Ceramic Ball Bearings Market to Reach US$ 1842.5 Million by 2024
According to the latest report by IMARC Group, titled “Ceramic Ball Bearings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global ceramic ball bearings market size reached a value of US$ 996.1 Million in 2018. Made from silicon nitride (Si2N4), ceramic ball bearings are gaining a worldwide popularity as compared to regular stainless-steel bearings. Ceramic ball bearings operate at a higher speed while reducing friction which ultimately leads to the requirement of less energy. This is due to the smoother and rounder surface along with a uniform size of the balls in these bearings. Additionally, ceramic ball bearings offer high dimensional stability, low density as well as optimum resistance against heat and corrosion.
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Market Trends:
Over the past few years, the growth of the ceramic ball bearings market has been fuelled by an increase in the demand for various automobile components, passenger cars and commercial vehicles in emerging economies. Apart from this, technological advancements, such as lightweight materials, lubrication and seal technologies, integrated components of both stainless steel and ceramic bearings, in high performance ball bearings have also being witnessed. These developments have created ample opportunities for the manufacturers operating in the market. Moreover, ceramic ball bearings are increasingly being used for replacing stainless ball bearings installed in agitators, grinding media and valves which is further supporting the growth of the market. On the other hand, this growth of the global ceramic ball bearings market is being hindered by the land and air pollution caused during the extraction of ceramic materials. Nevertheless, the market value is projected to reach US$ 1,842.5 Million by 2024, expanding at a CAGR of around 10.5% during 2019-2024.
Market Summary:
- The ceramic ball bearings market has been segmented on the basis of different raw materials used for the production of these bearings which cover silicon nitride and zirconium oxide. Silicon nitride represents the most common raw material as it provides low-density, better strength and toughness to the ball bearings.
- On the basis of product type, the market has been segregated into hybrid ceramic ball bearing and full ceramic ball bearing. Currently, hybrid ceramic ball bearing accounts for the majority of the demand as it is ideal for situations which require extreme temperatures, high speeds, minimal lubrication as well as high efficiency.
- Ceramic ball bearings can be used in numerous applications which mainly include electric motors, vehicles, under water equipment, lab equipment and aerospace. Amongst these, ceramic ball bearings are being majorly used in electric motors.
- On a geographical front, the United States exhibits a clear dominance in the market, followed by China, Europe, Japan, India and South East Asia. The growth in the United States is due to the increasing dependency of the aerospace and defence sector on ceramic ball bearings to boost energy efficiency.
- The competitive landscape of the market has also been examined with some of the ceramic ball bearings manufacturers being AB SKF, NSK Ltd., NTN Corporation, Ortech Advanced Ceramic, CeramicSpeed A/S, Shanghai Lily Bearing Manufacturing Co., Ltd., Boca Bearings, GMN Bearing USA Ltd and JTEKT Corporation.
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