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(I-AutoNewsWire.com, November 24, 2021 ) The report "Composite Bearings Market by Product Type (Metal Matrix, Fiber Matrix), Application (Construction & Mining, Automotive, Agriculture, Aerospace, Marine), Region - Global Forecast to 2021", In terms of value, the composite bearings market was valued at USD 3.21 Billion, in 2015, and is projected to reach USD 5.04 Billion by 2021 at a CAGR of 7.88% from 2016 to 2021.
The composite bearings market is driven by the superior mechanical properties leading to a long product life with low maintenance cost, and the increasing use of composite bearings in demanding applications including construction & mining, and aerospace. Also, rapid technological advancements in the mass production of composite bearings is one of the factors driving the composite bearings market globally.
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Metal matrix comprises a major share in the composite bearings market in terms of value
Metal matrix are the leading type of composite bearings used for various applications, such as aerospace, automotive, agriculture, and so on. The metal matrix based composite bearings market is the largest owing to its high strength in comparison to single metal bearings. Due to this it is used in applications such as aerospace, automotive, and agriculture.
Construction & mining are the largest application markets of composite bearings
The major applications in the composite bearings market include construction & mining, automotive, and agriculture. The construction & mining application constituted a major part of the composite bearings market. Composite bearings offer various features, including resistance to fatigue & corrosion, operational & dimensional stability at high temperatures, and are light in weight in comparison to traditional materials such as single metal bearings. These factors are leading to the high growth of the composite bearings market in the construction & mining, automotive, and agriculture applications.
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North America accounts for a major market share in the composite bearings market
North America accounts for the largest market share of composite bearings, globally, due to the high demand for their properties such as being light in weight, and providing dimensional stability and resistance against fatigue and corrosion. In addition, technological advancements in the mass production of composite bearings and increasing usage of these bearings in the aerospace application is also contributing to the high growth of composite bearings market in the North American region. North America is expected to be the fastest-growing market for composite bearings from 2015 to 2021.
Some of the key leading global players in the composite bearings market are, Schaeffler Group (Germany), Saint Gobain (France), Trelleborg Group (Sweden), RBC Bearing Incorporated (U.S.), Rexnord Corporation (U.S.), Polygon Company (U.S.), HyComp LLC (U.S.), Tiodize Co., Inc. (U.S.), TriStar Plastic Corp. (U.S.), Spaulding Composites (U.S.), and others. These players have adopted various organic and inorganic developmental strategies during the past five years.
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Mr. Aashish Mehra