The MEA vacuum bearings market is expected to grow from US$ 332.82 million in 2022 to US$ 491.12 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
Raw material accounts for ~60% of a vacuum bearing manufacturer's revenue. As high-grade steel is the major raw material used for manufacturing vacuum bearings, the costs of bearings are greatly correlated with the global steel price movement. The variation in raw material price challenges the vacuum bearing manufacturers to deliver reasonably priced and high-quality bearings. Further, the raw material price of the automotive vacuum bearing fluctuates as per the market economic condition. Such price volatility of raw materials is becoming an actual challenge for enterprises to remain competitive. Therefore, fluctuation of raw material price creates challenges for the vacuum bearing manufacturers to manufacture a bearing for a vehicle in terms of quality and price. Additionally, fluctuating supply and demand scenario is hindering the growth of the vacuum bearing industry. The difference in trade strategies, variations in foreign exchange rates, discrepancies in supply and demand, and intensified geopolitical risks across various countries potentially impact the pricing of steel and aluminum bearing materials. Besides, the vacuum bearing components comprise seals and cages that require lubrication at frequent intervals to ensure smooth functioning, thus requiring additional expenses.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA vacuum bearings market. The MEA vacuum bearings market is expected to grow at a good CAGR during the forecast period.
MEA Vacuum Bearings Market Segmentation
The MEA vacuum bearings market is segmented based on product type, application, material, and country. Based on product type, the MEA vacuum bearings market is divided into cylindrical roller bearings, tapered roller bearings, spherical roller bearings, thrust roller bearings, and needle roller bearings. The cylindrical roller bearings segment would dominate the market in 2022. In terms of application, the MEA vacuum bearings market is categorized into automotive, manufacturing & construction, energy & power, mining, aerospace & defense, and others. The energy & power segment would dominate the MEA vacuum bearings market in 2022. Based on material, the MEA vacuum bearings market is categorized into silicon, stainless steel, hybrid, and others. The stainless-steel segment would dominate the MEA vacuum bearings market in 2022. Based on country, the MEA vacuum bearings market is segmented into Saudi Arabia, South Africa, UAE, and the Rest of MEA. South Africa would dominate the MEA vacuum bearings market in 2022.
Key players operating in the MEA vacuum bearings market include HepcoMotion; NSK Ltd; Schaeffler Technologies AG & Co. KG; THE TIMKEN COMPANY; GMN Paul Muller Industrie GmbH & Co. KG; UNASIS; and SKF by Altair.