The global composite bearing market is anticipated to grow at a CAGR of 7.88% during 2016 to 2023. The market has generated the revenue of $3460 million in 2016 and is anticipated to reach up to $5890 million by 2023. A composite bearing is employed in governing friction and maintaining separation between two moving parts. Composite bearing is made by a resin reinforced with fibre, plastic and comprise friction reducing ingredients and lubricants. A composite bearing is a Polytetrafluoroethylene bearing in a carrier. The composite bearing is having lightweight design. No heavy metals are employed in its production. It is almost one-tenth of the weight of the conventional rolling element bearing. The major boosting factor of the composite bearing market are Growing Demand from Agriculture and Automotive Applications in Developing Economies, since Composite bearings are valuable mechanisms in automotive design and are employed in a variety of applications throughout the car, from the car interior to the powertrain. The increasing demand of sensor units in bearings is one of the majoropportunity for the market.
The global composite bearing market is segmented into its application and product type. The application segment is further segmented into construction and mining, automotive, agriculture, aerospace, marine and other market segments. Aerospace segment is driving the composite bearing market at a great extent, due to the increasing demand in applications including tilting mechanisms, doors, gearboxes, shock absorbers and others. Additionally, with a huge demand for precision apparatus that utilized in aircraft. The major application segment of the global composite bearing market is the application segment, which is estimated to be the fastest growing segment during the forecast period. The composite bearing has superior functionalities in the agriculture application, since it is an advanced form of bearing which provides a complete solution offering operational & dimensional solidity at high temperatures, light in weight and acts as corrosion free as compare to the conventional material such as single metal bearing.. There is rising investments to develop the aerospace and railway infrastructure provoked by the rising air traffic and rail that are anticipated to be the growth opportunities to industry participants.
On the basis of geography, the composite bearing market is segmented into North America, Europe, Asia-Pacific and Row. During the forecast period from 2016 to 2023, the fastest growing region is North America for the global composite bearing market, since the demand for automotive and construction & mining industries are growing. The several equipment is employed in the construction & mining industries which utilizes the advanced bearings since it offers operational stability in severe environmental conditions leading to augmenting product life, low cost of maintenance and effectiveness of the equipment. The major players of the composite bearing market are ACM Composites, AST Bearings LLC, CIP Composites, CSB Sliding Bearings (India) Pvt. Ltd, Federal-Mogul Corporation., Franklin Fiber Lamitex., GGB Bearing Technolog, H4 Marine Limited, Hycomp LLC., RBC Bearings Incorporated, Rexnord Corporation, Saint-Gobain S.A., Schaeffler GrouP, Trelleborg GrouP, VNC BearinG. Acquisition, merger, innovation and new product launch are the major strategies which help to sustain in the market. On February 2017, AST bearing, which is a distributor of bearing products in New Jersey, has announced to move their west coast regional office to a new facility in Yorba Linda from Irvine.