Northbrook, IL -- (SBWIRE) -- 09/09/2019 -- The global plain bearing market was valued at USD 11.47 Billion in 2016 and is projected to reach USD 15.23 Billion by 2022, at a CAGR of 4.8% from 2017 to 2022. There is an increase in the demand for plain bearings from automobile, aerospace, construction, and energy industries as plain bearings are light in weight, require less maintenance, have high load carrying capacity, high reliability, and longer life. All these factors are expected to contribute towards the growth of the global plain bearing market in the near future.

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Journal is the fastest-growing type segment of the global plain bearing market
The journal type segment contributed the largest share to the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for journal bearings from several end-use industries, such as automobile, aerospace, construction, and energy. In addition, journal bearings have properties such as excellent strength and shock resistance. There is no rolling element in these bearings. These bearings work efficiently in heavily loaded systems, wherein sufficient clearance and lubrication are provided.

Automobile is the fastest-growing end-use industry segment of the global plain bearing market
The automobile end-use industry segment accounted for the largest share of the global plain bearing market in 2016; this segment is projected to grow at the highest CAGR from 2017 to 2022. This growth is mainly attributed to the increasing demand for plain bearings in the automobile industry. Plain bearings are used in the automobile industry for manufacturing variable intake systems, center armrests, belt tensioners, stub axels, gear actuators, convertible top s

This growth is mainly attributed to the increasing demand for plain bearings from various end-use industries, such as automobile, aerospace, energy, construction, agriculture, and office products. NTN Corporation (Japan), SKF Group (Sweden), Schaeffler Technologies AG & Co. KG (Germany), Timken Company (U.S.), THK Co. Ltd. (Japan), NSK Ltd. (Japan), RBC Bearings Incorporated (U.S.), Minebea Mitsumi Inc. (Japan), and SGL Group (Germany) are some of the leading players in this market. These players are focused on the adoption of key growth strategies, such as new product launches, agreements, acquisitions, and expansions to cater to the increasing demand for plain bearings across various industry verticals. NTN Corporation, NSK Ltd., RBC Bearings Incorporated, and Minebea Mitsumi Inc. reported the highest number of developments in the global plain bearing market between 2011 and 2016.

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NSK Ltd. is one of the leading manufacturers of plain bearings. The company is primarily focused on strengthening its position in the global plain bearing market by launching new products and expanding its manufacturing facilities. For instance, in November 2016, NSK Ltd. launched a new plain bearing which has low friction loss and is highly dust resistant with improved reliability and energy saving features for office equipment applications, such as copy machine. This new product launch strategy helped the company expand its existing plain bearing product portfolio. Over the past few years, the company has launched a wide range of plain bearing products that include BNEQARTET and others to widen its presence in the global plain bearing market.

NTN Corporation is another key player in the global plain bearing market and has its presence in several regions across the globe. NTN Corporation offers economical as well as environment-friendly and cost-effective products and services. The company also focuses on the adoption of key growth strategies, such as new product launches, agreements, and expansions to reinforce its position in the global plain bearing market. For instance, in May 2014, the company expanded its automotive products manufacturing facility in New Mexico. The main purpose of establishing the new facility is to generate profit and expand business in the growing markets. This development strategy helped the company expand its product portfolio and cater to the increasing demand for plain bearings from several end-use industries, such as automobile, energy, aerospace, agriculture, and construction.