HOME Research Insight New Product Launches Were Among the Key Strategies Adopted by the Leading Players to Grow in the Aerospace Bearings Market

New Product Launches Were Among the Key Strategies Adopted by the Leading Players to Grow in the Aerospace Bearings Market

Bearings are machine elements that enable machine parts to move at high speeds and bear huge amounts of load. Bearings offer restrictions to relative motion in machine part to direct the movement in the desired direction and reduce friction between those parts. Aerospace bearings are designed to operate at higher temperatures and speeds. These types of bearings are made of high capacity and light materials such as aluminum alloys, composite materials, and engineered plastics, among others. Bearings in an aircraft are used in jet engines, landing gears, flight control systems, and aircraft interiors, among others. The aerospace bearings market is estimated to be grow from USD 7.88 Billion in 2016 to USD 11.19 Billion by 2022, at a CAGR of 6.01% from 2016 to 2022.

New product launches is among the key strategies adopted by the leading market players to strengthen and sustain their position in the aerospace bearings market. In April 2016, GGB Bearing Technology (U.S.) developed the new case hardened bearings to be used in engines and landing gears of aircraft that demand high wear resistance without cracking under load. In October 2015, SKF Group (Sweden) launched small sealed roller bearings for improved prolong performance, which can eliminate service intervals and needs for re-lubrication.

Key players in the aerospace bearings market are SKF Group (Sweden), The Timken Company (U.S.), GGB Bearings Technology (U.S.), JTEKT Corporation (Japan), and RBC Bearings Inc. (U.S.). These players have been focusing on investing in R&D and launching advanced products in the market as part of their organic growth strategy. Several players have acquired companies competing in the same market as part of their inorganic growth strategy. Their core competencies include expertise in manufacturing technologies of aerospace bearings and global reach for the distribution of their products.

SKF Group (Sweden) is a major player in the aerospace bearings market. The company has been focusing on enhancing technical competence of products offered and secure supply contracts. In October 2016, the SKF Group (Sweden) launched two new varieties of super-precision cylindrical roller bearings that can be used in high-speed applications in the machine tool industry and in June 2016, SKF Group (Sweden) signed a contract worth USD 110 million with the Rolls-Royce for supply of main shaft bearings. These bearings will be used in their new gas turbine engine series.

Another major player in the aerospace bearings market is The Timken Company (U.K.). In November 2016, The Timken Company completed the acquisition of the EDT Corp (U.S.). EDT Corp. is a leading manufacturer of polymer housed units and stainless steel ball bearings. In April 2015, The Timken Company launched the advanced version of medium bore high-performance Timken spherical roller bearings that can be manufactured in customizable cage sizes.

Related Reports:

Aerospace Bearings Market by Type (Roller, Ball), Application (Landing Gear, Engine, Flight Control System, Aerostructure), Material (Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics), Aircraft Type, and Region - Global Forecast to 2022

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