NEW YORK, Feb. 11, 2016 /PRNewswire/ -- Market outlook of the global self-lubricating bearings market
Self-lubricating bearings are modern devices, which are created to cater to the growing need for energy efficiency and functionality of various equipment used in manufacturing processes. Tremendous progression in the bearing lubrication technology has led to the growth of self-lubricating plain bearings that are lightweight and incur low maintenance cost, enabling end-users to optimize the productivity of various bearing-based applications competently and cost-effectively.
The global self-lubricating bearings market is expected to grow significantly during the forecast period, posting a CAGR of more than 9%. This growth is attributed to factors such as global economic growth, increased manufacturing and construction activities, rising energy demand, and income levels. Advances in technology coupled with the need for energy-efficient and high-performance bearings in industrial equipment and machinery will further assist in the growth of the self-lubricating bearings market.
Segmentation of the self-lubricating bearings market by end-user
Heavy industrial machinery
The automotive industry holds the largest market share with over 37% and is one of the key end-users of bearings, as all the vehicles require a wide range of application-specific bearings. The main factors contributing to the growth of the automotive industry are favorable government regulations, steady economic growth, and infrastructure development in APAC, Europe, North America, and Latin America.
Geographical segmentation of the self-lubricating bearings market
APAC leads the self-lubricating bearings market with nearly 50% market share. The high tax imposition on completely built units and completely knocked down units has compelled global manufacturers to shift their manufacturing facilities to developing regions such as APAC, thus stimulating growth in this region. Countries such as China, India, Thailand, and Indonesia lead the market in the APAC region.
Competitive landscape and key vendors
The innovation of smart self-lubricating bearing is a growing trend, which will drive the demand for self-lubricating bearings in the forecast period. Moreover, globalization and lack of product differentiation have also encouraged vendors to transform their products by adding new features and functionalities to enhance product performance and capabilities.
The primary vendors in this market are -
Other prominent vendors included in this report are Eickoff, Koyo Bearings, INA Bearing, Nachi-Fujikoshi, JTEKT, and NMB Bearings.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the self-lubricating bearings market?
What are the key market trends impacting the growth of the self-lubricating bearings market?
What are the challenges to market growth?
Who are the key vendors in the self-lubricating bearings market?
What are the market opportunities and threats faced by the vendors in the self-lubricating bearings market?
Trending factors influencing the market shares of the APAC, EMEA, and the Americas.
What are the key outcomes of the five forces analysis of the self-lubricating bearings market?
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