At 6.1% CAGR, Asia Pacific Plain Bearings Market is Projected to be Worth US$ 5,358.23 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific plain bearings market was valued at US$ 3,332.84 million in 2023 and is expected to reach US$ 5,358.23 million by 2031, registering a CAGR of 6.1% from 2023 to 2031. Increasing investments in railway and aerospace & defense sectors and increasing investments in infrastructure development projects in energy & power sector are among the critical factors attributed to drive the Asia Pacific plain bearings market growth.

Plain bearings are an integral part of commercial and passenger aircraft, helicopters, and jet fighters. Plain bearings with the AS 9100D quality certification standard are used in landing gears, flight controls in aerospace, engine manufacturing, passenger seating, and a wide variety of made-to-measure applications in the aerospace & defense sector. They are also used in navigation systems, target acquisition pods, counter-measuring systems, bearings propulsion, transmission and suspension systems, and control systems. Further, the thriving aerospace & defense sector due to rising government investment in the military sector drives the plain bearing market growth. According to the Aerospace and Defense Industry Association, in 2023, the global aerospace and defense industry revenue was valued at US$ 829 billion, increased by 11% compared to 2022; it is growing at a rapid pace with notable investments being made by the key players operating in the market. The civil aviation key companies such as Boeing, GE Aerospace, Rolls-Royce and Safran showed double-digit revenue growth. This has created a massive demand for aerospace components and shown increased demand for aerospace bearings to manufacture civil and commercial aviation.

Further, plain bearings are widely used in railways and metros to offer linear motion. These plain bearings are utilized in railway applications where axial loads need to be transferred in couplers and traction motors. Bearings serve as critical components within locomotives, freight cars, passenger coaches, and various railway infrastructures, enabling the seamless movement of wheels, axles, and other rotating parts. Increasing investments in the railway sector by several governments across the world drive the plain bearing market growth. According to the India Brand Equity Foundation Organization, the Indian Railways revenue reached US$ 28.75 billion in fiscal year 2024. Also, during 2023–2024, the Indian government Union Budget allocated capital of US$ 29 billion for the railway projects.

Such growing investment in the railway sector drives the plain bearing market growth.

On the contrary, the fluctuating raw material prices hampers the growth of Asia Pacific plain bearings market.

Based on product type, the Asia Pacific plain bearings market is segmented into spherical bearings, rod ends, and bushings. The spherical bearings segment held 52.4% market share in 2023, amassing US$ 1,747.20 million. It is projected to garner US$ 2,860.08 million by 2031 to register 6.4% CAGR during 2023–2031.

In terms of application, the Asia Pacific plain bearings market is segmented into agriculture, construction, industrial vehicles, automotive and transportation, aerospace and defense, energy and power, and others. The automotive and transportation segment held 27.8% share of Asia Pacific plain bearings market in 2023, amassing US$ 927.94 million. It is anticipated to garner US$ 1,549.16 million by 2031 to expand at 6.6% CAGR during 2023–2031.

Based on country, the Asia Pacific plain bearings market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.2% share of Asia Pacific plain bearings market in 2023. It was assessed at US$ 1,240.34 million in 2023 and is likely to hit US$ 1,853.95 million by 2031, registering a CAGR of 5.2% during 2023–2031.

Key players operating in the Asia Pacific plain bearings market Rheinmetall AG, RBC Bearings Incorporated, The Timken Co, NTN Corp, SKF AB, Regal Rexnord Corp, and DAIDO METAL CO., LTD, among others.

• In June 2022, RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today announced it has received recognition from The Boeing Company (NYSE: BA) as one of its top suppliers at the company’s 2022 Supplier of the Year event in Los Angeles.

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