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The vast rise in the global demand for motor vehicles is one of the key factors leading to the increased global consumption of plain bearing, observes a recent market research report added to the vast market research report portfolio of Market Research Reports Search Engine (MRRSE). The report states that the market will exhibit a healthy 5.8% CAGR from 2016 and 2024 and rise from a valuation of US$9.5 bn in 2015 to US$16.2 bn by 2024. The report is titled “Plain Bearing Market  – Global Industry Analysis, Trend, Size, Share and Forecast 2016-2024.”

The report states that besides the factor of increased demand from the automotive industry, the global plain bearing market is also driven by the healthy growth of industries such as construction, oilfield machinery, and aerospace and defense as a wide array of equipment used across these industries make extensive use of plain bearing. The market is, however, hindered due to technological innovations, which are making plain bearings more hard-wearing, thus requiring little maintenance and aftermarket services.

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The market’s growth is also hampered due to the rising volumes of counterfeit products in the global market. Nevertheless, the introduction and adoption of smart bearings at an encouraging pace are expected to provide vast future growth opportunities for market players. The report segments the global plain bearing market on the basis of three broad criteria: bearing type, end-use, and geography.

On the basis of bearing type, the market has been segmented into journal, linear, and thrust bearings. Of these, the segment of journal bearings is currently the leading plain bearing variety owing to its widespread applications in the automotive and construction industries. The segment accounted for a remarkable share of nearly 42% in the global plain bearing market in 2015 and is expected to retain dominance over the report’s forecast period as well.

In terms of end-use, the market is dominated by applications across the automotive industry. Applications of plain bearing in the automotive industry accounted a massive chunk of the overall revenues of the global market in 2015 and is expected to be the dominant end-use industry for plain bearings over the forecast period as well. The extensive use of plain bearings in all kinds of automobiles and the continuously rising demand for passenger vehicles, especially across emerging economies will be central to the segment’s excellent future growth prospects. Geographically, Asia Pacific dominates the global market and is expected to retain dominance over the forecast period as well.

Some of the key companies operating in the global plain bearings market are The Timken Company, JTEKT Corporation, SKF Group, RBC Bearings, Inc., Schaeffler AG, GGB Bearing Technology, AST Bearing LLC, and Brammer Plc.

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