Report Code: A14521 | Pages: NA | Mar 2023 | 1189 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Composite Bearings Market
Request Now !Composite bearings can be defined as the equipment used to reduce friction and provide separation between two components undergoing motion relative to each other. They are made up of a mixture of fiber reinforced resin, plastic, or metal. Composite bearing have a property of low friction, low heat build-up and no cold flow conditions. The weight could be reduced and provides better efficiency by replacing the conventional greased bronze bushings with composite bearings in industrial applications. Composite bearing are used in various industries such as automotive industry for diverse applications from powertrain to car interiors, marine, construction & mining, agriculture, and aerospace.
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
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
Composite Bearings Market Report Highlights
Aspects | Details |
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By Material Type |
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By Application |
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By Region |
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Key Market Players | Arkema, ACM Composites, AST Bearings LLC, CIP Composites, CSB Sliding Bearings Pvt. Ltd., Federal-Mogul Corporation, Franklin Fiber Lamitex, GGB Bearing Technology, H4 Marine Limited, Huntsman Corporation, Mitsubishi Plastics, Inc, Polygon Company, RBC Bearings Incorporated Hycomp LLC, Rexnord Corporation. |
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