February 16, 2022 13:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Feb. 16, 2022 (GLOBE NEWSWIRE) -- During the assessment period, the Plain Bearings Market is predicted to rise at a robust CAGR of 5% from US$ 10 Bn in 2021 to US$ 17 Bn by 2032.
As per the Plain Bearing Market report by FMI, the global market is expected to be worth US$ 10 billion in 2021 and US$ 17 billion by 2032, growing at a modest CAGR of 5% over the forecast period.
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The rise of plain bearing applications is propelling the market forward. In addition, increased infrastructure spending, emerging technological projects, and heavy machinery development in China, India, the United States, Germany, and Brazil have further bolstered plain bearing market growth. Potential uses in the oilfield, construction, automotive, aerospace, industrial, and energy industries drive the plain bearing market size. The industry's expansion was driven by aspects such as high quality and durability and low-cost production.
In response to increased global demand for automobiles, the sales for plain bearing are also predicted to grow. Furthermore, the rising need for wind power generation, rising urbanization in emerging regions, and technical developments are all important market variables that will increase the plain bearing market potential. Plain bearings are lightweight, have a high load-carrying capacity, require less maintenance, have a longer life, and are exceptionally reliable. These plain bearing applications are propelling the industry forward as well. The market is also expanding as the need for bearings in the defense and aerospace industries increases.
Furthermore, the introduction of smart bearings and rising economies will create new prospects for more plain bearings industry trends in the near future. The global market study on plain bearing indicates that a rise in counterfeit goods might stifle market growth. The market's growth pace would also be hampered by shifting input costs. Steel, tin-based alloys, chrome steel, and engineering plastics are among the most important raw materials used to adopt plain bearings. In the global marketplace, dramatic changes in several metals and crude oil prices have been recorded. This has a serious influence on plain bearing output and the increasing plain bearing market share. The global plain bearing market is expected to record a valuation of US$ 13 Bn by 2026.
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A new market research report on the plain bearing market specifies that the major plain bearing material manufacturers in North America and Europe adhere to stringent government requirements. On the other hand, emerging regions have fewer or no industry regulations, albeit there are a few rules requiring the use of environmentally hygienic and safe plain-bearing items.
As a result, expanding markets in the Middle East, Africa, and the Asia Pacific provide plain bearing market opportunities for manufacturers. Furthermore, the robust success of end-use industries such as automotive, aerospace, energy, agriculture, construction, mining, and oil & gas can be attributable to the rising regions' high development potential.
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