Global Mining Bearings – Forecast

 

Mining Bearings – Bearing the Load

Mining is one of the most demanding industries due to its challenging operating conditions, subjecting equipment and components to extreme wear and tear from harsh conditions, including dirt, humidity, cold temperatures, abrasiveness, and moisture. These challenges place significant demands on equipment commonly used in mining machinery, such as conveyor belts, haul trucks, bucket wheel excavators, crushing, screening & conveying machineries, draglines, loaders, etc. to name a few. Each of these house numerous gearboxes and motors and to enable effective load distribution and ensure reliable operation, bearings serve as essential support systems.

Mining bearings deliver extended life and high allowable speeds for increased productivity, reduced maintenance costs, even in the harshest sites. Bearings come in numerous designs and configurations, each tailored to a specific component, but serve a similar purpose – support to rotating parts, allowing controlled motion, and minimizing wear and tear.

Digging Deep – Types of Mining Bearings

The harsh environments of the mining sector are not new. Extreme temperatures, high altitudes, dust, water, chemical exposure, etc., all are common here, and that take a toll on the mining equipment. To bear the environment yet support the mining equipment, over the centuries, bearings have evolved significantly, from simple wooden designs to sophisticated modern versions made of metals, ceramics, and more.

Non-metallic materials including – Nylon, Silicone Nitrate, Phenolic, Teflon (PTFE), Nitrile Rubber, etc., and metallic materials like Carbon Steel, Chrome Steel, Stainless Steel, Ceramic, and Polymer Plastic materials are widely used in manufacturing bearings.

Today >80% of bearings used in mining sector are manufactured using metals. Bearings come in various types and are used in nearly every piece of mining equipment. The specific type of bearing required depends on the operational capabilities of the different equipment.

In mining equipment, widely used bearing types are – ball bearings, roller bearings, plain bearings, amongst which – roller bearings, especially spherical roller bearings are the most commonly-used bearings constituting more than 60% of the global mining bearings market.

Roller bearings are designed to support heavy radial loads and have the potential to operate in case of shocks and misalignments too. Since heavy conveying and crushing vehicles like Jaw Crushers, Scalpers, Belt Conveyors, Apron Feeders, etc. are integral parts of any mining industry, ~30% of the total mining bearings demand comes from these machinery OEMs and aftermarkets.

Haul trucks also play a crucial role in the mining sector, contributing significantly to operational efficiency. Consequently, there is a consistent demand for bearings from these vehicle OEMs and aftermarkets; however, this demand is somewhat lower than that for crushing and conveying machinery. A feature by Mining Technology states that at the end of 2023, excluding those at mines in care and maintenance, the active mining truck fleet was more than 94,200 and is expected to rise to >108,280 by the end of 2030.

APAC’s Dominance in the Global Mining Sector

Mining is crucial to supplying the essential raw materials required for infrastructure, appliances, vehicles, and consumer goods globally.

The Asia-Pacific (APAC) is a dominant region in the global mining sector, which also extends to the mining bearing market. Countries such as China, Australia, and India, rich in mineral resources, are key contributors to this dominance.

APAC region contributes nearly 40% of the world’s mining bearing demand, with China accounting for a significant portion of APAC’s share. China, in particular, stands out as the world’s largest producer of various metals and minerals, significantly influencing both the mining industry and the demand for mining bearings.

As industrialization continues to accelerate, the Asia-Pacific region is poised to maintain its leadership in the global mining bearings sector.

APAC’s leadership in mining bearings is further evidenced by the fact that it has the highest concentration of mining equipment, with forecasts suggesting that the region will maintain this position in the sector in the years to come.

Unearthing the Future of Mining Bearings Market–

The mining industry plays a crucial role in the global economy, supplying essential resources for various sectors. So far, the rapid transition to clean energy technologies, like the trend of EVs from the North American and European regions and wind power generation from the Asia-Pacific (APAC) region are emerging as the key factors demanding more mining activities.

More electric vehicles on the road means an increased demand for the metals and minerals used in their rechargeable lithium-ion batteries. Demand for the cobalt used in lithium-ion batteries is expected to increase by >15% a year through 2030 states various studies. Moreover, a new World Bank Group report finds that the production of minerals, including graphite, lithium, and cobalt, could increase by nearly 500% by 2050. With the rising demand for critical minerals comes a heightened need for more mining and even more efficient mining solutions.

To meet the increasing demands for efficient and reliable high-speed equipment, major players in the mining bearing industry are developing advanced solutions.  SKF insight bearing-sensor system is one of them to mention. The group in September 2024 has teamed up with DMG Mori – a machine tool manufacturer, to use SKF’s insight super-precision bearing system to push the performance of machine tool spindles/shafts. The system measures the loads, speeds, vibrations, and temperature experienced by a bearing in real time, and fits in the same space as a traditional bearing.

To sum up, two scenarios are likely to unfold:

First, growing mining production demand will result in high demand for mining equipment to facilitate the development. Second, as mining demand rises, the present equipment fleet that has been continuously working, will require maintenance and overhaul to ensure operational efficiency. As per the report on the global mining bearings market by Stratview Research, 60% of the bearings used in the mining sector comes from the aftermarket segment.

However, in both cases, the requirement for bearings will be crucial. While bearings represent a relatively smaller part compared to mining equipment, their importance can’t be ignored.

The mining industry is emerging indicating a healthy growth due to various geographical, political, and other factors. This positive trend is expected to drive the global mining bearings market to cross an impressive US$ 2.2 billion value by 2030.

 

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