Pune India, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the polymer bearing market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the polymer bearing market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as bearing, material type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global polymer bearing market are TOK, Inc., Altra Industrial Motion Corp, OILES CORPORATION, Kashima Bearing, Inc., SKF, ISB Industries, Saint-Gobain, Igus, Dotmar Engineering Plastics, Synnovia, Waukesha Bearings, Xinzhou Bearing Industrial Inc., KMS Bearings, Inc. among others. To achieve a substantial market share in the worldwide polymer bearing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Polymer bearings are highly wear resistant and provide low friction in both dry and lubricated environments. It is important to use polymer bearings in areas where corrosion and wear and fatigue resistance are important. Polymer bearings offer properties such as corrosion resistance, high wear and fatigue resistance, self-lubricating, low friction, quiet operation, light weight, high dimensional stability, low lifecycle costs, and electrical insulation. Food & beverage, textile, chemical, vacuum, and other industries utilize polymer bearings extensively. Moreover, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for manufacturers. Integrated electro-mechanical features directly into bearings help to improve performance and reduce costs. During the forecasted period, polymer bearings are expected to play a major role in driving the growth of the market. Increased demand for automotive mounted bearings is the result of improved properties such as highly-efficient flow, smooth operation of the vehicles and enhanced capabilities of the product. In turn, this has led to the increase in the sales of the product, leading to an increase in market growth. There are some factors which are hampering the market growth such as high cost of the product and fluctuating process of raw material.
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Scope of Polymer Bearing Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Bearing, Material Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | TOK, Inc., Altra Industrial Motion Corp, OILES CORPORATION, Kashima Bearing, Inc., SKF, ISB Industries, Saint-Gobain, Igus, Dotmar Engineering Plastics, Synnovia, Waukesha Bearings, Xinzhou Bearing Industrial Inc., KMS Bearings, Inc. among others |
Segmentation Analysis
Roller bearing is expected to be the fastest-growing segment in 2022.
The bearing segment includes roller bearing, needle bearing, ball bearing, and others. The roller bearing segment is expected to witness the highest growth rate during the forecast period. It is expected that the segment will maintain its dominance in the coming years, and become the fastest-growing segment, as well. As a result, they reduce friction in the rotational process, support radial and axial loads, and are more efficient at sustaining axial loads and heavy radial loads.
Phenolics are expected to be the fastest-growing segment in 2022.
The material type segment includes teflon, ultra-high molecular weight polyethylene, poly acetyl, phenolics, nylon and others. The phenolics segment is expected to witness the highest growth rate during the forecast period. In addition to its outstanding strength and shock resistance, phenolic polymer bearings also possess water, alkali, and acid resistance properties. Phenolic polymer bearings are in high demand from a variety of end-use industries including automotive, textiles, food packaging, and semiconductors. Self-lubricating polymeric materials can be used in various applications, replacing metal bearings. In heavily loaded systems, they provide cooling and clearance when needed.
Automotive is expected to be the fastest-growing segment in 2022.
The end-user segment includes packaging, automotive, food processing, textile, electronics and others. The automotive segment is expected to witness the highest growth rate during the forecast period. As a result of the high production of automobiles globally, this segment has an increasing share. Additionally, the demand for technologically advanced vehicles is increasing, resulting in the development of vehicle manufacturing requiring instrumentation. In the automotive industry, bearings have become increasingly important due to the increasing demand for highly advanced vehicles and their increasing capabilities. Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the polymer bearing market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Several end-use industries such as automotive, textile, food processing, packaging, and chemical, which have increased demand for polymer bearings in Asia-Pacific, led Asia-Pacific to hold the largest share in the polymer bearing market in 2019, up to 30%. As a result of foreign companies increasing their investments, production facilities growing, a strong industrial base in the construction sector, and the significant increase in living standards, this region is experiencing rapid growth of the polymer bearing market.
Country Analysis
- Germany
Germany's polymer bearing market size was valued at USD 0.81 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 5% from 2023 to 2030.
As a result of strong economic growth and increased investment, Germany is expected to grow favorably. As electric and hybrid vehicles are on the rise and the automotive and automobile industries continue to grow and develop, the bearing market in the country is expected to grow.
- China
China’s polymer bearing market size was valued at USD 1.07 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 5.3% from 2023 to 2030.
Increasingly, multinational companies have entered the Chinese bearing industry due to the rapid development of its economy. Car bearings, high-speed or quasi-high-speed railway train bearings, equipment bearings for supporting equipment, high-precision bearings, engineering machinery bearings, etc., have become the main products.
- India
India's polymer bearing market size was valued at USD 0.83 billion in 2022 and is expected to reach USD 1.24 billion by 2030, at a CAGR of 5.2% from 2023 to 2030.
There has been a significant increase in industrialization in the country. The polymer bearing market has been experiencing steady growth in the food and beverage, transportation, and logistics industries because of the increasing demand for polymer bearings.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for polymer bearings in various end-user industries.
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