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.
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$380 billion in freight rates in the global economy. This equals to almost 5% of the overall trade worldwide.
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Steady Growth of the Shipbuilding Industry to Fuel the Market
Increased globalization has resulted in the growth of the shipbuilding industry due to easier accessibility of components, raw materials, and finished products across the globe. Market players in the industry are engaged in the construction, repair, and modification of the ships. Further, according to the United Nations Conference on Trade and Development (UNCTAD), the operation of merchant ships contributes to approximately US$ 380 billion in freight rates within the global economy, representing about 5% of the total world trade.
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.
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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.
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