1. Forecast of the global sliding bearing industry market size
According to the comprehensive data of multiple market research reports, the global sliding bearing industry market size has maintained steady growth in the past few years. In particular, data from CICC International Consulting shows that the global sliding bearing industry market size reached US$14.1 billion in 2020, and the global sliding bearing industry market size is expected to grow at an average annual compound growth rate of 9.2% from 2020 to 2026. Therefore, according to this growth rate, the global sliding bearing industry market size is expected to reach approximately US$19 billion by 2024.
This growth is mainly driven by the development of downstream industries such as energy, transportation, metallurgy, and chemical industry, which have an increasing demand for large, heavy-loaded, and high-speed mechanical equipment, thereby increasing the demand for sliding bearings. At the same time, technological innovations such as the application of new materials, the development of lubrication technology, and the application of intelligent technology have also provided impetus for the development of the sliding bearing market.
2. Forecast of the market size of China's sliding bearing industry
As the world's largest bearing market, China's sliding bearing industry has also shown a steady growth trend. According to a report by Betz Consulting, the size of China's sliding bearing market reached 16.244 billion yuan in 2023. Considering the continuous development of China's economy and the improvement of industrial automation level, it is expected that the market size of China's sliding bearing industry will continue to expand in the next few years.
Specifically, with the continuous development of domestic industries such as automobiles, machinery and equipment, aerospace and defense, the demand for sliding bearings will continue to increase. In addition, the development of emerging markets will also bring new opportunities for China's sliding bearing industry. According to statistics, the production capacity of my country's sliding bearing industry has grown steadily. In 2022, the production capacity of China's sliding bearing industry will be about 10.05 billion units, and the capacity utilization rate will increase from 78.91% in 2017 to 90.6%. It is expected that in the next few years, with the development of domestic industries such as automobiles, the production capacity of sliding bearing companies will continue to expand.
In 2024, the market size of both the global and Chinese sliding bearing industries is expected to maintain steady growth.
The global market size is expected to reach approximately US$19 billion, while the Chinese market size will continue to expand, and the specific amount will be affected by many factors. However, no matter how the market size changes, technological innovation and increased market demand will be the key factors driving the continued development of the sliding bearing market.
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