What Is The Overview Of The Global Thrust Bearings Market?
A thrust bearing is a type of rotary bearing specifically designed to support axial loads, meaning loads applied parallel to the shaft's axis. Unlike radial bearings, which support loads perpendicular to the shaft's axis, thrust bearings manage forces that push or pull along the axis of rotation. The main function of a thrust bearing is to reduce friction and support axial loads in rotating applications. These bearings enable smooth rotation while withstanding the forces generated along the axis of the rotating parts.
Thrust Bearings Global Market Report 2024 provides data on the global thrust bearings market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The thrust bearings market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Thrust Bearings ?
The thrust bearings market has grown strongly, with a projected increase from $4.19 billion in 2023 to $4.55 billion in 2024, at a CAGR of 8.4%. This growth is attributed to industrialization, increased automotive production, aerospace applications, heavy machinery expansion, and wind energy installations. The market is expected to reach $6.31 billion by 2028, growing at a CAGR of 8.5%. Key growth drivers include the demand for renewable energy, construction activities, oil and gas exploration, e-mobility adoption, and robotics. Trends include eco-friendly materials, energy efficiency, electric vehicle demand, automation growth, and offshore energy project expansion.
What Factors Are Driving Growth In The Thrust Bearings Market?
The expanding automotive sector is anticipated to drive the growth of the thrust bearings market. This sector includes companies engaged in the design, development, manufacturing, and sale of motor vehicles. Factors such as consumer demand, access to credit, the adoption of electric vehicles, and preferences for innovative transportation solutions are fueling the automotive industry. Thrust bearings play a vital role in this sector by supporting axial loads and reducing friction in key components like transmissions and steering systems, enhancing vehicle performance and durability. For example, Statistics Canada reported that the total number of registered motor vehicles in Canada reached 26.3 million in 2022, a 0.3% increase from 2021. Consequently, the automotive sector's growth is bolstering the thrust bearings market.
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What Are The Main Segments Of The Global Thrust Bearings Market?
The thrust bearings market covered in this report is segmented –
1) By Type: Ball Thrust Bearing, Single Direction, Double Direction, Cylindrical Roller Bearing, Spherical Roller Thrust Bearings, Tapered Roller Thrust Bearing
2) By Material: Stainless Steel, Ceramic
3) By Distribution Channel: Online, Offline
4) By End-User: Automotive, Power And Energy, Aerospace, Industrial, Other End Users
What Emerging Trends Are Influencing The Growth Of The Thrust Bearings Market?
Major players in the thrust bearings market are addressing demand with mounted thrust bearings, which simplify installation and enhance performance. These bearings offer improved load capacity and alignment. For instance, in March 2024, US-based Auburn Bearing & Manufacturing introduced the MT-114RG mounted thrust bearing, an extension of its T-114RG series. This product facilitates secure and convenient installation by threading directly onto a shaft.
What Is The Largest Region In The Thrust Bearings Market?
North America was the largest region in the thrust bearings market in 2023. The regions covered in the thrust bearings marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
