Analysis of the market size of China’s bearing industry in 2021

Bearings are an important part of contemporary machinery and equipment. Its main function is to support the mechanical rotating body, reduce the friction coefficient during its movement, and ensure its rotation accuracy. The basic structure is usually composed of an inner ring, outer ring, rolling elements, cage, seals, and grease. The inner ring and outer ring are collectively called bearing rings, which are ring-shaped parts with raceways.

Bearings are the core and basic components of the industry. The bearing industry plays an important role in supporting the development of the national economy and national defense construction. Let’s take a look at the Shanghai Asia Power Transmission Exhibition.

Industry market scale

Shanghai Asia Power Transmission Exhibition, in terms of output, China is already the world’s third-largest bearing producer. In 2020, the annual output of our bearings will reach 19.8 billion sets, a year-on-year increase of 1.02%. In recent years, China has vigorously developed the machinery manufacturing industry, the development of the downstream bearing industry, and the increasing demand for bearing products, which has made the sales revenue and total profit of the bearing industry continue to increase. The China Business Industry Research Institute predicts that the annual output of the bearing industry in 2021 will reach 20.2 billion sets.

The future development trend of the industry

Since the founding of the People’s Republic of China, China’s bearing industry has experienced three development stages: “from scratch,” “from small to large,” and “from weak to strong.” After the “Nineteenth National Congress,” the revitalization of the manufacturing industry has become a national strategy. At the same time, “Made in China 2025” has been implemented steadily, and the industrial foundation project is in full swing. Therefore, high quality, a specialized division of labor, and high technical content is an important trend in the bearing industry.

(1) Transition from scale and speed type to quality efficiency type

At present, China’s bearing industry will transform from high-speed growth to medium-to-low-speed growth, from scale and speed growth to quality and efficiency growth, and the product structure is continuously optimized. The output rate per unit of assets, the rate of value-added, the value-added per capita, the profit rate of sales, the intensity of R&D investment, and the number of authorized invention patents will be greatly increased, and the energy consumption and material consumption per unit of value-added and pollutant emissions will be greatly reduced.

(2) Further embodiment of specialized division of labor

With the continuous development of the downstream market, the types and specifications of bearing products will continue to expand. Different types of bearings have different heat treatment levels, machining accuracy, surface treatment methods, production equipment automation, and manufacturing processes. Therefore, most companies will focus on specialized production and operation in one or several links to further clarify product positioning. It has its own division of labor and positioning in the industry chain. In addition, with the globalization of the economy and the shift of the international bearing industry chain to China, the eight major bearing companies will focus more on the design, sales, and grinding of bearings. At the same time, more pre-grinding products (i.e., ferrule manufacturing) will be Professional production is carried out by companies with high-quality labor force and stable production technology. A specialized division of labor has become an important trend in the future development of the industry.

(3) Continuous improvement of product technical content, work efficiency, reliability, and accuracy

Judging from the current product structure of China’s bearing industry, the production of ordinary bearings with low technical content can already meet market demand. Still, high-end bearing varieties such as high precision, high technical content, high added value, special features, and meeting special working conditions are available. Depends on imports. In the future, bearing manufacturers will continue to improve the R&D design and manufacturing level by increasing R&D efforts, introducing advanced manufacturing equipment from abroad, and strengthening the development of industry-university-research integration, which is an inevitable trend in the development of the industry.