Marine Wheel Bearings Market Made Impressive Gains By 2024

Posted on 2021-11-30 by Future Market Insights, Inc in Industrial // 0 Comments

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.

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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.

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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Composite Bearings to Dominate the Market

Composite bearings are dry bearings that are designed by incorporating solid lubricants. They surpass the traditional metal or bronze bushing in terms of durability, productivity, and maintenance. The composition enables composite bearings for dry run without the need of lubricants. Advances in design, technology, and lubricant material have increased wear resistance of these dry bearings. Due to this, composite marine bearings are highly utilized in the shipbuilding as well as offshore construction industries.

In the steering system or marine wheel of the ship, multiple marine bearings including rudder bearings, stabilizer bearing, stern tube bearing, marine wheel bearing and bearings for other dock machineries are found. Leading bearing manufacturers have developed all kinds of marine bearings using composite material. With the aim of maintenance reduction, the shipbuilding as well as maintenance divisions are adopting composite marine bearings.

Increased Importance of Recreational Boating Activities to Boost Adoption

Growing economic scenario and rising disposable incomes are gradually changing consumer preferences. Increased consumer pool is seeking for leisure and recreational activities. With the growing preference for outdoor recreational activities and recreational fishing, demand for recreational boats has increased in past decade. Following this trend, recreational boating industry has witnessed a steep rise in terms of surge in boat rental activities and ownership of personalized recreational boats or yachts. To satisfy the high-end demand of clients, manufacturers are designing luxury yachts with the best machineries including better composite bearings.

Due to these reasons, shipbuilding industry has observed steady rise in terms of recreational boat manufacturing. Further, intense recreational activities have led to need for maintenance of existing boats. Thus, increased manufacturing and a need for maintaining existing boats will demand need for marine bearings including marine wheel bearings.

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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Global Marine Wheel Bearing Market: Snapshot

Composite Bearings to Dominate the Market

Increased Importance of Recreational Boating Activities to Boost Adoption

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