The use of composite bearings is becoming crucial in the construction & mining and automotive applications due to the increase in demand for self-lubricating, high strength, operational stability at high temperatures, and light-weight materials. The composite bearings market is projected to reach USD 5.04 Billion by 2021, growing at a CAGR of 7.88%, from 2016 to 2021
The key companies in the composite bearings market are mainly involved in acquisitions and expansions to strengthen their positions in the composite bearings market. The leading companies have adopted these strategies to add to their product portfolios and to strengthen their presence in the developed and emerging countries, between 2011 and 2016.
Between 2011 and 2016, acquisitions and expansions, which were the key strategies, accounted for 33.3% and 33.3%, respectively, of the strategies adopted. Market players concentrated mainly on consolidations through these approaches with the intention of increasing their market shares and enhancing their sustainability.
The major manufacturers profiled in this report are, Polygon Company (U.S.), Trelleborg Group (Sweden), Saint Gobain (France), RBC Bearings Incorporated (U.S.), Rexnord (U.S.), and others. These companies have adopted various organic and inorganic growth strategies such as new product developments, agreements, acquisitions, and expansions to expand their global presence and increase their penetration into the composite bearings market.
RBC Bearings Incorporated (U.S.), Polygon Company (U.S.), GGB Bearing Technology (France), Trelleborg Group (Sweden), and CIP Composites (U.S.) are the major companies that have adopted the maximum number of growth strategies between 2011 and 2016 in the composite bearings market. RBC Bearings Incorporated (U.S.) is one of the major manufacturers of composite bearings for applications including aerospace and industrial. The company accounted for the largest share of all the development activities undertaken in the global composite bearings market between 2011 and 2016. The company follows dynamic growth strategies with acquisitions to strengthen its geographical presence and customer base. For instance, in August 2013, RBC Bearings Incorporated acquired Climax Metal Products Company (U.S.) which helped the company to increase its product portfolio and market share in the composite bearings market in North America, targeting the automotive application.
Polygon Company (U.S.) is one of the leading providers of composite bearings for the construction & mining, automotive, agriculture, aerospace, and other applications. The company is focused on new product launches and expansions to cater to the high demand for composite bearings in various applications. For instance, in August 2015, Polygon Company launched a new product in the PolyLube bearing line, the EWS bearing. This new bearing line offers excellent resistance to fatigue and hence is useful mainly for agricultural equipment. Such an approach by the company has helped it to increase its product portfolio and cater to various applications in the North American composite bearings market.
Composite Bearings Market by Product Type (Metal Matrix, Fiber Matrix), Application (Construction & Mining, Automotive, Agriculture, Aerospace, Marine), Region - Global Forecast to 2021
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