Material Handling Bearings Market Report
Material Handling Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearing, and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Conveyor, Chain & Hoist, Forklift, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Material Handling Bearings Market is Segmented by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others], Plain Bearing, and Others), by Material Type...
Impact of COVID-19 on Material Handling Bearings Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The smooth operation of the industrial sector requires materials to be moved around swiftly and effectively. For the movement of products, material handling equipment are widely used across industries. These equipment have several 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.
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 many businesses, while many of them continued to operate, although at reduced volumes, throughout the pandemic. The global crisis emphasized the need for automation to increase efficiency in the 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 manufactures are now getting back to pre-COVID production; however, some economies are still upholding a reduced rate of productions. 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 their costs. The rise in the activities, such as manufacturing and logistics, paired with an increased focus on automation, enhancing productivity, and maximizing safety are signaling towards a healthy recuperation, helping the market to grow at a CAGR of 5.9% during 2021-2026 to reach the figure of US$ 2.3 Billion in 2026.
Market Segments' Analysis
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 an ability to accommodate misalignment, helping the market stakeholders to obtain low maintenance costs and longer bearing service life.
Based on the application type, the market is segmented as conveyor, chain & hoist, forklift, and others. The conveyor is expected to remain the biggest demand generator of bearings 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 enhance workforce safety. The forklift 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.
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 a 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 sector in emerging economies of the region. China is anticipated to be the fastest-growing market in the regional landscape.
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.
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.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Material Handling Bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, railway bearings, food & beverage bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the Material Handling Bearings market in order to provide the most crystal-clear picture of the market. 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The material handling bearings market [Da1] is segmented into the following categories.
Material Handling Bearings Market, by Bearing Type
Material Handling Bearings Market, by Material Type
Material Handling Bearings Market, by Application Type
Material Handling Bearings Market, by End-use Type
Material Handling Bearings Market, by Region
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The material handling bearings market is estimated to grow at a healthy CAGR of more than 5.0% by 2026.
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, and Thordon Bearings Inc., are the leading players in the material handling bearings market.
Europe is estimated to remain dominant in the material handling bearings market in the foreseen future.