The fiber reinforced composites segment of the aerospace bearings market is anticipated to grow at the highest CAGR during the period to 2022. The aerospace bearings market was valued at $7.88 billion in 2016 and is projected to reach $ 11.19 billion by 2022.
Research and Markets informed their findings in the report «Aerospace Bearings Market by Type, Application, Material, Aircraft Type, and Region — Global Forecast to 2022.
The growing demand in the industry for fiber-reinforced composites is driven by excellent performance of this material. This segment is expected to grow, as these bearings support high static and dynamic loads, and are ideal for corrosive environments such as seawater and acidic.
A significant incentive for the market growth is the aim to reduce operating costs and, consequently, requests for aircraft modernization using new, more economical materials and solutions are increasing.
The North America region led the aerospace bearings market in 2016 accounting for the highest share of the market in the same year due to the increase in the number of aircraft deliveries and modernization of aircraft.
However, the aerospace bearings market in Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. Major aircraft manufacturing companies across the globe are establishing their manufacturing base in Asia-Pacific and hence, this aspect would inevitably affect the allied sectors and markets. In addition, Japan and Russia returned to the aerospace construction business, introducing a short-range passenger plane MC-21 last year.
Companies: Research and Markets