Địa Chỉ: 260/16 Dương Thị Mười, KP.3A, P.Tân Thới Hiệp, Q.12, T.p- Hồ Chí Minh
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Global Ball Bearing Market Outlook
The global ball bearing market size reached a value of about USD 36.6 billion in 2020. The market is further expected to increase at a CAGR of 4.5% between 2021 and 2026 to reach a value of approximately USD 47.6 billion by 2026.
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The Asia Pacific is the major market for ball bearings, accounting for the largest ball bearing market share. Significant nations, including China, India, Japan, Korea, Taiwan, and Indonesia, are adding to the expansion of the Asia Pacific market for ball bearings. End-user segments in the region that rely heavily on ball bearings are experiencing growth due to factors like the existence of favorable government policies, growing disposable incomes, rapid urbanization, as well as rising living standards. This, in effect, will drive the growth of the industry in this region. In addition, growing investment in end-user sectors would also improve the growth prospects of the Asia Pacific industry.
Automobile holds the largest application segment accounting for the largest share of the global ball bearing market. Wind turbines need maintenance-free as well as high-quality ball bearings to help increase the efficiency and performance of the turbine. The increasing number of windmills in the world is generating a huge demand for ball bearings in this industry. Producers are now producing ball-bearing sensor modules that are used in conveyors, road rollers, and electric motors. Such components aid in the digital monitoring of revolution speed, acceleration, axial movement, deceleration, as well as load power. These factors have significantly aided the growth of the ball-bearing market.
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Properties and Applications
A ball bearing, also recognized as an anti-friction part, is a type of rolling element that has two ring-like tracks with small, freely rotating metal balls between them. Such metal balls provide smooth and low friction by carrying both axial and radial loads. Ball bearings are easy to maintain and, thus, are reliable in service due to their simple nature. These also help to support weight, promote effective transmission of power, and ensure proper alignment of movable components. Thanks to these properties, ball bearings are commonly used for high-speed and rotary applications in a wide range of industries.
It finds wide application in the following sectors:
- Automobile
- General Engineering
- Mining and Construction
- Railways, Aerospace, and Shipping
- Agriculture
- Others
The regional markets for ball bearing include North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.