The ‘Global Ceramic Ball Bearings Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global ceramic ball bearings market, assessing the market on the basis of its segments like raw materials, product types, applications, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
|Market Size in 2022||USD 12.71 billion|
|Revenue Forecast in 2028||USD 22.51 billion|
|Growth Rate CAGR||10%|
|Major Players||SKF Group, NSK Ltd., NTN Bearing Corporation, Ortech Advanced Ceramics,|
Boca Bearings, Inc., GMN Bearing USA, JTEKT Corporation and among others.
The increasing applications of ceramic ball bearings across various end use industries such as automotive, electric motor, and aerospace, among others, is driving their demand. The thriving automotive industry is shaping the market dynamics. Ceramic ball bearings are being widely utilised to manufacture drag race cars and motorcycles, which are witnessing a heightened demand for commercial and personal purposes.
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The ceramic ball bearings market is also being aided by their growing application in submerged seawater solutions. Over the forecast period, the anticipated increase in sea exploration activities is likely to provide impetus to the market.
Moreover, ceramic ball bearings are highly preferred in electric motor manufacturing processes owing to the favourable advantages offered by it. They prevent the durability of grease from getting downgraded and offer high insulation.
Ceramic ball bearings are the rolling equipment made of ceramic materials which are enclosed in a steel component. Major elements which make up a ceramic ball bearing include outer race, inner race, and balls. These elements make a spinning system.
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Based on raw material, the market can be segmented into:
On the basis of product type, the market has been classified into:
Based on application, the market is segmented into:
On the basis of region, the market can be categorised into:
The key trends in the global ceramic ball bearings market include the technological advancements and research and development activities being carried out in the aerospace industry. A surge in the application of ceramic ball bearings in the manufacturing processes of next-gen aircrafts is anticipated to be witnessed. Meanwhile, upgradations in the automotive industry, which include efforts to produce lightweight and durable automobiles, are leading to a transition from using stainless-steel components to ceramic elements.
The increasing laboratory experiments, owing to the increasing investments by governments to propel research and innovation activities, is further boosting the global ceramic ball bearings market.
In geographical terms, the Asia Pacific is anticipated to witness a steady growth in the forecast period, owing to the increasing emphasis on upgrading industrial machinery. The increasing sale of new energy vehicles across growing economies such as India and China is further expanding the market opportunities.
The major players in the ceramic ball bearings market report are NSK Ltd., NTN Bearing Corporation, Ortech Advanced Ceramics, Boca Bearings, Inc., GMN Bearing USA, and JTEKT Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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