How Has the Thrust Bearings Market Size Evolved in Recent Years?
The thrust bearings market has seen considerable growth due to a variety of factors.
• The market for thrust bearings has experienced significant expansion in the preceding years. The growth will surge from $3.51 billion in 2024 to $3.79 billion in 2025, recording a compound annual growth rate (CAGR) of 7.9%.
This past period's growth is a result of escalated industrialization, increased automotive manufacturing, a surge in aerospace applications, the proliferation of heavy machinery use, and the simplification of wind energy installations.
What are the Market Size and Expected Growth Rates for the Thrust Bearings Market?
The thrust bearings market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for thrust bearings is anticipated to experience significant expansion. It is projected to reach a value of $5.1 billion by 2029 at a compound annual growth rate (CAGR) of 7.7%.
This growth during the forecast period is expected due to factors such as increasing interest in renewable energy, growth in construction projects, extensive oil and gas exploration initiatives, widespread adoption of e-mobility, and a surge in robotics and automation. Future trends for this forecast period include the need for environmentally friendly materials, emphasis on energy efficiency, the rise in electric vehicles, increase in automated manufacturing, and the proliferation of offshore energy ventures.
Which Key Drivers Are Propelling The Thrust Bearings Market's Growth?
The thrust bearings market is poised for expansion, driven by the burgeoning automotive sector. This sector comprises corporations engaged in the conceptualization, production, and sale of vehicles. The burgeoning momentum of the automobile industry is attributable to aspects like consumer appetence, accessible credit, adoption of electric cars, and evolving consumer predilection for groundbreaking transport concepts. Thrust bearings, with their capacity to shoulder axial loads and decrease abrasion in vital parts like transmission and steering systems, are indispensable for boosting vehicle durability and performance. To elaborate, Statistics Canada, a nationally recognized statistical agency, released a report in June 2024 stating that the count of registered motor vehicles on Canada's roads in 2022 stood at 26.3 million, marking a 0.3% hike from 2021. Thus, the expanding automotive sector provides a solid impetus for growth to the thrust bearings market.
What Are The Key Segments Within The Global Thrust Bearings Market?
The thrust bearingsmarket 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
Subsegments:
1) By Ball Thrust Bearing: Single Row Ball Thrust Bearing, Double Row Ball Thrust Bearing
2) By Single Direction: Flat Seat Single Direction Bearing, Convex Seat Single Direction Bearing
3) By Double Direction: Flat Seat Double Direction Bearing, Convex Seat Double Direction Bearing
4) By Cylindrical Roller Bearing: Single Row Cylindrical Roller Thrust Bearing, Multi Row Cylindrical Roller Thrust Bearing
5) By Spherical Roller Thrust Bearings: Solid Spherical Roller Thrust Bearings, Split Spherical Roller Thrust Bearings
6) By Tapered Roller Thrust Bearing: Single Row Tapered Roller Thrust Bearing, Double Row Tapered Roller Thrust Bearing
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What New Trends Are Influencing The Thrust Bearings Market?
Leading firms in the thrust bearings market are concentrating their efforts on the creation of mounted thrust bearings to satisfy the rising demand for more robust and efficient components in a variety of industrial sectors. These bearings, which are already assembled and installation-ready, offer benefits such as decreased maintenance time, a higher load-bearing capacity, and improved alignment. For example, Auburn Bearing & Manufacturing, a US firm specializing in ball and roller thrust bearings, introduced the MT-114RG mounted thrust bearing in March 2024. This latest bearing solution increases the flexibility of the existing T-114RG thrust bearing series by enabling simpler installation methods. The MT-114RG can be easily screwed onto a shaft, making installation straightforward and guaranteeing secure positioning.
Who Are the Key Players In The Thrust Bearings Market?
Major companies operating in the thrust bearings marker are:
• JTEKT Corporation
• SKF AB
• NTN Corporation
• The Timken Company
• Nachi-Fujikoshi Corp.
• RBC Bearings Ltd.
• C&U Group
• Waukesha Bearings Corp
• American Roller Bearing Company
• NSK Ltd.
• Kingsbury Inc.
• Bearings Plus Inc.
• Scheerer Bearing Corporation
• SNL Bearings Ltd.
• ZKL Group
• Boca Bearings Co. Ltd.
• Adarsh Bearings Pvt Ltd.
• Gem Bearings
• Qibr Bearing Co. Ltd.
• Astro Bearings Corp
What Are The Regional Insights Into The Thrust Bearings Market?
North America was the largest region in the thrust bearings market in 2024. The regions covered in the thrust bearings marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
