At 4.6% CAGR, Middle East & Africa Plain Bearings Market is Projected to be Worth US$ 1,543.40 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa plain bearings market was valued at US$ 1,079.02 million in 2023 and is expected to reach US$ 1,543.40 million by 2031, registering a CAGR of 4.6% from 2023 to 2031. Growing need of plain bearings in several industrial applications and increasing investments in infrastructure development projects in energy & power sector are among the critical factors attributed to drive the Middle East & Africa plain bearings market growth.

Plain bearings are chosen for high-load and low-speed applications in various industrial applications, including automotive, power tools, and domestic appliances. In automobiles, plain bearings provide automotive support and guide moving components of the engine. They are used in the assembly of engine compartments, wheel suspensions, vehicle steering systems, brakes, pedals, pumps, and seats. Increasing automotive sales and production drives the Middle East & Africa plain-bearing market. According to the International Organization of Motor Vehicle Manufacturers, global automotive production reached 93.5 million units in 2023, up by 10% compared to 2022. Plain bearings comprise bearing shells that are locked in place in the bearing seat. Plain bearings are used in higher precision, lower weight applications where there is the presence of less moving parts of industrial vehicles such as excavators, tractors, dump trucks, and various cultivation and tillage construction machines. The plain bearings are cost-effective, easy to assemble and simpler in structure.

Further, plain bearing is widely used in the manufacturing of packaging machines that drives the market growth. The global packaging industry revenue was around US$ 1,113.39 billion in 2023, with packaging machinery sales around US$ 27.45 billion in 2023, recording a CAGR of 4.8% during the forecast period 2023–2031. Furthermore, plain bearings are widely used in power tools such as pneumatic fasteners, wrenches and drills, drivers, saws, guns, and masonry anchors.

On the contrary, the fluctuating raw material prices hampers the growth of Middle East & Africa plain bearings market.

Based on product type, the Middle East & Africa plain bearings market is segmented into spherical bearings, rod ends, and bushings. The spherical bearings segment held 50.2% market share in 2023, amassing US$ 542.04 million. It is projected to garner US$ 790.85 million by 2031 to register 4.8% CAGR during 2023–2031.

In terms of application, the Middle East & Africa 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 24.4% share of Middle East & Africa plain bearings market in 2023, amassing US$ 263.70 million. It is anticipated to garner US$ 394.48 million by 2031 to expand at 5.2% CAGR during 2023–2031.

Based on country, the Middle East & Africa plain bearings market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 39.1% share of Middle East & Africa plain bearings market in 2023. It was assessed at US$ 421.87 million in 2023 and is likely to hit US$ 615.82 million by 2031, registering a CAGR of 4.8% during 2023–2031.

Key players operating in the Middle East & Africa plain bearings market Rheinmetall AG, RBC Bearings Incorporated, The Timken Co, SKF AB, and Regal Rexnord Corp, 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com