Bearings market projected to reach $40 billion by 2010

Growth in the bearings market is directly proportional to global industrial production. Given the improving dynamics in the manufacturing sector, the global market for bearings is projected to reach US$40 billion by 2010, at a compounded annual growth rate of about 5.5 percent during the period 2001-2010.

The market for bearings, a vital component of machinery in various industries, is directly related to industrial growth. Demand increases in sync with the level of industrial activity. Growth trends are closely linked to gross domestic products trends as bearings are used in almost all engineered or capital goods sectors. Growing demand from developing economies particularly China, higher capital expenditure and automotive production exert a significant influence on demand. Major end-user industries such as automotive, consumer, agricultural, construction equipment, and steel and paper will continue to shape the fortunes of the sector. Ball bearings will retain their dominance as the largest product segment due to their widespread use in several applications.

Europe is the largest bearings market worldwide, worth an estimated US$9 billion for 2007, as stated by Global Industry Analysts Inc. Asia-Pacific is the second-largest regional market followed by the United States. Europe, Asia-Pacific and the United States together account for more than a 70 percent share of the global bearings market. Ball bearings market is the largest and the fastest-growing segment, with sales projected to reach US$17 billion in the year 2009. Roller bearings market is projected to exceed US$15.5 billion by 2010 at a CAGR of more than 5.5 percent during the 2001-2010 period.

Growth in bearings is directly proportional to global industrial production. Stable pricing by manufacturers and high purchasing power of customers is improving inter-industry competition. The bearings market is anticipated to grow rapidly in Eastern Europe, Asia Pacific, Latin America and Middle East regions. China has emerged as a key player with shipments rising significantly year-or-year. Increasing prominence of China in the global bearings market is posing a major threat to leading markets, Japan and the U.S.

The report titled "Bearings: A Global Strategic Business Report", published by Global Industry Analysts, provides a review of market trends, competition, end-user perspective, product overview, product introductions/innovations, and recent industry activity. The study also analyzes market data and analytics in value sales for regions such as United States, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America by the following product segments – Plain Bearings, Ball Bearings, Roller Bearings and Others.

Key players dominating the global bearings market include Federal-Mogul Corporation, General Bearing Corporation, Kaydon Corporation, JTEKT Corporation, Minebea, NSK Ltd., NTN Corporation, Schaeffler Group, SKF Group and The Timken Company.

For more details about this research report, visit http://www.strategyr.com/Bearings_Market_Report.asp.