Material Handling Bearings Market Growth Analysis | 2021-2026

Market Insights

The material handling bearings market was estimated at USD 1.6 billion in 2020 and is likely to grow at a CAGR of 5.9% during 2021-2026 to reach USD 2.3 billion in 2026.

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Market Dynamics

Introduction

Smooth operation of industrial sectors requires materials to be moved around swiftly and effectively. For these applications’ material handling equipment are widely used across the industries. These equipment’s have many moving parts, that deploy bearings to enable rotational or linear movement while reducing friction and handling stress.

Bearings used in material handling equipment are prone to wear and potential failure leading to unplanned downtime in industries. When selecting a bearing for a particular material handling application, factors like bearing friction, temperature and lubrication along with the design and construction of the bearing need consideration.

COVID-19 Impact

The Covid-19 pandemic has fast-tracked business and digital transformation in the material handling industry. The outbreak of the pandemic caused the closure of several OEMs, while many of them continued to operate, although at reduced volumes, throughout the pandemic. The global crisis emphasized on the need for automation to increase efficiency in material handling industry. The material handling bearings market typically relies on the organic growth of the material handling industry and usually takes the same path as the latter. production halt amid lockdown and reduced labor force across regions is expected to cause revenue losses to industry stakeholders in 2020 and 2021.

Most manufacturers are now getting back to pre-COVID production; however, some economies are still upholding the reduced rate of production. Amid the speculations of a second and a third wave, almost all key players have taken immediate measures to adjust their operations to the minimum required capacity in order to cut down on all costs. The rise in the activities such as manufacturing, logistics, paired with increased focus on automation, enhancing productivity and maximizing safety are signalling towards a healthy recuperation.

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Key Players

The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the material handling bearings market.

• AB SKF
• Schaeffler Technologies AG & Co. KG
• NSK Ltd.
• The Timken Company
• NTN Corporation
• JTEKT Corporation (Koyo Bearings)
• Nachi-Fujikoshi Corp.
• C&U Group Ltd.
• LYC Bearing Corporation
• Thordon Bearings Inc.

The industry is shifting towards developing new application-oriented bearings for industry specific demands. Developing bearing solutions to meet the challenging demands of industry such as, wear resistance, medium to high load handling, ability to operate in dust and contaminated environments, and extended operating life along with long term relations with customers are the key strategies adopted by the major players to gain a competitive edge in the market.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Bearing Type

Based on the bearing type, the market is segmented as ball bearing, roller bearing, plain bearing and others. Ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as Tapered roller, cylindrical roller, spherical roller, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by spherical roller bearings’ high load carrying capacity and ability to accommodate misalignment, helping OEMs obtain low maintenance costs and long bearing service life.

By Application Type

Based on the application type, the market is segmented as conveyor, chain & hoist, forklift and others. The conveyor bearings are expected to remain the dominant segment of the market during the forecast period. Conveyors are popularly used across industries as they lessen footprint by maximizing space, improve efficiency, boost accuracy, bring down production and labor costs, and enhances workforce safety. Forklift bearing segment is likely to witness significant growth during the forecast period as they are an essential aspect of every material handling operation and aid in the movement of large or numerous products.

Regional Insights

In terms of regions, Europe is expected to be the largest market for material handling bearings during the forecast period. Germany is the largest market in the region driven by the dominance of the country in industries such as automobile, electronics, food & beverage, and manufacturing, creating huge demand for material handling equipment. Asia-Pacific, is expected to register the fastest growth during the forecast period, led by growing infrastructure activities and expanding manufacturing sectors in emerging economies of the region. China is anticipated to be the fastest growing market in the regional landscape.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects material handling bearings market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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