The global aerospace bearings market Size is set to gain impetus from the increasing demand for cost-effective and lightweight products. TriStar Plastics Corporation, for instance, is seeking out polymer aircraft bearings by replacing stainless steel and other materials. This is because the former would require lesser maintenance and lubrication. At the same time, they are highly durable and have excellent load-bearing capacities. As per a report by Fortune Business Insights™, titled, “Aerospace Bearings Market, 2021-2028,” the market size stood at USD 7.21 billion in 2020. It is projected to grow from USD 10.21 billion in 2021 to USD 17.44 billion in 2028 at a CAGR of 7.95% in the forecast period.
COVID-19 Pandemic: Huge Order Backlogs and Low Aircraft Deliveries to Hamper Growth
The COVID-19 pandemic has had a negative impact on this industry. The declining number of aircraft deliveries worldwide owing to the slowdown in airport activities and travel bans would affect growth. Airbus SAS, for instance, stated that it had an order backlog of 7,184 in 2020 and delivered 566 commercial aircraft the same year, whereas in 2019, the delivery count of commercial aircraft was 863. The huge order backlog has resulted in the lower demand for aircraft systems and components amid the pandemic.
Browse Complete Report Summary:
Ball Bearings Segment Earned 29.32% Share in 2020: Fortune Business Insights™
Based on the product type, the market is divided into plain, roller and ball bearings, roller screws, and ball screws. Out of these, the ball bearings segment held 29.32% in terms of the market share in 2020. These are extensively used in aircraft components and systems and hence, the segment is likely to showcase steady growth in the upcoming years.
The report provides an accurate assessment of various customers’ journeys related to this industry, regions, and segments. Besides, it offers several customer impressions about industrial liquid coating and its usage. The analysis takes a closer look at their fears and pain points across multiple customer touch points. Stakeholders can improve customer engagement with their own companies.
Drivers & Restraints-
Increasing Demand for Emergency Air Medical Services to Aid Growth
The demand for lightweight helicopters for multiple military and commercial applications has surged rapidly in recent years. Also, the high popularity of emergency air medical services is expected to bolster the aerospace bearings market growth in the near future. The Association of Air Medical Services (AAMS), for instance, declared that every year, around 560,000 patients use air medical services in the U.S. Coupled with this, the increasing demand for e U.S. use air medical services per year. Moreover, the rising lightweight for transporting military troops and border surveillance purposes would accelerate growth. However, manufacturers nowadays are using high-grade steel for making aircraft bearings. As the price of steel is fluctuating constantly, the cost of bearings is also surging. It may obstruct growth.
North America to Lead Stoked by Presence of Aurora Bearings & National Precision Bearings
Geographically, in 2020, North America procured USD 2.80 billion in terms of revenue. It is anticipated to remain in the leading position throughout the forthcoming years because of the presence of various reputed manufacturers of aerospace bearings in the U.S., namely, New Hampshire Ball Bearings, Beaver Aerospace & Defense, Inc., National Precision Bearings, and Aurora Bearings. On the other hand, Europe would exhibit significant growth backed by the spurring adoption of advanced technologies.
Key Players Focus on Acquisition Strategy to Enhance Their Product Portfolios
The global market contains multiple prominent manufacturers that are striving persistently to strengthen their positions. Most of them are engaging in mergers and acquisitions to broaden their pre-existing product ranges. Below are the two vital industry developments:
- January 2021: Auburn Bearing & Manufacturing Inc. acquired Aurotek TSB Inc. to broaden its product portfolio by adding the latter’s precision radial bearings. Auburn currently specializes in thrust ball and roller bearings.
- November 2019: Kaman Corporation acquired Bal Seal by giving USD 300 million in cash to drive free cash flow generation, enhance margins, and accelerate the highly engineered products business.