Machine Tool Bearings Market Size, Impacted by COVID-19, to Reach US$ 3.7 Billion in 2026, Says Stratview Research
RAIPUR, India, Oct. 13, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Machine Tool Bearings Market by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others] and Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, and Others]), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Metal Cutting and Metal Forming), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's machine tool bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, railway bearings, food & beverage bearings, construction bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the machine tool bearings market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Machine Tool Bearings Market: Highlights from the Report
Machine tools are highly customized goods that are tailored to the needs of customers. They are intricate machines that make parts of various shapes, sizes, and materials. Spindles are a vital component in the machine tool industry that are used to shape materials using high-speed rotation and pressure. With continuous advancements in modern machinery, there is a growing need for machining equipment that is faster, more precise, and more durable than ever before. Bearings are important components that guide and improve spindle movement. The use of high-quality bearings increases the efficiency and dependability of machine tool spindles, resulting in increased production and reduced machinery wear and tear.
COVID-19 has taken a toll on almost every industry that machine tool players serve. The global crisis left the machine tool industry in disarray. The demand for machine tools declined due to lockdowns, followed by reduced investment in the industry. The machine tool bearings market typically relies on the organic growth of the machine tool industry and usually takes the same path as the latter. Key challenges that arose in front of the industry stakeholders on account of the pandemic were lower orders, supply chain disruptions, along uncertain future demand.
Amid pandemic-related shutdowns and economic uncertainties, all major stakeholders have responded by adjusting volume planning to suit the new landscape and focusing on addressing near-term financial management concerns. Robust government support across most of the regions, accompanied by joint efforts of OEMs and other sectoral stakeholders towards mitigating both the short- and long-term challenges of COVID-19, is signaling towards healthy and quick recuperation, helping the machine tool bearings market to grow at a CAGR of 5.2% during 2021-2026 to reach the figure of US$ 3.7 Billion in 2026.
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Based on the bearing type, ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as tapered roller, cylindrical roller, spherical roller, and others. Ball bearings are expected to remain the larger segment of the market during the forecast period, driven by widespread deployment of angular contact ball bearings in the spindle of machine tool equipment. They consist of one or more rows of rolling balls between concentric grooved rings and are useful for both radial and axial loads in one direction.
Based on the application type, metal cutting is projected to be the dominating segment of the market during the forecast period. Metal cutting application consists of machine tools that widely incorporate spindles in their design such as lathe, drilling, milling, boring, and grinding machines. Bearings are crucial parts that direct and boost spindle movements. The use of high-quality bearings improves the efficiency and reliability of machine tool spindles; thereby, increasing production and reducing wear and tear on machinery.
In terms of regions, Asia-Pacific is expected to be the largest and the fastest-growing market for machine tool bearings during the forecast period. Increasing demand for metal cutting machines coupled with the well-developed supply chain and significant expansions and investments in the automotive, oil and gas, and railway industries in the region are among the major factors driving the growth of the region's market for machine tool bearings. Europe is also expected to offer sizeable growth opportunities during the forecast period, driven by increased demand for automation and precision in manufacturing processes as well as the rising demand from electric vehicles.
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The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. Following are the key players in the machine tool bearings market.
- AB SKF
- Schaeffler Technologies AG & Co. KG
- NSK Ltd.
- The Timken Company
- NTN Corporation
- JTEKT Corporation
- Trelleborg AB
- C&U Group Ltd.
- LYC Bearing Corporation
- Nachi-Fujikoshi Corp.
To maximize production, machine tools are being pushed to their limits. Simultaneously, machine operations are becoming more and more complicated. Higher speeds and faster development put a lot of strain on the machine's basic components, particularly the spindle units. The industry is shifting towards developing new application-oriented bearings for industry-specific demands. Bearing fabricators are focusing on addressing client needs such as lowering energy losses and increasing capacity through lubrication methods.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the machine tool bearings market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
Machine Tool Bearings Market, by Bearing Type
- Ball Bearing
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Ball Bearing Type Analysis: Angular Contact, Deep Groove, and Others)
- Roller Bearing
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Roller Bearing Type Analysis: Tapered Roller, Cylindrical Roller, and Others)
Machine Tool Bearings Market, by Material Type
- Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Non-Metallic Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Hybrid Bearings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Machine Tool Bearings Market, by Application Type
- Metal Cutting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Metal Forming (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Machine Tool Bearings Market, by End-use Type
- OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Machine Tool Bearings Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Stratview Research has several high value market reports in the construction materials industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Construction-Equipment.html
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