Miniature Ball Bearing Market Size To Exceed US $ 2.9 Billion By

Tokyo, October 04, 2021 (GLOBE NEWSWIRE) – Ottawa, Oct 04, 2021 (GLOBE NEWSWIRE) – The Global miniature ball bearings market The size was valued at $ 1.7 billion in 2020, according to a new research study on precedents. Ball bearings or miniature instrument bearings are compact machined components, which are widely used in the manufacture of various small machinery and equipment. The miniature ball bearing is designed to work in small equipment and very useful in a variety of applications such as automotive, crushing industry, textile industry, heavy machinery equipment, electronics and the aerospace industry. The main functions of a miniature ball bearing include supporting the load, reducing friction, and positioning moving machine components such as wheels or shafts.

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The crucial factors responsible for the growth of the market are:

• Growing demand for compact and mini machines and equipment
• Rapid industrialization in developing economies
• Growing demand for miniature ball bearings in the aerospace and automotive industries
• The growing popularity of electric vehicles
• Growing demand for medical device manufacturing units
• Increase in consumer spending on household appliances

Scope of the miniature ball bearing market Report

Highlights of the report

• The dust cover segment has dominated the global miniature ball bearing market with a remarkable 45% revenue share in 2020. The growing popularity of compact and small size equipment and machinery is accelerating the growth of the segment.
• By application, automotive segment held the major revenue share of 39% in the global miniature ball bearing market in 2020 due to the higher demand and growing popularity of electric vehicles further fueling the growth of the segment.
• Asia-Pacific dominated the global miniature ball bearing market in 2020 and is expected to increase the market in the coming years. The main factor attributed to its growth is technological progress in the region as well as government initiatives supporting the development of industries. Countries like China and India are attracting FDI and are emphasizing the creation of a global manufacturing hub in the region.
• North America is projected to be the most opportunistic region during the forecast period. This is due to the faster adoption of new technologies in North America. In addition, increased investment in technological advancements and innovations in the region further stimulates the growth of the market. North America is also expected to be the fastest growing market for electric vehicles which is expected to contribute significantly to the growth of the miniature ball bearings market for the foreseeable future.

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Market dynamics

Growing demand from aerospace, industrial, and automotive industries is exponentially driving the growth of the miniature ball bearings market. Technological advances in medical equipment, robotics and computers are increasing the development of efficient and cost-effective production of miniature ball bearings. Moreover, with the rapid growth and development of technology, the demand for small and compact machines is increasing in various industries, which increases the demand for miniature ball bearings.

Detention

There are some problems associated with miniature ball bearings. The miniature ball bearing may not provide satisfactory results even after being properly mounted and used. Problems such as excessive noise production, reduced accuracy, and grease deterioration can be encountered which can result in additional costs for the user. This could dampen the growth of the miniature ball bearing market.

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Opportunities

The introduction of chrome steel and tungsten carbide in the production of miniature ball bearings offers lucrative opportunities for market players. The use of chrome steel helps in the production of high precision bearings that incorporate quieter properties, improved hardness and wear resistance into the miniature ball bearing. Additionally, the use of tungsten carbide provides durability and long life to miniature ball bearings. These innovations appear to offer new growth opportunities for suppliers in the years to come.

Challenges

Usually, in factories or manufacturing units, the environment is noisy. Sometimes the noise levels exceed the allowable limits. According to the Occupational Safety and Health Administration, permissible noise is limited to 80 decibels. Higher noise is not good for the health of workers. Reducing noise in equipment and machinery is essential. The high rotational speed of ball bearings is necessary to increase productivity. This is a major challenge and the development of efficient precision miniature ball bearings is the need.

Recent developments

• In April 2021, NSK Ltd. has developed an ultra-fast ball bearing for use in electric vehicle motors. This third generation ball bearing is capable of operating at approximately 1.8 million dmN. This ball bearing is claimed to be the fastest grease lubricated bearing for the automobile and to provide longer reach and improve fuel efficiency. This will drive the growth of the miniature ball bearing market due to the rapid growth of the electric vehicle industry.
• In May 2019, CW Bearing exhibited at CWIEME Berlin 2019. It is a trade fair that brings together expert engineers, supply chain professionals and industry specialists. CW Bearing presented its wide range of precision miniature ball bearing products. This decision will contribute to the growth and increased adoption of precision ball bearings in the miniature ball bearing market.

The major players operating in the miniature ball bearing market are NSK Ltd., Kitanihon Seiki Co. Ltd., Minebea Mitsumi Inc., GRW Bearing GmbH, CW Bearing GmbH, Cixing Group Co. Ltd, Shanghai Lily Bearing Manufacturing Co., FAG Kugelfischer GmbH and PacamorKubar Bearings, Inc.

Segments covered in the report

By product

• Open miniature ball bearing
• Miniature Dust Shield Ball Bearing
• Others

By application

• Automotive
• Aerospace
• Industrial
• Household appliances
• Office automation
• Information and telecommunications
• Others

By geography

• North America
• Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the world

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