BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Middle East and Africa composite bearings market to grow at a CAGR of 5.24% during the forecast period between 2023 and 2029. Major growth factors of Middle East and Africa composite bearings market include rising demand for lightweight and durable materials in various industrial applications. Composite bearings are made by combining materials, such as fiber-reinforced resin, plastic, or metal, with synthetic fibers and PTFE, which reduces friction. Composite bearings offer a cost-effective alternative to traditional bearings, as they have a longer lifespan and require less maintenance. They are used in powertrains, steering yokes in automobiles, bicycle forks, seat mechanisms, and belt tensioners. Automobile manufacturers are extensively utilizing lightweight composite materials to reduce vehicle weight and enhance fuel efficiency. Additionally, composite bearings are preferred in various machines like agricultural machinery, drilling rigs, and lawn mowers, due to their excellent load-bearing capacity and reliability. As manufacturing output increases, the Middle East and Africa composite bearings market is expected to witness further growth. However, availability of alternative materials and limited performance under certain conditions are anticipated to restrain the overall market growth.
Middle East and Africa Composite Bearings Market – Overview
Composite bearings refer to a type of bearing made from a combination of materials such as polymers, fibers, metals, and ceramics. They are designed to reduce friction and wear in mechanical systems, while also providing high resistance to corrosion, impact, and temperature variations. Composite bearings offer several advantages over traditional bearings, including their lightweight, low friction coefficient, self-lubricating properties, and long service life. They find extensive applications in various industries such as aerospace, automotive, marine, construction, and industrial equipment. The composite bearings market includes the manufacturing, distribution, and sale of these types of bearings to end-users across different industries.
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Impact of COVID-19 on Middle East and Africa Composite Bearings Market
COVID-19 adversely affects composite bearings market across the Middle East and Africa region. Like many other industries, the composite bearings market has been affected by disruptions in supply chains, reduced demand, and economic uncertainty. The pandemic has led to the shutdown of manufacturing facilities and disruptions in the supply chain, affecting the production and delivery of composite bearings. This has resulted in delayed or canceled orders and reduced revenue for manufacturers. Moreover, the pandemic has caused a decline in demand for composite bearings due to reduced economic activity in several end-use industries, including automotive, aerospace, and construction. This has led to a decrease in sales and revenue for composite bearing manufacturers. However, the pandemic has also created new opportunities for the composite bearings market. The increasing demand for medical equipment, such as ventilators and hospital beds, has created a new market for composite bearings. The use of composite bearings in medical equipment has increased due to their self-lubricating properties, lightweight, and high load-bearing capacity. The pandemic has also accelerated the adoption of digital technologies, such as remote monitoring and predictive maintenance, in several industries. This has created new opportunities for composite bearing manufacturers to offer value-added services to their customers.
Middle East and Africa Composite Bearings Market – By Product
By product, Middle East and Africa composite bearings market is bifurcated into Metal matrix composite bearings and Fiber matrix composite bearings segments. The metal matrix composite bearings segment has a higher share in the Middle East and Africa composite bearings market due to several factors, such as high strength, wear resistance, and thermal stability, which make them suitable for use in a wide range of applications. In the automotive industry, metal matrix composite bearings are used in engine components, transmission systems, and suspension systems due to their high load-bearing capacity and low friction properties. The increasing demand for lightweight materials in the automotive industry has also driven the adoption of metal matrix composite bearings, as they are lighter than traditional metal bearings.
Competitive Landscape
Major players operating in Middle East and Africa composite bearings market include GGB Bearing Technology, Trelleborg Sealing Solutions, Schaeffler AG, Rexnord Corporation, NTN Corporation, RBC Bearings Incorporated, H4 Marine Limited, Daido Metal Co., Ltd., AST Bearings LLC, NSK Ltd., Saint-Gobain Performance Plastics, Igus GmbH, Polygon Company, Oiles Corporation, and The Timken Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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