Marine Wheel Bearings Market to Perceive Substantial Growth During 2018 – 2027

Posted by Divakar on September 9th, 2019

Global Marine Wheel Bearing Market: Snapshot

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.

Surging demand for recreational boats and yachts, owing to rising disposable incomes of people, has also proved beneficial to the global marine wheel bearing market 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.

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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 2018 and 2027.

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.