The Aerospace Bearings market is projected to reach US$ 6436. 48 million by 2028 from US$ 4290. 64 million in 2021; it is expected to grow at a CAGR of 6. 5% from 2022 to 2028. The bearing used in the aircraft industry has strict guidelines for performance, weight, and quality.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, Material, and Aircraft Type" - https://www.reportlinker.com/p06289876/?utm_source=GNW
Moreover, the bearing withstand extreme loads, high pressure, and variability in temperature during the operations.
Further, composite bearings are made from materials such as fiber-reinforced resin and plastic and provide major benefits such as superior mechanical properties, high strength, high rigidity, enhanced safety performance, and low friction and wear.These performance characteristics make it most preferable for use in the aerospace industry, propelling the aerospace bearings market growth.
For instance, in February 2022, Trelleborg Sealing Solutions introduced its Orkot C620 composite material, specifically developed to meet the aerospace industry’s needs.It is designed to withstand high loads and stresses of landing gear, making the aircraft more fuel-efficient.
Hence, aircraft manufacturers can use composite materials due to their reduced structures’ weight while maintaining high strength properties. Thus, the growing demand from aircraft manufacturers focuses on making the aircraft lighter, further enabling the aircraft to be more fuel-efficient. The composite bearing offers higher compressive strength and more consistent friction than greased bronze bearings. Thus, such added advantages of composite bearing over the other types of bearings further strengthen the demand for aerospace composite bearings, which in turn drives the growth of the aerospace bearings market.
The expanded use of composites, especially in the highly tension-loaded environment of the fuselage, greatly reduces maintenance due to fatigue compared with an aluminum structure.Composite bearings are used in flight control systems and engines.
It is also used in next-generation military aircraft applications.Polymer bearings are prominently considered for lift, tilt, and pivot points in the steering, fuselage, wings, and other areas of commercial aircraft.
They provide self-lubricating services to save on greasing and maintenance costs, unlike steel bearings.Composite bearings are used in entire aircraft, including aircraft wing systems, flight control, and interiors.
Thus, the associated advantages and performance characteristics of composite bearing over the steel bearing fuel the demand for composite bearing, further strengthening the aerospace bearings market growth.
COVID-19 Impact on Aerospace Bearings Market
The Middle East & Africa aerospace bearings market is adversely impacted from the supply side, owing to disruptions in the supply chain of raw materials.Thus, these disruptions impacted the timely deliveries of aircraft bearings across the region.
In 2020, as the commercial and general aircraft were grounded, the military was the major contributor to the aerospace industry in this region.Several governments invested in the aerospace sector even after the economy’s downfall.
The Middle East & Africa aerospace industry witnessed a rise in demand for new aircraft in 2021, which increased the requirement for aircraft bearings in the region.The supply chain disruption hindered the aircraft bearings’ delivery time in 2020 and 2021.
However, the aircraft bearings market players in the region were able to meet the stipulated lead and delivery timeline from Q2 of 2021.
According to the market research analysis, in 2021, the US accounted for the largest market share in the aerospace bearings market in North America due to the presence of aircraft manufacturers and the rising number of new and advanced airplanes in the country. Moreover, the presence of major players in the aerospace bearings market, such as AST Bearings, Aurora Bearing Company, RBC Bearings Incorporated, and Barden, are further contributing in driving the growth of the aerospace bearings market growth.
Additionally, the US has the largest defense budget worldwide, and a large amount of budget is contributed towards the adoption and procurement of upgraded fighter planes.According to the market analysis, the rising production of military aircraft across the US also acts as a supporting factor for the aerospace bearings market growth in the country.
For instance, in 2021, Boeing announced that it had delivered around 21 F/A-18 Hornet/Super Hornet multirole fighters; 13 KC-46 Pegasus aerial refueling aircraft; and 16 P-8 Poseidon maritime patrol aircraft that were manufactured in the US.Further, the growing utilization of aerospace bearings for the production of helicopters across the US is driving the aerospace bearings market growth in the country.
For instance, according to the market research study, Boeing delivered around 83 new and remanufactured AH-64 Apache attack helicopters; 20 new and renewed CH-47 Chinook transport helicopters that were manufactured in the US.Furthermore, in May 2022, Textron Aviation delivered the first Cessna SkyCourier turboprop, a cargo, and special-mission aircraft, to FedEx.
These factors help generate revenue in the aerospace bearings market in the US. Also, the rising demand for track roller bearings for aircraft structure manufacturing is driving the aerospace bearings market growth in the US. Furthermore, the US has the presence of facilities of major aircraft OEMs such as Boeing, Airbus, Lockheed Martin, and Textron Inc, which further drives the country’s aerospace bearings market.
The key aerospace bearings market players across the global include Schaeffler Technologies AG, NTN Bearing Corporation, RBC Bearings, JTEKT Corporation, and GGB.
The overall aerospace bearings market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the aerospace bearings market.
The process also serves the purpose of obtaining an overview and forecast of the aerospace bearings market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights.
The participants typically involved in this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the aerospace bearings market.
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