The Tapered Roller Bearing Market is forecast to reach $112.45 billion by 2025 and is estimated to grow at a CAGR of 5.42% during the forecast period 2019-2025. The growth of the market is attributed to advantages offered by this set of bearings in terms of the high load-bearing capacity and extended bearing life due to lower frictional losses. APAC region held a majority of the share in the Tapered Roller Bearing Market owing to the high industrial activity in the region with significant usage of large machinery and equipment.
The report: “Tapered Roller Bearing Market – Forecast (2019-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the market.
· The Tapered Roller Bearing Market is moderately consolidated with the top four players accounting for nearly 40% of the total market. The major players in the market include Timken Company, SKF, NTN Corporation, JTEKT Corporation, and others.
· The automotive tapered roller bearing market is anticipated to grow at a CAGR over 5.63% during the forecast period. The market growth in the forecast period is anticipated to be restricted by the increasing acceptance for the electric vehicles, which has a relatively lower number of rotary parts and thereby limiting the number of bearings used.
· APAC is the biggest market for the tapered roller bearing market due to high production activity in the China region. The number of tapered roller bearings produced in China grew over 50% from 2015 to 2017.
By Type – Segment Analysis
Double row tapered roller bearings are anticipated to have prominent growth in the forecast period 2019-2025. This is owing to the advantages that these type of bearings possess over the others in terms of handling both the radial and axial thrust loads simultaneously as well as handling the axial loads in both the directions. The double row tapered roller bearings find a wide range of applications in gearboxes, hoisting equipment, rolling mills, and others. The market for the double row tapered roller bearings is driven by the claims in construction and mining machinery. Rising urbanization globally and the resulting increase in the construction activity is set to burgeon the demand for the construction equipment. This will provide excellent growth opportunities for the double row tapered roller bearings market.
End-User Industry - Segment Analysis
The automotive industry is one of the significant end-users of the tapered roller bearing, and it is anticipated to grow at a CAGR of 5.63% in the forecast period. Tapered roller bearings find applications such as transmission wherein the bearings are used in axle drive pinions for supporting the drive pinion gear shafts. However, the growing demand for electric vehicles around the world owing to the surging fuel prices and increasing environmental concerns is expected to hamper the growth of the automotive tapered roller bearing market.
Geography - Segment Analysis
Asia Pacific (APAC) is the biggest market for the tapered roller bearings with a region share of 46.47% in 2018 and is anticipated to grow the fastest in the forecast period. The market in this region is primarily driven by soaring automotive production activity. According to the U.S. International Trade Commission, the production of the tapered roller bearings in China had increased from 22 million in 2015 to over 33 million in 2017. However, the high presence of counterfeit products is anticipated to limit the growth of the market in the region by lower consumer confidence.
Drivers - Tapered Roller Bearing Market
· Lower Frictional Losses
The tapered roller bearings are known for the lower frictional activity during operation. This is highly desired in the industrial environment as the energy costs account for a significant portion of industry operation costs. Additionally, the lower frictional losses also help in maintaining a longer bearing life. Long bearing life is highly looked-for in industrial applications as the downtime costs are extremely high.
· Increasing Industrial Machinery Production
Tapered roller bearings find a wide range of applications in the industrial machinery owing to high load-bearing capacity. With the growing focus of the governments towards strengthening the manufacturing sector, the local manufacturing activity is anticipated to increase, driving the demand for industrial machinery. The global industrial machinery market is anticipated to grow over $1.8 trillion by 2022. This is set to impact the market for tapered roller bearing market positively.
Challenges – Tapered Roller Bearing Market
· Limited to Low-Speed Applications
The market for the tapered roller bearings is limited by the high heat-dissipating nature of the bearings in high-speed applications. This limits the application of these bearings to high load and low-speed applications such as heavy machinery and industrial equipment. In high-speed applications, the tapered roller bearings find strong competition from the ball bearings that exceed the speeds of the tapered roller bearings and also generate relatively lower heat.
Partnerships and acquisitions, along with product development and up-gradation, are the key strategies of the players in the Tapered Roller Bearing Market. The Tapered Roller Bearing Market is moderately consolidated with the top five players accounting for nearly 40% of the total market. The major players in the market include Timken Company, SKF, NTN Corporation, JTEKT Corporation, and others.
Ø In August 2018, Timken Company has completed the acquisition of ABC bearings which is a manufacturer of tapered roller bearings. This will strengthen the position of Timken’s position in the market.
Ø In October 2018, Indian entities NA Bearings India Private Limited and LuK India Private Limited merged into Schaeffler India Ltd making the combined entity with over 3000 workforces and $550 million revenue.
Ø In November 2017, Schaeffler India Ltd announced an investment of $29 million towards the set-up of a new manufacturing plant in Pune, India. Investments as such help the company improves its market in the country.
Ø In June 2017, Timken opened its new manufacturing facility of tapered roller bearings in Prahova, Romania. This has helped the company expand its production capacity and global footprint.
Tapered Roller Bearing Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Tapered Roller Bearing Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Tapered Roller Bearing Market, and their specific applications in automotive, heavy machinery, construction, mining, aviation, and others.