Spain Bearing Market Research Report, 2027

The economy of Spain is a highly developed social market economy, which means the prices for products are determined by both consumer behaviour and the manufacturers in the country. This country has the fifth largest economy in Europe and is a member of the European Union. Today, it is the 14th largest importer in the world and the 15th largest exporter. According to OEC, Spain exported about USD 0.3 billion worth of different bearing products, making it the 19th largest exporter of bearings in the world and making bearings the 213th most exported product in the country. The majority of these exports are going to countries like France, Portugal, Mexico, and the United States. Bearings are produced for the main purpose of downsizing friction, which enables better energy flow in any mechanism, along with providing constraints to motion so that the desired effect is achieved. Bearings are made from a variety of materials to meet the various requirements of their functions. These materials consist of metal, brass, and different types of steel like chrome steel and carbon steel along with some other peculiar materials like plastics and ceramics. According to the research report titled "Spain Bearing Market Research Report, 2027", published by Actual Market Research, the bearing market in Spain is expected to grow at a rate of around 6%, which is a significant increase in growth rate from previous years to 2021. The market in Spain produces different kinds of ball bearings which fulfil different purposes, like ball bearings are made to control rotational movement, roller bearings are made for big machineries, and some specific bearings are made to fulfil specific performance. Furthermore, the market is currently innovating and incorporating technologies such as sensors to provide better information to consumers who use the products. The biggest segment in the market is that of ball bearings, which consists of rolling element bearings that use balls to maintain the separation between the bearing races. In most cases, one of the races is stationary. Another segmentation provided by this overview is on the basis of application these bearings are used for, which comprises of the industrial segment, automotive segment, aerospace segment, and the other segment, which includes railways and agriculture. The biggest segment in the market is that of the industrial segment, but only by a slight margin, which is followed by the automotive segment. This segment is predicted to have a CAGR of almost 6% till 2027, which will result in its becoming the largest segment by then. The demand in this sector of the industry is driven by the fact that the automotive sector uses different kinds of bearings in making their products. These include varieties of bearings which come under the classification of ball bearings and roller bearings along with some specific tapered roller bearings. All of this demand from the automotive industry has driven the manufacturers in the bearing industry to produce bearings for their specific applications. These bearings are distributed through two major different channels, out of which OEM distribution is the most fundamental, as the majority of the demand comes from commercial sectors like the industry segment and automotive segment. This major demand is the reason the market tends to gravitate towards the OEM distribution chain, which accounts for almost two thirds of the total market share by distribution type. The market is affected by many different factors which influence it both positively and negatively. Considering the positive effects that help the market grow are factors like an increase in demand in the industrial sector, which is looking to get back on track after the pandemic and trying to increase production to meet supplies. Secondly, the demand for precision bearings in the market is rising with the adoption of robotics in sectors like surgeries and automation of assembly chains in the country. However, some negative factors developed by recent political uncertainty in the European trade sector, accompanied by stress on economies due to the pandemic, which reduced the demand for bearings, are some of the factors which became an obstacle to growth in the Spanish bearing market. Considered in this report Geography: Spain Historic year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report Spain Bearing market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation By Product type in the report: Ball Bearing Roller Bearing Plain Bearing Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By Application type in the report: Automotive Industrial Aerospace Others (Railway, Agriculture, etc.) By Distribution channel in the report: Original equipment manufacturers (OEMs) Aftermarket The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.