News / Bearing Oil Market: Global Market Snapshot by 2020
Date: 2016-11-11
Bearing Oil Market: Global Market Snapshot by 2020
Bearing is referred as machine element which constrains relative motion and reduces friction between moving parts of the machine to desired relative motion. Bearing become very essential for to increase life span of the machine. For, bearing to perform under demanding conditions lubricants become very critical part to keep the bearing in good shape. Lubrication helps in maintaining life span, torque, speed, noise, temperature and rust prevention of the bearing. Bearing oil is the most used lubricant to keep the bearing in good share, in turn keeping the machine in good condition.
Machine that requires extremely low torque or narrow range of torque variation, bearing oil as a lubricant is best. Previously most of bearing oil was refined from petroleum. However, with improved technology synthetic oils such as diesters, silicone polymers and fluorinated compounds are used to refine bearing oil with improved qualities.
Bearing oil refined from diesters consists of properties such as lower volatility and better viscosity characteristics compared to oil refined from petroleum. Bearing oil as a lubricant is majorly used by automotive industry. Other major application of bearing oil includes low speed instrument oil, aircraft bearings oil, automotive radiator cooling fan, high temperature motor bearings, vacuum cleaner and power tool applications.
North America has the largest market share for bearing oil, followed by Europe and Asia Pacific. North America is expected to maintain its dominance in the forecasted period owing to increasing demand from manufacturing industry in the U.S. Europe is expected to show average growth.
However, Asia Pacific region is expected to witness highest growth in the coming future due to increasing number of manufacturing in the emerging markets such as China and India.
Increasing demand of bearing by the automotive industry is driving the global bearing oil market. In 2013, bearing demand from automotive industry in China was 1.1 billion units; this is expected to reach 1.2 billion units till the end of 2014. Additionally, expansion of railway in major countries such as China, India and other European countries is expected to demand more bearing, in turn demand for bearing oil is expected to increase. Also, increasing demand of bearing from the manufacturing industry for proper working of the machine is further expected to increase the demand for bearing oil in the global market.
Increased global demand for bearing in the global market is influencing the market players to invest in bearing oil business. Some of the major companies operating in the global bearing oil market are Timken, Schaeffler AG, NACHI-FUJIKOSHI CORP., Minebea Co., Ltd., NSK Ltd., NTN Corporation, SKF Group, JTEKT Corporation, Tianma Bearing Group Co., Ltd, Wafangdian Bearing Group Corp and Harbin Bearing Manufacturing Co., Ltd
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