The Indian ball bearing industry is expected to grow at 10 per cent over the next three years, an official today said.
"After a slump of almost three years till 2017, the ball bearing industry is looking up. In the first two quarters of 2018, there was double digit growth. We hope the sector would expand by at least 10 per cent over the next three years, " Eastern India Ball Bearing Merchants Association chairman Surendra Choraria said.
The association today celebrated its golden jubilee.
The Indian bearing market is estimated at Rs 95 billion and it constitutes less than 5 per cent of global bearing demand. About 60 per cent requirement is catered through domestic production while the remaining is met through imports, he said.
Heads of two major bearing makers -- Dharmesh Arora, CEO, Schaefller India Limited, and Sanjay Koul, Managing Director of Timken India Limited -- were present at the event.
The major bearing consuming sectors in eastern India are mining, steel, railway and power.