Composite Bearings Market, by Type (Metal matrix, Fiber matrix), Form (cylindrical bushes, flanged bushes, sliding plates, thrust washers and flanged washers), by Application (Construction Mining, Automotive, Agriculture, Aerospace, Marine, Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Composite Bearings market size was estimated at USD 5.73 billion in 2023 and is projected to reach USD 9.23 billion in 2030 at a CAGR of 7.06% during the forecast period 2023-2030.
Composite bearings are the tools used to lessen friction and offer separation between two components that are moving in relation to one another. They are constructed from a combination of metal, plastic, and fiber-reinforced resin. Low friction, little heat build-up, and absence of cold flow conditions are characteristics of composite bearings. In industrial applications, composite bearings might be used in place of the traditional greased bronze bushings to save weight and improve efficiency. Composite bearings are utilized in a variety of industries, including the automotive sector for uses ranging from the powertrain to the interior of vehicles, as well as the maritime, building and mining, agricultural, and aerospace sectors.
The market for composite bearings is expanding because to its improved mechanical qualities, such as wear resistance, self-lubrication, and substantially longer product life. Low maintenance costs are another significant factor that is driving up market demand for composite bearings. This is a result of the qualities of composite bearings, which are superior to those of traditional bearings in terms of operational and dimensional stability at high temperatures and severe environments as well as improved corrosion and fatigue resistance.
On the other hand, the market for composite bearings is being held back by the high cost of raw materials and high production costs. In addition, the market for composite bearings is being constrained by fierce competition from suppliers of single metal bearings.
As a result of the suspension of mining, building, and construction operations, the COVID 19 epidemic has had a negative effect on the market for composite bearings. On the other hand, the market for composite bearings' supply chain was affected by limits on cross-border trading. The market's expansion was slowed as a result. The COVID 19 pandemic-related global lockdown resulted in a decline in sales and revenue for the automotive sector. Thus, the loss in car sales resulted in a drop-in manufacturing volume, which in turn produced a large decline in demand for composite bearings.
The Composite Bearings Market is expected to grow during the forecast period. This growth can be attributed to several factors such as its improved mechanical qualities, such as wear resistance, self-lubrication, and substantially longer product life. Moreover, their low maintenance costs are another significant factor that is driving up market demand for composite bearings. However, the growth of the market might get hampered by factors such as high cost of raw materials and high production costs.
North America to Dominate the Market