The market for aerospace bearings is heavily driven by the increased demand for aircraft deliveries. Air traffic is growing in developed as well as developing nations which is leading to enhanced demand for more aircrafts. This has led aircraft manufacturers as well as aircraft engine manufacturers to procure bearings at a faster rate than before. Moreover, the need to modernize the older aircrafts with new, reliable, and latest technologies is also encouraging manufacturers to upgrade the older aircrafts with advanced bearing, which in turn is fueling the market for aerospace bearing.
The growth of aerospace bearings market is affected by the steep cost of raw materials. Engineered plastic, stainless steel, and alloys are extremely costly due to their various capabilities which increase the cost of the products. This in turn is increasing the cost of the final bearing which is limiting aircraft manufacturers’ and aircraft engine manufacturers from procuring these advanced material bearings, thus restraining the growth of the bearings market in the aerospace industry. Moreover, maintenance of these bearings is also high which is another factor negatively impacting the market for aerospace bearing.
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The market for aerospace bearing is estimated to witness significant growth over the years due to the increased use of fiber reinforced composites bearings. These bearings are capable of carrying heavy loads and are self-actuating, which is increasing the interest among bearing manufacturers. Owing to the capability of carrying heavier loads compared to stainless steel and aluminum alloys bearing, aircraft manufacturers and aircraft engine manufacturers are heavily procuring fiber reinforced composites. This move by manufactures of aircrafts as well as aircraft engines is anticipated to boost the market for aerospace bearing.
The market for aerospace bearing is segmented on basis of product types, application, material, aircrafts, and geography. The various types of aerospace bearing includes roller, ball bearing and others. The different roller bearing includes cylindrical roller bearing, needle roller bearing, tapered roller bearing, and self-actuating roller bearing. Among the different types of roller bearing, the cylindrical roller bearing is the most widely used bearing in the aerospace bearing market. The roller bearing captured the market and is anticipated to surge over the period at a faster rate due to varied application in the aerospace industry.
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Based on application, the market for aerospace bearing is categorized as aerostructure, flight control surfaces, engine, landing gear and others. Rapid growth in air traffic across the globe has increased the demand for latest aircraft engines which in turn has increased the requirement for bearings among the engine manufacturers. Owing to this fact, the engine segment held the largest market share and is estimated to retain its dominance. The materials used to manufacture bearings for aerospace industry includes stainless steel, fiber reinforced composites, metal backed, aluminum alloys, engineered plastics and others. The stainless steel segment held the largest share due to the capability of sustaining any condition or temperature. However, fiber reinforced composites are capable of carrying heavy load and are self-lubricating. Owing to this capability, manufacturers are increasingly opting for fiber reinforced composite bearing for the aerospace industry. The various types of aircraft operating in the aerospace industry are narrow body aircrafts, wide body aircrafts, very large body aircrafts, fighter jets, business jets, and helicopters. Geographically, the market for aerospace bearings is segmented on basis of five strategic regions globally, namely North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The market for aerospace bearings is dominated by North America followed by Europe.
The top players operating in the market for aerospace bearing are AST Bearing LLC (U.S), JTEKT Corporation (Japan), SKF Group (U.S), GGB Bearing Technology (France), RBC Bearing Inc. (U.S), NSK Ltd. (Japan), The Timken Company (U.S), Aurora Bearing Company (U.S), National Bearing Precision (U.S), and NTN Corporation (Japan).
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