Composite Bearings Market

COVID-19 Impact analysis

The impact of COVID 19 pandemic on composite bearings market has been adverse due to the halts in mining, building and construction activities. On the other hand, the restrictions on cross-border trade disrupted the supply chain of composite bearings market. This led to a slowdown in the growth of the market. The automobile industry witnessed a drop in sales and revenue due to the lockdown imposed around the world due to the COVID 19 pandemic. Thus, the decline in sales of vehicles caused a decline in the production volume, which further led to the significant drop in demand of composite bearings. The decline in automobile sales was due to the travel restrictions as well as the shutdown of market which prohibited the customers to purchase vehicles. On the demand side, the customers also faced a decline in the disposable funds as the financial health of the countries, industries as well as the customers suffered tremendously during the pandemic. All these factors in combination had a devastating effect on the market. However, the market is expected to rise again in the post pandemic period as the demand for the above mentioned products will be increasing sharply. 

Top Impacting Factors

• The superior mechanical properties like wear resistance, self-lubrication and relatively longer product life, is propelling the growth of the composite bearings market. Furthermore, low maintenance cost is a noteworthy influence that is growing the demand for composite bearings in the market. This is due to the properties of composite bearings, such as better corrosion and fatigue resistance and operational and dimensional stability at elevated temperatures and harsh environments as compared to that of traditional bearings.
• Composite bearings are comparatively lighter in design and can be as low as 1/10th of the weight of the traditional rolling element bearings. No heavy metals are used in the manufacturing of composite bearing. Furthermore, composite bearing facilitate customization to meet the distinct requirements of the applicants.
• On the other hand, high cost of raw materials as well as high production cost are key restraints for the growth of composite bearings market.  Moreover, strong competition from prevailing single metal bearing manufacturers is a crucial factor that is limiting the growth of the composite bearings market.
• However, high growth in construction, mining, agriculture, automotive, and large-scale industries globally. This, in turn, is increasing the demand for composite bearings. Apart from that, the stringent norms to enhance fuel efficiency to reduce the vehicular carbon footprint, also demand the lighter bearings, which is also fuelling the growth of composite bearings market.

Market Trends

The North America region is anticipated to be the prominent market for composite bearings owing to its growing demand from the industries such as construction & mining and aerospace. The Asia-Pacific nations like China, Japan and India are one of the fastest growing markets for the composite bearings due to their rapid developments in their agriculture, mining, construction, automobile and other industries. Europe region, especially Germany, also show great prospects for the growth of composite bearings market due to the advancements in the automobile industry.

Key Benefits of the Report

• This study presents the analytical depiction of the Composite Bearings industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Composite Bearings market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the Composite Bearings market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed Composite Bearings market analysis based on competitive intensity and how the competition will take shape in coming years