Revolutionizing the AUTOMOTIVE INDUSTRY with technology-driven platforms since 1961: The TEXSPIN story

TEXSPIN® Bearings Limited has revolutionized the automotive industry with technology-driven platforms since 1961. The company has transformed from a pioneer in bearing manufacturing to a knowledge-based technology firm that helps clients achieve long-term, competitive business excellence. TEXSPIN’s technology solutions help automotive and industrial companies introduce innovative technology products and accomplish long-term friction reduction, energy efficiency, equipment longevity and dependability. Bearings reduce friction, pollution, and fuel consumption. TEXSPIN excels in bearing development, heat treatment, precision machining, and measurement. The company offers custom, value-added, innovative solutions across all technology platforms. Managing Director, Dipen Makwana, is a third-generation entrepreneur who grew up in a family of business owners and who, after earning degrees in Engineering and Business management abroad and gaining work experience in the automobile industry abroad, has been deeply involved in the company’s strategic business management for more than a decade and is carrying out the founders’ vision by investing in state-of-the-art infrastructure and facilities, discovers Bearing Review in an exclusive interview with Dipen Makwana. Excerpts:

Q. Is everything hunky-dory with the bearing industry?

In 2021, the market for bearings in India was worth between US$1.5 and US$1.7 billion; by 2027, it would be worth between US$3 and US$3.5 billion, expanding at a CAGR of 11 to 12%. In 2021, the global market for bearings was valued at over 107 billion US dollars, and its value is anticipated to increase by 8% to 9% CAGR between 2022 and 2030.

Asia-Pacific accounted for 40% of sales in 2021. With engineering and automotive advancements and a robust aftermarket in industrial equipment and vehicle repair, this region may have the highest revenue growth by 2030, exceeding $100 billion. The robust construction and mining equipment industry in India should stimulate market expansion through 2030.

The European market can expand steadily as a result of economic expansion and growing investment. Demand in industrialized nations is also on the rise due to the automobile industry and anticipated economic expansion. The American market could benefit from high-quality bearings, such as large diameter custom bearings utilized in heavy machinery and wind turbines, as well as rapid urban infrastructure building in the Middle East and Africa driving economic expansion.

Q. What are the stimuli that will drive the growth of the industry?

The coronavirus epidemic had disrupted numerous manufacturing enterprises in major economies. Supply chain delays and movement restrictions have reduced production in the automotive industry, which uses most of the bearings. In the later part of 2020, limitations were eased and production resumed, improving the situation. The global rollout of coronavirus vaccinations boosted the market growth.

Despite the driving factors, the climactic uncertainties, high initial investments, and potential job loss are estimated to hinder market growth.

Growing demand for automotive electrification and increased use of bearing in motors

Modern cars aim for better overall cost of ownership, vehicle uptime, and optimal use. Bearings are essential for optimizing rotating parts. They reduce system noise. Modern bearings are more sophisticated and technologically advanced. Their use of efficient powertrains is rising. Thus, automobile electrification and motor bearings will grow the market.

Manufacturing-boosting government programs

The Indian government has policies and regulations in placed to ensure the manufacturing of safe products. The Bureau of Indian Standards, the Ministry of Heavy Industries & Public Enterprises, and the Ministry of Labour& Employment are three government institutions that support the country’s regulatory framework. They contribute to increased domestic production, export promotion, mandatory standardization of machines and equipment through adoption of ISO, technological advancement, reduced substandard imports via standardization, and skill development. All of these factors benefit the manufacturing sector, thereby fostering market expansion. Above all, modern and futuristic initiatives like the Make in India and Production-Linked Incentive (PLI) Scheme in the automobile and auto components sectors have given a new fillip. The PLI plan for the automotive sector offers financial incentives of up to 18% to increase domestic manufacturing of sophisticated automotive technology items and attract investments in the automotive manufacturing value chain.

India’s competitiveness as a market with a large consumer base and export hub has increased FDI over the past five to six years. FDI rose from USD 190 billion in 2009-10 to USD 284 billion in 2013-14 and 2018-19. The government’s commitment towards the Make in India initiative, economic stimulus, and infrastructure, power, oil and gas, airports, roads, and ports will provide ample opportunities for the economy’s driving industries.

