The demand for bearings has grown strongly in the past two years, reaching US$76 billion.
Due to the continuous economic growth and the increase in fixed asset investment in many developed countries around the world, a new growth trend will appear in the bearing market. According to the forecast analysis report of the industry research company on the global bearing market, the global demand for ball bearings, roller bearings and sliding bearings is expected to grow at an annual rate of 8.5%, reaching 76 billion U.S. dollars by 2014, of which unloading The largest demand for ball bearings and roller bearings. The Asia-Pacific region has the strongest growth momentum. The prices of raw materials have become more reasonable, as well as the increasing pressure of international competition brought by manufacturers in developing regions, which have stabilized the price increase to a certain extent.
The report pointed out that the growth of bearing demand in the Asia-Pacific region will be the strongest, and China’s bearing demand will rank first with an annual growth rate of 12.0%. The growth of China’s bearing demand has benefited from the continuous advancement of its industrialization and the continuous growth of its manufacturing industry. As of 2009, China has become the world’s largest motor vehicle manufacturing country, which undoubtedly creates an excellent opportunity for bearing manufacturers to increase sales. The report predicts that by 2014, China’s bearing demand will account for nearly 50% of global demand, and will exceed the total of the three major demanding countries in North America, Western Europe and Japan in 2019.
From the previous development situation, the growth of bearing demand in developed regions such as the United States, Western Europe, and Japan has slowed down compared with developing countries; but before 2014, this situation did not appear in all developed regions of the world. Because many developed countries’ durable goods manufacturing (especially motor vehicles) suffered setbacks and plummeted between 2007 and 2009, the demand for bearings rebounded. With the strong recovery of the motor vehicle industry and the rapid growth of durable goods manufacturing, the demand for bearings in these regions will also increase.