Increasing Demand for Plain Bearings to Create Growth Opportunities for Low Temperature Bearings Market Players During 2022-2028
According to our latest market study on “Low Temperature Bearings Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Material,” the market size is projected to reach US$ 752.72 million by 2028 from US$ 547.71 million in 2021; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.
Plain bearings are a viable substitute for rolling component bearings due to their ease of use. The bearings are simple in design and require little upkeep. They have a compact structure and high load-carrying capacity. Another advantage of transporting heavyweights is the wider contact area. This also aids in stress resistance and misalignment tolerance. If properly installed, plain bearings can save more space and dampen vibrations more effectively than rolling component bearings. They are durable and have a long lifespan, making them an excellent value for money option for designers. Due to their slight advantages in terms of cost and usability, designers in the car industry have begun to replace roller bearings with plain bearings. Plain bearings are gaining popularity in various industries, such as aerospace and manufacturing. All of these factors drive the low temperature bearings market.
For instance, since 2012, GGB's plain bearings have served as the primary suspension modules in NASA's Curiosity Mars rover's robotic drilling arm, working in temperatures ranging from -200°C to +280°C. GGB aerospace bearings are used in various applications, such as the arm-drill of NASA's Curiosity Mars Rover, which uses DU metal-polymer bearings. To ensure that the rover could operate efficiently for the duration of its mission, bearings that could withstand the severe temperatures of Mars (between -153°C and 20°C) while also having outstanding wear resistance, were required. Other uses include DU-B metal-polymer bearings in landing gear struts and HSG high-load FRC bearings in aviation ground support scissor lifts.
The low temperature bearings market is segmented on the basis of type, application, material, and geography. Based on type, the market is segmented into cryogenic bearings, plain bearings, rolling element bearings, jewel bearings, and others. Based on material, the market is segmented into stainless steel, ceramic, bearing steel, and others. Based on application, the market is segmented into aerospace, pharmaceutical, manufacturing, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Low Temperature Bearings Market
In North America, the COVID-19 pandemic caused enormous concern and economic damage. The US was one of the worst-affected countries due to the pandemic globally, which led the government to put restrictions on several industrial, commercial, and public activities to prevent the spread. As a result, the demand for low temperature bearings progressively decreased due to the closure of various manufacturing units and shortage of workforce, which is indirectly hampering the growth of low temperature bearings market.
Moreover, the business conditions were quite robust in the second half of fiscal 2021 as organizations and individuals adjusted to the new environment. Nonetheless, with the recovery in economic circumstances, many businesses were able to get back on track. For instance, in fiscal 2021, Pacamor Kubar Bearings, the US-based mechanical equipment firm, set new records for net sales, non-GAAP gross margins, operating income, net income, and EPS. As a result, the restoration of operations in nations such as the US and Canada is a favorable indicator for the low temperature bearings market.
NTN Corporation, SKF Group, Timken Company, DuPont, Nachi-Fujikoshi Corp, Albeco Buchalter, American Roller Bearing Company, GEBR. Reinfurt GMBH and CO KG, Durofit Technologies Private Limited, and ZYS Bearing Research Institute Co. Ltd are among the key players operating in the low temperature bearings market.
Low Temperature Bearings Market – by Region, 2021 and 2028 (%)
Low Temperature Bearings Market Size, Share, Growth - 2028
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Low Temperature Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)
Low Temperature Bearings Market Size, Share, Growth - 2028
Download Free SampleLow Temperature Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)
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