At 4.0% CAGR, South & Central America Plain Bearings Market is Projected to be Worth US$ 960.99 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America plain bearings market was valued at US$ 700.10 million in 2023 and is expected to reach US$ 960.99 million by 2031, registering a CAGR of 4.0% from 2023 to 2031. Emergence of innovative eco-friendly plain bearings and increasing investments in infrastructure development projects in energy & power sector are among the critical factors attributed to drive the South & Central America plain bearings market growth.

Several key players in the market are developing advanced spherical bearings for automotive and industrial applications. For instance, in November 2023, Igus, specializing in motion plastics, launched the ECO P210 Plain Bearing Series. This ECO P210 plain bearing is chemical-resistant and has a wide range of applications in various industrial machines, including agitators, filtration devices, laboratory mills, and car washes. Thus, the introduction of innovative plain bearings by key players operating in the market is likely to bring in new trends in the market.

On the contrary, the fluctuating raw material prices hampers the growth of South & Central America plain bearings market.

Based on product type, the South & Central America plain bearings market is segmented into spherical bearings, rod ends, and bushings. The spherical bearings segment held 47.5% market share in 2023, amassing US$ 332.22 million. It is projected to garner US$ 466.33 million by 2031 to register 4.3% CAGR during 2023–2031.

In terms of application, the South & Central America 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 25.4% share of South & Central America plain bearings market in 2023, amassing US$ 177.80 million. It is anticipated to garner US$ 254.77 million by 2031 to expand at 4.6% CAGR during 2023–2031.

Based on country, the South & Central America plain bearings market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 38.9% share of South & Central America plain bearings market in 2023. It was assessed at US$ 272.16 million in 2023 and is likely to hit US$ 400.73 million by 2031, registering a CAGR of 5.0% during 2023–2031.

Key players operating in the South & Central America plain bearings market Rheinmetall AG, RBC Bearings Incorporated, The Timken Co, NTN Corp, 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.

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