Marine Wheel Bearings Market – Sales, Ex-factory Price, Revenue, Gross Margin Analysis

Posted on 2021-02-22 by Future Market Insights, Inc in Internet & Online // 0 Comments

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.

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The global marine wheel bearing market has been filliped greatly by globalization, which has resulted in increased volume of international trade. As per a conference of United Nations Conference on Trade and Development (UNCTAD), merchant ships contributes close to a staggering US$380 billion in freight rates in the global economy. This equals to almost 5% of the overall trade worldwide.

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.

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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.

In addition, stringent maritime regulations regarding engine emission and fuel utilization have further increased implementation of efficient bearing, especially composite bearings that exempt the use of oil or grease lubricants. This, in turn, boosts the demand for advanced composite marine wheel bearings in the shipbuilding industry.

Above discussed market scenarios are thoroughly discussed in the report making it the most credible source for business professionals to understand the outlook of the global marine wheel bearings market.

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