Abstract
US demand to expand 3% annually through 2013
Bearing demand in the US (including plain bearings) is projected to expand 3.0
percent per year through 2013 to $10.6 billion. The primary factors supporting
advances will be a rebound in motor vehicle production levels and continued,
albeit moderating, growth in aerospace equipment and machinery shipments. In
addition, as the wind energy market continues to grow, suppliers will benefit
from sales of high-value, large diameter wind turbine bearings. Market gains
will be dampened by a deceleration in overall durable goods output as US
companies continue to move manufacturing operations to offshore areas where
labor costs are lower. Significant increases in average bearing life,
attributable to the use of improved product designs, betterquality materials
and better lubricants, will also restrain growth in aftermarket sales.
However, a shift in the product mix toward more expensive, better performing
products will provide a counterbalance, supported in part by high energy
prices that will make highly efficient bearings a more attractive investment.
Improved quaiity, performance to boost shipments
Shipments of bearings from US plants are expected to expand 2.8 percent
annually through 2013 to $10.0 billion, approximating domestic demand
increases. Industry output will be stimulated by growth in several key
domestic bearingusing industries and by rising demand in a number of export
markets. Further investment in US bearing plants by foreign firms will
contribute to production gains as well. US bearing manufacturers' ongoing
efforts to improve the quality and performance of their products, and to
increase the efficiency of their operations, will also help spur output
growth, as will a trend from selling simple components to selling more
advanced, higher value added systems that incorporate bearings and associated
components. However, foreign suppliers are also improving the quality of their
goods, and US-based bearing companies are expected to make additional
investments in overseas manufacturing facilities, limiting advances in
domestic industry production.
Roller bearings to post strongest market gains
The strongest market gains through 2013 will be posted by roller bearings,
benefitting from renewed strength in US production of motor vehicles and from
sales of advanced, high-value products for applications such as wind turbines
and heavy machinery. Demand for mounted bearings and bearing parts will also
outperform bearing demand overall. Sales of bearing parts will be driven by
increases in the number of bearingcontaining products (aircraft, automobiles,
industrial equipment, etc.) in use and by demand for the improved performance
associated with more advanced parts. Mounted bearing demand increases will be
spurred by original equipment manufacturers' (OEM) desire to simplify their
production process and reduce future maintenance requirements.
OEM bearing applications, which currently account for 78 percent of all
demand, will approximate the performance of maintenance/repair/operations
(MRO) applications through 2013. Market conditions will be particularly strong
in the automotive and engine, turbine and power transmission equipment
manufacturing markets. MRO bearing demand will be bolstered by continued
increases in government spending and by a rebound in residential construction
expenditures.
Study coverage
This new Freedonia industry study, Bearings, presents historical demand data
(1998, 2003 and 2008) plus forecasts for 2013 and 2018 by product and market.
The study also considers market environment factors, assesses US industry
structure, evaluates company market shares and profiles 32 industry
competitors.
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