Bridge Bearings Market Size, Share, Industry Trends, Outlook, Growth and Forecast 2024 - 2031

Global Bridge Bearings Market is segmented By Material (Steel, Rubber, Combined), By Type (Elastomeric Bearing, Pot Bearing, Roller Bearing, Spherical Bearing, Siding Plate Bearing, Others), By Application (Highway, Railway, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024 - 2031

Bridge Bearings Market Size

Global bridge bearings market reached USD 877.9 million in 2022 and is expected to reach USD 1,1191.9 mllion by 2030, growing with a CAGR of 4.0% during the forecast period 2023-2030. The need for elastomer bearings in the construction industry to create bridge constructions that serve as a supporting surface between a deck and bridge pier or beam is expected to increase, leading to a quick expansion of the global bridge bearingss market during the forecast period. 

U.S. is known for its technological advancements and innovation in various industries. In the bridge bearings market, U.S. companies have been at the forefront of developing advanced bearing technologies. They invest heavily in research and development to enhance bearing performance, reduce friction and increase efficiency. These technological advancements drive the growth of the global bridge bearings market by setting new standards and providing improved solutions. Therefore, U.S. accounts for more than 3/4th of the regional shares and is expected to grow at a highest CAGR in the North America.

Bridge Bearings Market Scope

To Know More Insights - Download Sample

Bridge Bearings Market Dynamics

Growing Infrastructure Development

Increasing investments in infrastructure development by governments and private sectors worldwide are driving the demand for bridge bearings. For instance, according to the Global Infrastructure Outlook by the Global Infrastructure Hub, it is estimated that between 2016 and 2040, the world needs to invest approximately US$94 trillion in infrastructure. This significant investment is expected to drive the demand for bridge bearings and other related construction components.

In addition, the World Bank estimates that global investment in transportation infrastructure will reach USD 45 trillion by 2030. As transportation networks expand, the construction of new bridges and the rehabilitation of existing ones become essential, leading to a surge in the demand for bridge bearings.

Government is also investing in boosting the urban projection across the globe due to growing shift of population towards urban side of the city. The United Nations projects that the global urban population will reach 68% by 2050, indicating a substantial increase in urbanization. This urban growth drives the need for improved transportation infrastructure, including bridges, thereby boosting the bridge bearing market.

Increasing Growth in Construction Industry

The construction of bridges makes considerable use of bridge bearingss. They play a significant role in the force transmission and accommodation of the deformation caused by thermal expansion and stress due to temperature change as well as reducing the stress involved with seismic activity. They are typically located between the superstructure (bridge deck) and bridge piers structure. Bridge bearing transfers the load from the superstructure to the bridge piers and abutments by distributing weight, motion and movement in both vertical and horizontal directions.

One of the newest industries with a significant impact on the socioeconomic advancement of any nation, developed or developing, is the building sector. Bridge bearings are a common component of bridges between the bridge structure and superstructure and are used primarily in bridge construction. This facilitates connectivity and access to social, health and educational services as well as to work opportunities. Roads create connectivity between locations, open up new terrain and promote social and economic advancement. Because of this, a public asset's road infrastructure is its most crucial component.

Intense Competition

Intense competition often leads to price wars among manufacturers. In an effort to secure market share, companies may engage in aggressive pricing strategies, lowering their prices to attract customers. This price pressure can negatively impact the revenue and profitability of bridge bearings manufacturers. It becomes challenging for companies to maintain profit margins and invest in research and development or technological advancements.

When competition is high, manufacturers may face challenges in maintaining profitable operations. Lower profit margins resulting from competitive pricing can limit the resources available for innovation, product development and expansion. This can hinder investment in improving the quality and performance of bridge bearingss, thereby restraining market growth.

Bridge Bearings Market Segment Analysis

The global bridge bearings market is segmented based on material, type, application and region.

Increased Demand from the Construction Industry for Elastomer Bearings

The construction industry's increased demand for elastomer bearings to build bridge structures, which represents national economic expansion, is a key driver anticipated to fuel the demand for elastomer bearings in the next years. The industry is expected to grow in the coming years as a result of rising demand for improved accessibility and upgrading of transportation infrastructure. 

The market for elastomer bearings is expected to grow over the next several years as investments in the transport industry and the number of significant public infrastructure projects also increase. The demand for elastomer bearings is also predicted to increase during the forecast period due to rising demand for construction projects in the transportation sector.Therefore, elastomeric bearing segment accounts for majority of the global segmental share.

Bridge Bearings Market Geographical Share

Availability of Low-Cost Manufacturing, Labor and Raw Materials

Asia-Pacific countries, particularly China, India and Southeast Asian nations, have traditionally offered a cost advantage in terms of manufacturing compared to regions like Europe and North America. The availability of affordable labor, lower production costs and favorable business environments have attracted bridge bearings manufacturers to set up production facilities in these countries. 

The large population and economies of scale in the Asia-Pacific allow manufacturers to achieve cost efficiencies through mass production. This enables them to offer bridge bearingss at competitive prices, meeting the demand of both domestic and international markets. Therefore, the Asia-Pacific dominates the global semiconductor markwet with nearly half of the global market share.

Bridge Bearings Market Companies

The major global players include Freyssinet, Gumba GmbH & Co. KG, Mekano 4, DIXON INTERNATIONAL GROUP LTD., VSL International Ltd, MAURER SE, Canam Group plc, Epic Polymer Systems Corp., KantaFlex and Ekspan Limited.

COVID-19 Impact Analysis

Different industries were impacted differently by the pandemic. For instance, the construction industry faced a significant downturn as halt in building and construction activities. Since the construction industry is a major consumer of bridge bearingss, the market was affected.

The COVID-19 pandemic has halted the production of a number of products in the bearing industry, mostly as a result of the prolonged state of crisis in several developed nations. This has severely slowed the market's growth for elastomer bearings during the past few months and it will probably do so throughout 2020. Equipment and machinery sales have already been impacted by COVID-19 in the first quarter of 2020 and the market growth is projected to suffer throughout the year.

Russia- Ukraine War Impact 

The conflicts often create an environment of uncertainty. Companies may hesitate to make investment decisions or delay new projects due to the unpredictable nature of the situation. This hesitation can impact the demand for bridge bearingss in the affected regions. In response to the conflict and potential supply chain disruptions, companies may seek alternative supply sources to ensure continuity of their operations. This could result in a reconfiguration of supply chains, with manufacturers exploring options outside the affected regions. Such a shift in supply sources may have implications for the European and global bridge bearings market as new suppliers and manufacturers enter the market or expand their operations.

Key Developments

• In October 2022, Teams from Freyssinet Spain collaborated alongside Acciona, Tecade and other organizations to complete significant repairs and enhancements to Seville's El Centenario Bridge.
• In April 2022, In order to prove that its simple bearings were suitable for use on the 4 km-wide Turkish bridge, SKF underwent comprehensive testing and qualification. The world's longest suspension bridge, which was opened in Turkey, features bearings from SKF and is a feat of engineering.
• On January 12 2018, during a three-hour traffic closure, NF Railway engineers corrected the bearing arrangements of the famous Saraighat Bridge.

Why Purchase the Report?

• To visualize the global bridge bearings market segmentation based on material, type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of bridge bearings market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global bridge bearings market report would provide approximately 61 tables, 59 figures and 202 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals 
• Emerging Companies