Robust demand from aerospace applications for repair and maintenance across the globe is poised to drive the overall growth of the aerospace bearings market, which is anticipated to record a valuation of $ 1.8 billion by 2027.
According to the recent study by Global Market Insights, the COVID-19 outbreak has impacted various industrial sectors, with aerospace being one of the highest impacts. Lockdowns across countries and air travel restrictions are affecting domestic and international flights. Furthermore, a slowdown in the transportation of non-essential goods and disruptions in the distribution chain has majorly impacted the aviation sector. This has also lowered the sales of various aircraft types coupled with MRO demand for components such as bearings. As a result, the COVID-19 crisis has negatively impacted several players operating in the market.
Key companies operating in the market are Kaman Corporation, SKF, JTEKT, Schaeffler, Timken, NSK, NTN, C&U, ZWZ, LYC, Minebea, NACHI, GGB (EnPro Industries), and others.
Roller Bearing
The roller bearing segment is expected to witness a 6.6% growth rate through 2027. Resembling wheels, roller bearings enable devices to roll, reducing the friction between the surface of the bearings and the surface they are rolling over. Roller bearings find applications in multiple areas such as engines, cockpit controls, landing gears, and aerostructures.
The fibre-reinforced composites segment valued at $ 75 million in 2020 owing to the increasing demand for lightweight and environmental-friendly products in aerospace applications. Conventionally bearings are majorly produced from stainless steel metal due to the cost-effectiveness and durability of the metal. However, in the last few years, several manufacturers have been focusing on research & development to produce lower weight and cost-effective alternatives such as fibre-reinforced composites and ceramics.
The aerostructure application segment is estimated to attain a CAGR of6.8% till 2027. Roller bearings are majorly used in aerostructure designing. The aerostructure of the aircraft needs to be strong to hold off the exceptional operational circumstances and offer durability.
The fixed-wing segment will dominate more than 89% of the market share by 2027 due to rising demand for new these kinds of aircraft. The Asia Pacific and the Middle East are projected to showcase a significant increase in demand for fixed-wing aircraft in the coming years.
Asia Pacific aerospace bearings market is predicted to expand at over 6% CAGR from 2021 to 2027. APAC countries, including China, Japan, and India, observed significant demand for aerospace bearings in 2020. However, the COVID-19 pandemic has forced lockdowns across APAC, disrupting supply chains in the region attributed to limited permissible transportation. Several countries in the Asia Pacific were under severe lockdown and suffered an immense loss due to the aerospace sector's shutdown, the research firm said.
Courtesy: Global Market Insights. NB: Photo is representational; courtesy: Schaeffler.