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The world bearing market will reach 101 billion US dollars by 2018
2014-09-28
According to the forecasts of the U.S. consulting firm Global Industry Analysts, Inc. (GIA), the volume of sales
in the global bearing market will reach 101 billion US dollars in 2018. According to analysts, the bearing market
will reach new heightsbecause of the recovery of the basic industries in combination with favorable trends
on the investment front.The demand for bearings is dynamic because the bearings are closely linked to global
GDP trends through extensive use of means for production and engineering. However, because of the
financial crisis that began in 2008, the turnover in the market dipped seriously both in turnover and in types.
Despite the attempts of recovery in 2010, as well as beginning of 2011,ombined with the debt problems of
the Euro area, the slow recovery of the U.S. economy and the contraction of the Japanese economy; the
growth prospects of the bearing industry began to restrain in 2012. This negative effect of reduced growth
in major developed countries seeped in emerging economies such as China and India.
But despite the fragile state of the financial markets and stagnation in the short term on the end market, the
gradual increase in global economic activity together with the weakening of the financial crisis in the long
term can push up the demand for bearings. Improving the balance of the nonfinancial corporate sector and
sustainable leveraging by banks and households, is expected to help the smooth flow of capital and the gradual
strengthening of the positions of durable goods and applications that activates the demand for bearings.
In addition, a trend on consumption reduction will affect the price of the bearings themselves because of low
prices for raw materials and increased competition between bearing companies, which will be forced to reduce
their profits.
Key industrial sectors and consumers will continue to push the production of industrial equipment and automotive,
while aerospace and related industries will have a stagnation. The increase in demand for railway equipment,
electronics, aircraft and motorcycles in the developing regions will spur record sales growth for bearings and related
products. This will be particularly in the AsiaPacific markets, where the leading role will be played by China.
The greatest growth will be thus in the AsiaPacific region, in the period between 2011 and 2016. The Market will
rise there by an average of 10% per year and will reach $ 54 billion for bearings turnover. That will be more than
half of the global total demand. China needs to grow faster than other countries in the region: Sales increase by
13% per year by expanding automotive industry and construction machinery, coupled with a strong aftersales service
of industrial equipment and vehicles. In 2016, sales in China amounted to one third of the world total, and in 2021
will exceed the sales in North America and Western Europe combined.
Next :Chinese bearing manufacturers are aiming for high-tech,high-margin and high-precision bearings