Market Trends of Composite Bearings Industry
This section covers the major market trends shaping the Composite Bearings Market according to our research experts:
Growing Demand of Composite Bearings from Automotive Industry
- A composite bearing is a bearing made from a composite material, such as fibre reinforced resin, or plastic which will often contain friction reducing ingredients such as PTFE.
- Composite bearings have its use in upcoming energy technology such as in solar power tower to rotate the mirrors. They can withstand the loads in CSP applications, are weather and corrosion resistant and also offer low and constant friction
- Composite bearings can be customized to meet the individual requirements of many applications, such as wear- or high-temperature resistance.
- Composite bearings are useful components in automotive design and are used in a range of applications throughout the car, from the powertrain to the car interior.
- Hence, owing to the above-mentioned factors, the application of composite bearings from automotive sector is likely to dominate during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for composite bearings during the forecast period. The rising demand of composite bearings from automotive and growing application in construction sector in countries like China, Japan and India is expected to drive the demand for composite bearings in this region.
- The largest producers of composite bearings are located in Asia-Pacific region. Some of the leading companies engaged in the production of composite bearings are GGB, Inc, SGL Carbon Gmbh, AST Bearings, CSB Sliding Bearings (India) Pvt. Ltd., and RBC Bearings Incorporated among others.
- India's Ruling Govt. Initiatives such as Housing for all the government's flagship scheme PMAY launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. This is expected to fuel the growth of the Urban Infrastructure and construction development.
- While the more developed economies in the Asia-Pacific region have taken steps towards lightweight vehicles so as to achieve fuel efficiency standards to reduce the vehicular carbon footprint is likely to boost the demand for lightweight composite bearings.
- Owing to the above-mentioned factors, the market for composite bearings in the Asia-Pacific region is projected to grow significantly during the study period.
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