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Bearing demand in Asia promotes rapid development of the world bearing industry

Number of visits: Date:2018/4/14 15:36:53

Under a strong growth trend, the bearing demand may reach 76 billion U.S. dollars within two years.
Thanks to sustained economic growth and increased global investment in fixed assets of many developed countries, the bearing market is showing a new growth trend. According to the forecast and analysis report on the global bearing market made by market research firms, the global demand for ball bearing, roller bearing and plain bearing is expected to increase at an annual growth rate of 8.5%, and will reach 76 billion U.S. Dollars in 2014, of which the demand for removable ball bearing and roller bearing is the largest, while the strongest growth is shown in the Asia-Pacific region. More rational prices of raw materials, as well as the growing international competitive pressures brought by manufactures in developing regions, help stabilize the prices to some extent.
The report noted that growth of bearing demand in the Asia-Pacific region will be  strongest, of which the Chinese bearing demand will rank the first with an annual growth rate of 12.0%. The increase of Chinese bearing demand comes from the continuous promotion of industrialization and the growing manufacturing sector. As of 2009, China has become the world's largest motor vehicle manufacturing country, which undoubtedly created an excellent opportunity for the bearing manufacturer. The report predicts that China’s bearing demand in 2014 will account for nearly 50% of global demand, and will surpass the sum of North America, Western Europe and Japan in 2019.
From the previous development situation, compared with developing countries, the growth of bearing demandin the U.S., Western Europe, Japan and other developed regions has slowed. However,such situation will be eased before 2014, because after the depression and slump of manufacturing of durable goods (especially vehicles) in many developed countries between 2007 and 2009, the bearing demand was rebounded. Therefore, with the strong recovery of motor vehicle industry, and the rapid growth in durable goods manufacturing, bearing demand in these areas will also increase.

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