Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Composite bearings are designed with a self-lubricating polytetrafluroethylene (PTFE) and polyoxymethylene liner with a laminated metal backing. These bearings are light in weight and no heavy metals are required for the manufacturing of composite bearings. They are ideal choice for an extensive range of applications, including transportation, automotive, pharmaceuticals, and construction industries. The composite bearings provides benefits such as high rigidity, high strength, low water absorption, high solvent resistance, high dimensional stability, and low coefficient of friction.
The European composite bearings market is primarily driven by factor such as growing market for construction and mining, automotive and aerospace end use industries across the region. Likewise, rising use of composite bearings in marine industry as it can provide benefits such as higher compressive load capacity, lower coefficient of friction, suitability for fresh or salt water, self-lubrication, environmentally friendly, steering and propulsion systems and easier machining of complex shapes is further expected to improve market growth in the region.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the composite bearings market. In addition, complete analysis of changes on composite bearings market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Europe economies, international trade, business investments, GDP and marketing strategies of key players present in the market. COVID-19 impact on the composite bearings market was moderate owing to the decline in demand from automotive, aerospace, marine, and construction and mining industries.
The study analyses Europe composite bearings market based on product type, material, end use industry and country.
Two major product types such as metal matrix and fiber matrix are covered in the global composite bearing market. The metal matrix segment dominated the market in 2020 and is expected to maintain its dominance at a considerable growth rate during the forecast period. The metal matrix composite segment is widely used in several areas, such as aviation industry, automotive engineering, and other heavy and light industries. In addition, metal matrix composites possess high thermal conductivity, high-temperature capability, and high specific strength and stiffness and these potential benefits make them demandable in the market.
Based on material, the market is segmented into PTFE composite (poly tetra fluoro ethylene) and POM composite (poly oxy methylene). The PTEF composite segment likely to dominate the market. However, POM composite segment is witnessing fastest growth. The PTFE composites with metal backing provide controlled, consistent friction as well as durability while the metal backing guarantees the composite bearing is robust and capable of bearing stresses and high loads throughout its long life. Thus, rising use of PTEF composite materials in composite bearings owing to its above-mentioned benefits is propelling the market growth.
End use industries such as construction & mining, automotive, agriculture, aerospace, marine, and others are covered in the Europe composite bearings market. Construction and mining segment is expected to dominate the European composite bearings market in the coming years. The construction industry is booming across the Europe region. According to Committee for European Construction Equipment (CECE), the construction industry is one of the largest economic sectors in Europe. It employs 18 million people directly and contributes to approximately 9% of the EU’s GDP. Increasing population and high demand for residential, commercial as well as industrial buildings and thereby demand for construction equipment such as excavators is further making more demand for composite bearings in the region.
Country wise, the study is comprised of the key countries such as the UK, Germany, France, Italy, Spain and rest of Europe. Germany held the largest market share of Europe composite bearings market and is likely to dominate the market over the estimated time frame. Rapid growth in the country’s construction and mining and automotive industry and rising investment in these industries is attributed to the growth of the market. For instance, according to GTAI, the automotive industry is the largest sector in Germany. In 2020, this sector recorded turnover of EUR 379.3 billion (USD 461.77 Bn), approximately 20% of total German industry revenue.
The major key players of market includes Schaeffler Group, Saint Gobain, Trelleborg Group, RBC Bearings Incorporated, Rexnord Corporation, Polygon Company, HyComp LLC, Tiodize Co., Inc, TriStar Plastic Corp, Spaulding Composites, AB SKF, CIP Composites, Federal-Mogul Corporation, Tufcot Engineering Ltd., Franklin Fibre Lamitex Corp, Soucy Composites Inc, AST Bearings LLC and VNC Bearing, Inc.
August 2018: NTN Corporation announced that it will start its first overseas mass-production of precision bearings for machine tools at NTN Mettmann (Deutschland) GmbH, located in Germany.
October 2017: Federal-Mogul Powertrain a US based company has validated its DEVA maintenance-free sliding bearings for special-purpose vehicle chassis applications. These composite bearings can be used in agricultural vehicles, construction machines, and other special-purpose vehicles.
The study analyses Europe composite bearings market based on product type, material, end use industry and country. Two major product types such as metal matrix and fiber matrix are covered in the Europe composite bearing market. The metal matrix segment is likely to dominate the market over the forecast period. Increased adoption of metal matrix composites owing to its several benefits is attributed to the market growth. Based on material, the market is segmented into PTFE composite (poly tetra fluoro ethylene) and POM composite (poly oxy methylene). End use industries such as construction & mining, automotive, agriculture, aerospace, marine, and others are covered in the Europe composite bearings market. The automotive and construction and mining segment are likely to register fastest growth in years to come. Country wise, the study is comprised of the key countries such as the UK, Germany, France, Italy, Spain and rest of Europe.
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