016. A ball bearing is a rolling-element bearing which constitutes of four major parts, namely, an outer ring, an inner ring, steel balls and a cage. It uses metal balls in the form of a ring to maintain separation between the inner and outer parts of the bearings. They are used to support rotating parts and facilitate smooth operation of machines by reducing friction. Some of the other benefits provided by ball bearings are power saving, reduction of fire hazards, enhanced production, and increased lifespan of the associated machinery. The size of the ball bearings varies depending on their applications which range from use in hard disk drives and electric fans to car axles and wheels.
Highlights of the global ball bearing market:
- Demand for wind power generation remains the key growth-inducing factor.
- The automobile sector is the largest end-use segment.
- Asia-Pacific is the leading market for ball bearings.
The global ball bearing market is driven by the surging demand for wind power generation. Since wind turbines help in minimizing carbon emissions, it has resulted in a large number of wind turbine installations around the world. Additionally, rapid technological advancements have shifted consumer preferences towards electric vehicles, leading to an increased use of ball bearings in this sector. Additionally, considerable developments in railways, especially in the emerging markets such as China, India, Taiwan, South Korea, etc. has positively influenced the market. Moreover, escalated industrial activities in these regions have also contributed to the demand for ball bearings. Owing to the above-mentioned factors, the market is expected to reach a value of nearly 46 Billion Tons by 2022, exhibiting a CAGR of more than 5% during 2017-2022.
The global ball bearing market is segmented on the basis of end-use, covering automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture. Amongst these, the automobile sector dominates the market. On the basis of region, Asia-Pacific represents the largest market, holding the majority of the total global share. Other major regions include Europe, North America, Middle East and Africa, and Latin America. On evaluating the competitive landscape, it is found that NTN Corporation, Timken, JTEKT, SKF and Schaeffler Group are the key players operative in the market.
Request a free sample copy of the report: http://www.imarcgroup.com/request?type=report&id=852&flag=B
The report by IMARC Group has examined the global ball bearing market on the basis of:
- General Engineering
- Mining and Construction
- Railways, Aerospace and Shipping
- North America
- Middle East and Africa
- Latin America
- NTN Corporation
- Schaeffler Group
Browse related reports:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Company Name: IMARC Group
Contact Person: Anand Ranjan
Country: United States