The Aerospace Bearings Market is expected 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 aerospace industry is subject to strict guidelines for performance, weight and quality.
New York, June 30, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Aerospace Bearings Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Type, Application, Material and Type of plane” – https://www.reportlinker.com/p06289876/?utm_source=GNW
In addition, the bearing withstands extreme loads, high pressures and temperature variations during operations.
Additionally, composite bearings are made from materials such as fiber reinforced resin and plastic and provide major advantages such as superior mechanical properties, high strength, high rigidity, improved safety performance and low friction and wear. These performance characteristics make it preferable for use in the aerospace industry, propelling the growth of the aerospace bearing market.
For example, in February 2022, Trelleborg Sealing Solutions introduced its Orkot C620 composite material, specially developed to meet the needs of the aerospace industry. It is designed to withstand the high loads and stresses of the landing gear, which makes the aircraft more fuel efficient.
Thus, aircraft manufacturers can use composite materials due to the reduced weight of their structures while maintaining high strength properties. Thus, the growing demand from aircraft manufacturers focuses on making the aircraft lighter, further allowing the aircraft to be more fuel efficient. The composite bearing provides higher compressive strength and more consistent friction than greased bronze bearings. Thus, these additional advantages of composite bearing over other types of bearings further boost the demand for aerospace composite bearings, which in turn is driving the growth of the aerospace bearings market.
The expanded use of composites, especially in the highly tensile environment of the fuselage, significantly reduces fatigue maintenance compared to an aluminum structure. Composite bearings are used in flight control systems and motors.
It is also used in next-generation military aircraft applications. Polymer bearings are widely 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 controls and interiors.
Thus, the associated advantages and performance characteristics of composite bearing over steel bearing are fueling the demand for composite bearing, further enhancing the growth of the aerospace bearing market.
Impact of COVID-19 on the Aerospace Bearings market
The aerospace bearing market in the Middle East and Africa is affected on the supply side, due to disruptions in the raw material supply chain. Thus, these disruptions impacted on-time deliveries of aircraft bearings in the region.
In 2020, with commercial and general aircraft 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 fell.
The aerospace industry in the Middle East and Africa has seen an increase in demand for new aircraft in 2021, which has increased the need for aircraft bearings in the region. Supply chain disruption hampered the delivery time of aircraft bearings in 2020 and 2021.
However, the aircraft bearing market players in the region have been able to meet the stipulated delivery and delivery time from the second quarter of 2021.
According to market research analysis, in 2021, the United States accounted for the largest market share in the aerospace bearing market in North America due to the presence of aircraft manufacturers and the growing number of aircraft new and advanced in the country. Additionally, the presence of major players in the aerospace bearings market such as AST Bearings, Aurora Bearing Company, RBC Bearings Incorporated, and Barden further contributes to the growth of the aerospace bearings market.
Moreover, the United States has the largest defense budget in the world, and a large portion of the budget is spent on the adoption and purchase of improved combat aircraft. According to the market analysis, the increasing production of military aircraft in the United States also acts as a supporting factor. for the growth of the aerospace bearing market in the country.
For example, in 2021 Boeing announced delivery of approximately 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 United States. Additionally, the increasing use of aerospace bearings for helicopter production across the United States is driving the growth of the aerospace bearings market in the country.
For example, according to Market Research, Boeing delivered approximately 83 new and reconditioned AH-64 Apache attack helicopters; 20 new and refurbished CH-47 Chinook transport helicopters that were manufactured in the United States. Additionally, in May 2022, Textron Aviation delivered the first Cessna SkyCourier turboprop cargo and special mission aircraft to FedEx.
These factors are helping to generate revenue in the United States aerospace bearings market. Additionally, the growing demand for track roller bearings for manufacturing aircraft structures is driving the growth of the aerospace bearing market in the United States. In addition, the United States 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 bearing market.
The major players in the global aerospace bearings market are Schaeffler Technologies AG, NTN Bearing Corporation, RBC Bearings, JTEKT Corporation, and GGB.
The overall aerospace bearings market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative insights related to the Aerospace Bearings market.
The process also serves to get an overview and forecast of the Aerospace Bearings market size with respect to all market segments. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights.
Participants typically involved in this process include vice presidents, 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 bearing market.
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