Marine Wheel Bearings Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031

Status : Ongoing | Report Code : FACT680MR

The progress in marine wheel bearings market was drastically hampered in 2020 due to the spread of Covid-19 crisis. Players manufacturing marine wheel bearings witnessed heavy losses due to a strong fall in the demand worldwide leading to reduced sales. The impact was so catastrophic that even lead to the closure of some known companies.

However the demand has started gaining traction since the lockdown has been lifted up and manufactures are free to produce and supply their products and services. In 2021, leading corporations are delivering superior quality and uniqueness in their offerings to attract global users.

What are Marine Wheel Bearing Manufacturers Doing?

Recognized manufacturers including NSK Limited, Schaeffler AG, NTN Corporation, Iljin Bearing, RKB Bearing Incorporation, Timken Corporation, THK Corporation, Wafangdian Bearing Limited, Tenmat Limited, Horn International Corporation and Lewmar Limited are increasing their market share through the adoption of strategies such as collaborations, joint ventures, partnership agreements, sales contracts, product diversifications, innovative launches, acquisitions, research and developments, technological upliftments, e-selling, product line extensions, hiring technical expertise, investing in latest IT infrastructure etc.

For instance, Koyo Bearings, a division of JTEKT Corporation has made an announced of introducing a new range of wheel bearings with creep resistant features to extend the component life in October 2019. The new design features a circumferential groove in the center of the outer ring’s outside diameter to tackle the strain creep. It offers an equivalent to an increase in wheel bearing thickness by 35 % which could equate to a 50 % reduction in housing wear.The design lends itself well to installation in next generation vehicles particularly in ships and other hybrid and electric vehicles.

The JTEKT engineers recently developed a new special coating to be used around the entire outer ring which is able to suppress housing wear caused by co-rotation creep. This clever combination enables the bearing to perform operations like an equivalent with a thicker outer ring but without the size and weight penalty. By saving on material, the design also keeps the costs down. These enhanced features will make the new range of wheel bearingsmore durable and long lasting giving the products a longer life.

What is a Marine Wheel Bearing?

A wheel bearing consists of steel balls joined together by a metal ring known as a race. They enable a wheel to spin fast with minimum friction. Every kind of vehicle ranging from cars and aircrafts to bicycles use those. Marine wheel bearing, as the name suggests, finds usage in the shipbuilding industry. It is particularly useful in applications such as steering and propulsions in merchant and navy vessels. Composite bearings, tri-metal bearings, and bi-metal bearings are the different materials generally used for manufacturing marine wheel bearing keeping in mind the extreme challenges posed by the marine environment.

The global marine wheel bearing market has been filliped greatly by globalization, which has resulted in increased volume of international trade. As per a conference of United Nations Conference on Trade and Development (UNCTAD), merchant ships contributes close to a staggering US$380 billion in freight rates in the global economy. This equals to almost 5% of the overall trade worldwide.

Surging demand for recreational boats and yachts, owing to rising disposable incomes of people, has also proved beneficial to the demand for marine wheel bearing for the products are needed for effective maintenance. Composite marine bearings, which are highly durable and hence need little maintenance, are highly utilized in the shipbuilding as well as offshore construction industries.

A new report on the global marine wheel bearings market is being compiled by Fact.MR. The report provides in-depth analysis of the past, present and future trends of the industry that have a bearing on the global market. Thorough research analysis has made the report an all-inclusive source to be referred by industry professionals to understand market scenario between the forecast period of 2021-2031.

Marine wheel bearings find application in shipbuilding industry, particularly in steering and propulsion applications of navy and merchant ships. Steering system of any boat, ship or a luxury yacht utilizes different types of bearings such as ball bearing, roller bearing, and wheel bearing. Common material types used in the manufacture of marine wheel bearings include bi-metal, tri-metal, and composite bearings. As marine environment presents distinct yet extreme challenges, the nature of material of bearings and lubricants used in manufacturing process plays an important role in long term operational efficiency of ships.

Steady Growth of the Shipbuilding Industry to Fuel the Market

Increased globalization has resulted in the growth of the shipbuilding industry due to easier accessibility of components, raw materials, and finished products across the globe. Market players in the industry are engaged in the construction, repair, and modification of the ships. Further, according to the United Nations Conference on Trade and Development (UNCTAD), the operation of merchant ships contributes to approximately US$ 380 billion in freight rates within the global economy, representing about 5% of the total world trade. This growth of the global seaborne trade can be attributed to surging international trade, expansion of e-commerce platform as well as growing industrialization. Steady growth of the shipbuilding industry is likely to seek after marine bearings in the future.

Composite Bearings to Dominate the Market

Composite bearings are dry bearings that are designed by incorporating solid lubricants. They surpass the traditional metal or bronze bushing in terms of durability, productivity, and maintenance. The composition enables composite bearings for dry run without the need of lubricants. Advances in design, technology, and lubricant material have increased wear resistance of these dry bearings. Due to this, composite marine bearings are highly utilized in the shipbuilding as well as offshore construction industries. In the steering system or marine wheel of the ship, multiple marine bearings including rudder bearings, stabilizer bearing, stern tube bearing, marine wheel bearing and bearings for other dock machineries are found. Leading bearing manufacturers have developed all kinds of marine bearings using composite material. With the aim of maintenance reduction, the shipbuilding as well as maintenance divisions are adopting composite marine bearings.

Increased Importance of Recreational Boating Activities to Boost Adoption

Growing economic scenario and rising disposable incomes are gradually changing consumer preferences. Increased consumer pool is seeking for leisure and recreational activities. With the growing preference for outdoor recreational activities and recreational fishing, demand for recreational boats has increased in past decade. Following this trend, recreational boating industry has witnessed a steep rise in terms of surge in boat rental activities and ownership of personalized recreational boats or yachts. To satisfy the high-end demand of clients, manufacturers are designing luxury yachts with the best machineries including better composite bearings.

Due to these reasons, shipbuilding industry has observed steady rise in terms of recreational boat manufacturing. Further, intense recreational activities have led to need for maintenance of existing boats. Thus, increased manufacturing and a need for maintaining existing boats will demand need for marine bearings including marine wheel bearings.

In addition, stringent maritime regulations regarding engine emission and fuel utilization have further increased implementation of efficient bearing, especially composite bearings that exempt the use of oil or grease lubricants. This, in turn, boosts the demand for advanced composite marine wheel bearings in the shipbuilding industry.

Above discussed market scenarios are thoroughly discussed in the report making it the most credible source for business professionals to understand the outlook of the global marine wheel bearings market.

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.

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Marine Wheel Bearings Market Forecast, Trend Analysis & Competition Tracking - Global Review 2021 to 2031