Axial Thrust Ball Bearing Market Forecasts to 2030 – Global Analysis By Type (Single Direction Axial Thrust Ball Bearings and Double Direction Axial Thrust Ball Bearings), Application, End User and By Geography
According to Stratistics MRC, the Global Axial Thrust Ball Bearing Market is accounted for $3.12 billion in 2023 and is expected to reach $6.15 billion by 2030 growing at a CAGR of 10.3% during the forecast period. Axial thrust ball bearings are a type of rolling element bearing designed to support axial (or thrust) loads, which occur parallel to the rotation axis of the bearing. Depending on the application, axial thrust ball bearings may be preloaded to eliminate internal clearances. This can enhance precision and rigidity in certain high-precision applications. They are commonly used in applications where there is a need to support high axial loads, such as in gear boxes, machine tool spindles, automotive transmissions, and various industrial machinery.
According to the IFR International Federation of Robotics, in 2017, 2.7 million stand-alone industrial robots were installed across the globe, with an increase of 12%.
Market Dynamics:
Driver:
Rising demand in automotive industry
The automotive industry is known for its rapid technological advancements. Bearings play a critical role in this evolution, and manufacturers continually seek to improve bearing technology to meet the industry's changing needs. Axial thrust ball bearings find applications in various parts of a vehicle, including engines, transmissions, suspension systems, steering systems, and drive trains. This diversity of applications ensures a steady demand for axial thrust ball bearings in the automotive sector.
Restraint:
Technological constraints
Rapid technological advancements can lead to the development of newer bearing designs or materials that offer better performance or efficiency. If producers don't stay up to speed with these developments, they run the danger of creating antiquated goods that might not satisfy changing market demands. Manufacturers who are unable to adjust to these distinct demands risk losing business in particular market niches. Hence, technological limitations impede the market expansion.
Opportunity:
Growing customized solutions
Customized solutions in the axial thrust ball bearing market can tailor bearings to meet the exact specifications and requirements of their customers. This can include considerations such as load capacity, speed, temperature resistance, corrosion resistance, and more. Customized solutions can open up new market segments or niche industries that have specialized bearing requirements. This can help manufacturers tap into previously untapped areas of demand. Offering customized solutions in the axial thrust ball bearing market not only addresses specific customer needs but also provides a competitive edge, fosters customer loyalty, and opens up new opportunities for growth and market expansion.
Threat:
Competition from alternative technologies
As industries evolve and technology advances, there may be a shift in demand towards alternative technologies. Manufacturers of alternative technologies may invest heavily in research and development, leading to continuous improvements and innovations. This can make it challenging for axial thrust ball bearing manufacturers to keep up in terms of all aspects. Also, their performance benefits, cost effectiveness and attractive innovations can hinder the market growth.
Covid-19 Impact
The COVID-19 pandemic had various impacts on industries worldwide, including the bearing industry. The pandemic led to disruptions in global supply chains due to lockdowns, restrictions on movement, and workforce shortages. Many industrial projects were delayed or put on hold during the pandemic due to uncertainties and financial constraints. The pandemic accelerated the adoption of remote monitoring and predictive maintenance technologies which have influenced the type and frequency of bearing replacements and maintenance.
The double direction axial thrust ball bearings segment is expected to be the largest during the forecast period
The double direction axial thrust ball bearings segment is estimated to have a lucrative growth, due to high precision, accuracy and versatility. Double direction axial thrust ball bearings are specialized bearings designed to accommodate axial loads in both directions. Advanced designs and materials used in these bearings can lead to lower friction, reducing wear and extending bearing life. They play a crucial role in various industries where precise axial load handling is required.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is anticipated to witness the highest CAGR growth during the forecast period, due to its high durability and reliability. Axial thrust ball bearings play a critical role in various components of the automotive sector such as clutch systems, wheel hubs, steering systems and suspension systems. Axial thrust ball bearings require minimal maintenance, contributing to cost-effectiveness and reducing downtime for vehicle owners. Further, its long service life, enhanced safety and reduced friction are boosting the segment growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period. The Asia Pacific region is often referred to as the ""factory of the world"" due to its dominance in global manufacturing. Countries like China, Japan, South Korea, and Taiwan are known for their advanced manufacturing capabilities. The region's heavy industries, including steel production, shipbuilding, and construction, are significant consumers of axial thrust ball bearings. The market has been experiencing steady growth due to the continuous expansion of industries and increased adoption of automation technologies.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Europe is home to several established bearing manufacturers, and the region has a strong industrial base, including automotive, aerospace, and heavy machinery sectors. Europe has a long history of bearing manufacturing, with countries like Germany, Sweden, and Italy being known for their high-quality bearing production. The region’s renewable energy initiatives, trade and export opportunities and environmental regulations are fuelling the market growth.
Key players in the market
Some of the key players profiled in the Axial Thrust Ball Bearing Market include Schaeffler Group, SKF Group, Timken Company, NSK Limited, NTN Corporation, JTEKT Corporation, Nachi-Fujikoshi Corporation, RBC Bearings, Emerson Electric Co, AST Bearings LLC and LYC Bearing Corporation.
Key Developments:
In August 2022, SKF has developed a new hybrid deep groove ball bearing for high-speed applications. The new bearing is aimed at applications such as rail industry traction motors, as well as electric machines and drives. SKF already has three pilot customers, all of them are OEMs.
In February 2022, Schaeffler, a global automotive and industrial supplier, developed two new bearings for electric vehicles: TriFinity triple-row wheel bearing and High-efficiency ball bearing with a centrifugal disc. Schaeffler offers greater rigidity and a longer service life than standard bearings with two ball bearings.
Types Covered:
• Single Direction Axial Thrust Ball Bearings
• Double Direction Axial Thrust Ball Bearings
Applications Covered:
• Crane Hooks
• Pumps
• Centrifuges
• Low Speed Reducer
• Other Applications
End Users Covered:
• Automotive
• Industrial Machinery
• Aerospace & Defense
• Construction & Mining
• Energy
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Research Assistance
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