Ball Bearing Market to Reach USD 21.90 billion by 2027; High Utilization of Tungsten and Ceramic Material in Bearing Production to Augment Growth, states Fortune Business Insights™

Pune, July 28, 2020 (GLOBE NEWSWIRE) — The global ball bearing market size is predicted to reach USD 21.90 billion by 2027, exhibiting a CAGR of 2.1% during the forecast period. The growing requirement precision engineering in various industries owing to its robust properties will have a positive effect on the market during the forecast period, states Fortune Business Insights, in a report, titled “Ball Bearing Market Size, Share & COVID-19 Impact Analysis, By Product Type (Self-Aligning Ball Bearings, Deep Groove Ball Bearings, Angular Contact Ball Bearings, and Others), By Application (Automotive, Industrial Machinery, Mining & Construction, Medical, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 19.08 billion in 2019.We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic. 
Click here to get the short-term and long-term impact of COVID-19 on this Market.Outstanding insights into the marketWide-ranging analysis of the segmentsEstimated industry worthComprehensive data about key playersMarket Driver:Rising Emphasis on Precision Engineering to Fuel Market DemandThe growing utilization of customized bearings can be an essential factor fueling the demand for precision engineering across various industries. Precision engineering involves, the designing of components, fixtures, and machines to stabilize it for extreme working conditions due to its low tolerance level. The growing development of power trains, artificial satellites, and others will include the use of precision bearings by manufacturers, which, in turn, will boost the growth of the market. The rising application of chrome steel metal for the manufacturing of precision bearings will foster the healthy growth of the market in the foreseeable future. The enhanced physical properties of the bearings comprise of wear resistance, hardness, and fatigue to withstand extreme conditions, making it stronger compared to the conventional bearing. Also, manufacturers are producing bearings with tungsten carbide and ceramic material to cater to the requirements of various industries for high-end applications, which, in turn, will bode well for the market.Surge in Mining Activities to Accelerate Market in North AmericaAsia Pacific is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the booming construction, mining, and automotive industry. The market in North America is expected to account for a high share during the forecast period owing to the development of robust aircraft in the US. Latin America is predicted to rise tremendously during the forecast period due to the rising mining activities in Argentina, Chile, and Mexico. For instance, the Lithium projects in Argentina include the Caucharí-Olaroz and Salar del Rincón projects which are under development and are valued at approximately USD 425 million and USD 220 million respectively.Key Development:September 2019: JTKET, a Japanese corporation’s bearing division, Koyo launched environmentally friendly ‘New Advanced Knowledge’ (NK) long-life ball and roller bearingsNovember 2019: Schaeffler AG, a German manufacturer of rolling element bearings for automotive, aerospace and industrial uses announced that it has signed a partnership with Audi for the development of Audi e-tron FE07 for the series’ seventh season
List of the Leading Companies Operating in the Ball Bearing Market are:NSK Ltd. (Tokyo, Japan)Schaeffler AG (Herzogenaurach, Germany)Nachi Fujikoshi Corp (Tokyo, Japan)Myonic GmbH (Baden-Wurttemberg, Germany)LYC Bearing Corporation (Henan, P. R. China)Luoyang Huigong Bearing Technology Co. Ltd. (Henan, P. R. China)Koyo (Nagoya, Japan)ISB Industries (Rubiera, Italy)NTN Bearing Corporation (Illinois, United States)SKF (Gothenburg, Sweden)The Timken Company (Ohio, United States)THB Bearings (Shanghai, China)
Quick Buy:IntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging Trends of MarketKey InsightsMacro and Micro Economic FactorsKey Technological DevelopmentsConsolidated SWOT Analysis of Key PlayersPorter’s Five Forces AnalysisImpact Analysis of Covid-19 on the MarketGlobal Ball Bearing Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Product Type (Value)Self-Aligning Ball BearingDeep Groove Ball BearingAngular Contact Ball BearingOthers (Thrust Ball Bearing, etc.)Market Sizing Estimations and Forecasts – By Application (Value)AutomotiveIndustrial MachineryMining & ConstructionMedicalOthers (Aerospace, etc.)Market Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East and AfricaLatin AmericaTOC Continued…!!!
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