Asian bearing demand is strong, promoting the rapid development of world bearings
Bearing demand growth momentum reached $76 billion in two years
Due to the sustained economic growth and the increase in fixed asset investment in many developed countries around the world, the bearing market will see a new growth trend. According to industry research company's forecast analysis report on the global bearing market, the global demand for ball bearings, roller bearings and plain bearings is expected to grow at an annual rate of 8.5%, and will reach $76 billion by 2014, including unloading. Ball bearings and roller bearings are the most demanding. The Asia-Pacific region has the strongest growth momentum. The reason for the reasonableness of raw material prices and the increasing international competitive pressure brought by manufacturers in developing regions have stabilized the price increase to some extent.
The report pointed out that the growth of bearing demand in the Asia-Pacific region will be the strongest, with China's bearing demand ranking first at an annual growth rate of 12.0%. The increase in demand for bearings in China is due to the continuous advancement of its industrialization and the continued growth of the manufacturing industry. As of 2009, China has become the world's largest motor vehicle manufacturing country, which undoubtedly created 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 in 2019 surpass the combined demand of North America, Western Europe and Japan.
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; however, before 2014, this situation did not appear in all developed regions of the world. Bearing demand has rebounded since many developed countries' durable goods manufacturing (especially motor vehicles) suffered a setback and slumped in 2007-2009. With the strong recovery of the automotive industry and the rapid growth in durable goods manufacturing, bearing demand in these regions will also increase.