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World bearings demand to reach $35 billion in 2007. (News Release).

Worldwide demand for bearings is projected to increase 5.7 percent per annum to over $35 billion in 2007. Gains will exceed the 1997-2002 pace based on accelerating global economic growth, which will stimulate motor vehicle production and fixed investment activity, two major determinants of bearings demand. These and other trends are presented in World Bearings, a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.

The most rapid growth in bearings demand is forecast for the developing areas of Asia/Pacific, Latin America, Africa/Mideast and Eastern Europe. Increasing industrialization in these regions will lead to rising OEM output for bearing-consuming products. While these factors will support growth in the developing nations of the Asia/Pacific region, the region also derives a large share of demand from the mature economy of Japan, where gains for bearings are projected to lag the global average. Gains for bearings in the more mature regions of North America and Western Europe will also lag the global average. North America and Western Europe will, however, continue to be major markets for bearings. This prominence results from their developed industrial economies, which lead to vast requirements for bearings across all major markets.

Ball bearings comprised over 45 percent of bearings sales in 2002, the largest of any product type. Ball bearings will maintain this position through 2012, due to their use in a wide range of applications. Roller bearings, which comprised nearly 40 percent of sales in 2002, will post similar gains to ball bearings through 2007.

Industrial machinery accounted for over 50 percent of the world bearings market in 2002, and will remain dominant due to recovering global capital investment and increased output of bearings-using industrial products. However, rising motor vehicle production will create opportunities in that market, and aerospace and other markets will also post good gains.

World Bearings (published 06/2003, 318 pages) is available for $4,800 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail pr@freedoniagroup.com. Information may also be obtained through www.freedoniagroup.com.

A limited license to use or reprint information from this news release is granted to you provided attribution for the same-including, if possible, the price of the report--is given to The Freedonia Group, Inc. (Cleveland, OH). We would also appreciate the courtesy of receiving a copy of the article or publication in which we appear.
WORLD BEARINGS DEMAND
(million US dollars)

 % Annual Growth
Item 1997 2002 2007 02/97 07/02

World Bearings Demand 23539 26900 35500 2.7 5.7
 North America 7015 7625 9555 1.7 4.6
 Western Europe 5279 6370 7855 3.8 4.3
 Asia/Pacific 8188 9420 13220 2.8 7.0
 Other Regions 3057 3485 4870 2.7 6.9
COPYRIGHT 2003 Subscription: $00.00 per year as of 1/94. Published irregularly. Contact Freedonia Group, 3570 Warrensville Cente
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

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Comment:World bearings demand to reach $35 billion in 2007. (News Release).
Publication:Research Studies - Freedonia Group
Geographic Code:00WOR
Date:Jul 18, 2003
Words:478
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