Ball bearing refers to
a rolling-element bearing which uses balls for maintaining an
appropriate gap between its movable parts. It helps to reduce the
rotational friction which is generated by the working of a machine. The
major components of a ball bearing
include an outer ring, an inner ring, steel balls and a cage. Owing to
its simple design, durability as well as low maintenance expenses and
operating temperature, ball bearing is extensively used in aircrafts,
automobiles, medical equipment, etc. A new research report by IMARC
Group, titled “Ball Bearing Market: Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2018-2023” estimates that the global bearings
market reached a volume of 33 Billion Tons in 2017. The report further
projects the market to reach a volume of 47 Billion Tons by 2023,
exhibiting a CAGR of 6.2% over the forecast period.
On the basis of application, the global ball bearings
market is classified as automobile, general engineering, mining and
construction, railways, aerospace and shipping, agriculture, and others.
Automobile represents the largest application segment accounting for
the majority of the total global share.
On a geographical front, Asia-Pacific enjoys a leading position in the global bearing store
market with the largest market share. Asia-Pacific is followed by
Europe, North America, Middle East and Africa, and Latin America.
market is fragmented in nature with the presence of various small and
large manufacturers who compete in terms of prices and quality. There
is an intense competition in the market which makes it hard for small
players to survive.