India automotive bearing market set to bounce back

Posted on: August 03, 2015

TradeArabia Back Industry, Logistics & Shipping India automotive bearing market set to bounce back India’s automotive sector is set to revive back after sluggish demand during the period 2012-14, according to a report. The increasing consumer confidence and recovery of the economy has pushed the market towards positive growth, with a similar trend expected in automotive bearing market, where market would grow over the next six years, it said. According to 6Wresearch, ‘India Automotive Bearing Market’ is projected to reach $1.2 billion by 2021. In India’s automotive bearing market, ball bearing segment captured key share of the market last year and is anticipated to maintain its market dominance through the forecast period owing to demand from two wheeler and passenger vehicle segments. Akash Shukla, research associate, Research and Consulting, 6Wresearch, said that with the launch of ‘Make in India’ campaign domestic production of automotive vehicles is expected to increase in the forecast period. The initiatives would drive various international players to expand and establish their manufacturing facilities in the country. Further, opportunities to export the vehicles in the international market would fuel the market for automotive bearing in the country. In India’s automotive bearing market, two-wheeler and four-wheeler vehicle segments have captured lion’s share of the market pie, where original equipment manufacturer (OEM) market has contributed for significant demand. On the other hand, aftermarket is spurred by counterfeit bearings which are much cheaper and are of lower quality. Among all regions, northern, southern and western regions generated majority of the market revenues owing to presence of automotive vehicle manufacturing facilities and large existing vehicle base. Over the next six years, the market for northern and western region is exhibited to grow at relatively higher growth rate than others. The market is highly consolidated with top six players cumulatively accounting for more than 80 per cent of revenue share last year. The key companies in India’s automotive bearing market are SKF India, FAG, INA, ABC Bearing, NRB Bearing, NEI, Tata Bearing, Timken and Austin Engineering. - TradeArabia News Service Industry, Logistics & Shipping French container shipper to resume service to Iran The world's third-largest container shipping group, France's CMA CGM, said on Monday it would resume operations to Iran following the deal between Tehran and world powers over the Middle Eastern country's nuclear programme. "Following the recent positive developments involving Iran and the P5+1 Group - comprising the US, China, France, the UK, Germany and Russia - and with the conclusion of the joint comprehensive plan of action, CMA CGM Group has decided to resume service to Iran starting (at the) beginning August 2015," it said in an email. – Reuters Industry, Logistics & Shipping Glencore mine shut over job cuts process South Africa's mines minister has ordered Glencore to suspend all operations at a coal mine because of the way it planned to carry out job cuts. The country's mining industry is battling sinking commodity prices, rising costs and labour unrest. Glencore announced in July it would cut 380 jobs at Optimum and shut part of the mine due to lower coal prices. It added on Tuesday the mine's finances were strained because it was supplying state power firm Eskom with coal at prices lower than the cost of production. Job losses are a politically and socially charged issue in Africa's most advanced economy, where the unemployment rate stands at about 25 per cent - although some analysts say the figure is higher. Mines Minister Ngoako Ramatlhodi said on Tuesday that the 10 million tonne-a-year mine should be shut because Glencore did not follow legal procedure in the process of cutting jobs. "The retrenchments ... were inhumanely conducted and disregarded all the legal prescripts which govern the process of retrenchments," he said a statement from his ministry, without being more specific. Ramatlhodi later told Reuters that the government was suspending operations at the mine until the issue was resolved. Glencore, Eskom and the department of trade and industry will meet later on Tuesday with the mines ministry to try and find a solution, the minister said. Glencore said that it had complied with all the legal requirements relating to job cuts, including consultation with government and unions for an extended period of time. It said an agreement signed in 1993 to supply 5.5 million tons of coal a year to Eskom was unsustainable and that it had initiated a "business rescue" at Optimum. Business rescue, similar to chapter 11 in the United States, allows a financially distressed company to temporarily delay creditors' claims against it or its assets. Global coal prices have fallen by around 10 per cent this year, partly due to oversupply, extending losses from a bearish trend since 2011. This is particularly concerning for South Africa as it contributes more than any other mining commodity towards its gross domestic product (GDP). Eskom spokesman Khulu Phasiwe said it was in the process of renegotiating its supply contracts with coal companies because it was paying too much given softer commodity prices. 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