Demand for passenger vehicles, commercial vehicles, and three-wheelers drives market growth. The market is driven by infrastructure demand and the growth of heavy, general, and other industries. Bearings are used in virtually every industry where dimension accuracy is critical to performance. Revenue growth is expected from precision bearing demand in aerospace and related industries. Small industrial robot bearings will also be in demand. Technological advances in office automation, medical equipment, and audiovisual equipment will boost demand for these products. Growth comes from application-specific bearing development. As a result, more bearing manufacturers offer customized products. Custom bearings meet the needs of weaving looms, agricultural machinery, vacuum pumps, and turbochargers.

Q. What niche have you carved for yourself in this dynamic industry?

TEXSPIN is known worldwide for its clutch release bearing solution, which makes up a large part of its product portfolio. We are one of the world’s leading suppliers of clutch release bearings, each of which is custom-designed. Our patented 3D self-centering clutch release bearing for automotive applications has accelerated technological development in this product category. The first-of-its-kind Hydro Pneumatic CSC from TEXSPIN reduces clutch pedal effort for larger commercial vehicles and makes truck and bus driving fatigue-free. It also improves the clutch, master cylinder, release bearing, and other components’ durability, giving the client a lightweight, compact solution, among other benefits.

TEXSPIN is one of a few global manufacturers of specialized, highly customized products for export and domestic markets. Wheel hub unit, patented Zero Drop Kingpin solution, pinion and differential bearing solution, 4-point contact zero clearance steering column bearing, detent pin, stamped synchronizer sets, stamped clutch body ring, and stamped one-way clutch are exclusive TEXSPIN technological niche products.

TEXSPIN is the leading suspension king pin bearing and shaft manufacturer and distributor in the domestic automotive industry. It has used its technical expertise and decades of research and development experience to develop the patent-protected “ZERO Drop Kingpin Assembly,” the most recent innovation in commercial vehicle axles. It enhances assembly life without maintenance. This technology reduces wheel jerks and wobbles, making driving more comfortable.

Q. The automotive industry is indeed on an upswing? What are the standard and customized solutions you offer to this sector?

Technological advances in seal and lubrication technologies are creating enormous opportunities for manufacturers. The integration of electro-mechanical components directly into bearings improves performance and reduces bearing size and cost. The development of the Internet of Things (IoT) has fostered the adoption of connected equipment and machinery.

Q. By overdependence on the automotive sector, are you not laying all the eggs in one basket?

TEXSPIN and the automotive sector are intertwined. TEXSPIN, as a provider of automotive technology solutions, cannot relinquish its foothold so simply; our decades of experience and role within the automotive sector are immaculate. Given that our contributions to the automotive industry are substantial and that we are continually enhancing our parts-per-vehicle offering, it is imperative that we continue to expand our market share. We are also investing for tomorrow’s needs today, and we are certain that we will deliver the appropriate solution to our business partners at the right moment for a win-win situation.

Automotive represented 49% of the economy in 2021. This sector is dominated by global auto production. Demand for technologically advanced vehicles, which require instrumented solutions, is also driving automobile manufacturing growth. Due to increased demand for high-tech automobiles and increased vehicle capacity, bearings have become more important in the automotive sector. The automotive aftermarket is predicted to grow at a greater CAGR, bolstering bearing demand.

Railways and aviation will lead transport growth by 2030. This growth is driven by the need to replace ageing fleets due to environmental regulations, rising fuel prices, and technology that improves global and local transportation systems. More developing countries building railways will boost the need for them. Single-aisle aircraft and helicopters in emerging economies will boost the business.

Companies like TEXSPIN invest heavily in R&D to improve bearing quality and performance for specific uses. Strategic alliances, acquisitions, collaborations, and capacity expansions also boost market presence and client bases. Due to market competitiveness, companies are improving products and expanding facilities.

Automotive and industrial sectors generate demand for bearings. TEXSPIN is well-known in the automobile sector and is expanding into the industrial sector. TEXSPIN is a global organization, but we will continue to assess and take advantage of the opportunities in India.