The low temperature bearings market was valued at US$ 547.71 million in 2021 and is projected to reach US$ 752.72 million by 2028; it is expected to grow at a CAGR of 4.9% from 2022 to 2028.
Bearings are friction-reducing components that aid component motion. Roller bearings, sensor bearings, plain bearings, jewel bearings, and other types of bearings are produced depending on the task requirement. Low-temperature bearings can survive temperatures as low as -40°C and as high as 40°C. Aerospace, deep-sea exploration, and liquid nitrogen equipment all employ them.
Bearing steel, stainless steel, ceramics, and other materials are used in low-temperature bearings. Bearing steel and stainless-steel bearings may withstand temperatures as low as –60°C. Standard bearings can endure a minimum temperature of –40°C. However, standard bearings will not be a good option if one needs to achieve lower temperatures Standard bearings' internal crystallization will affect spinning at low temperatures while the bearing is immediately frozen and locked.
Moreover, bearings with low-temperature lubrication can be utilized in refrigerated store equipment, ski resort equipment, snow removal and tractor equipment, gas equipment, and other applications. High demand for aerospace and manufacturing industries and the increased demand for low-temperature bearings across the LNG value chain are driving the global low temperature bearings market. Ultra-low temperature bearings are a patented special ultra-low temperature grease with high viscosity and low pour point that may be used in various low-level circumstances.
The low temperature bearings market is analyzed on the basis of the type, application, material, and geography. Based on type, the low temperature bearings market is segmented as cryogenic bearings, plain bearings, rolling element bearings, jewel bearings, and others. Based on application, the low temperature bearings market is segmented into aerospace, pharmaceutical, manufacturing, and others. Based on material, the low temperature bearings market is segmented into stainless steel, ceramic, bearing steel, and others. Geographically, the low temperature bearings market is divided into five regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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 companies operating in the low temperature bearings market.
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Low Temperature Bearings Market: Strategic Insights
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Low Temperature Bearings Market: Strategic Insights
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IMPACT OF COVID-19 PANDEMIC ON LOW TEMPERATURE BEARING MARKET
In North America, the COVID-19 pandemic spread caused enormous concern and economic damage. The US was one of the worst-affected countries in the COVID-19 pandemic globally, which led the government to put several industrial, commercial, and public activities restrictions 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.
Moreover, the business conditions were quite robust in the second half of fiscal 2021 as organizations and individuals adjusted to the new environment. However, supply systems were strained since many suppliers had not anticipated the amount of economic vigor that happened. 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 like the United States and Canada is a favorable indicator for the low temperature bearings market.
Market Insights – Low Temperature Bearings Market
Rising Use of Liquid Nitrogen Equipment
Rising Use of Liquid Nitrogen Equipment
Liquid nitrogen is a cryogenic liquid that causes fast freezing when it comes into touch with living cells. It is an effective and convenient refrigerant because of its availability, low cost, and inert qualities. It is extensively utilized as a coolant in rotational molding due to its feature. With its exceptionally low boiling temperature (–195.8°C) and great refrigeration capacity at atmospheric pressure, nitrogen is used in various low-temperature procedures. These unique properties of liquid nitrogen as a coolant are driving the demand for cryogenic, bearings across the globe, resulting to the low temperature bearings market growth.
Liquid nitrogen application is widely utilized in the chemical & pharmaceutical industry due to its undesirable features, such as being nontoxic, odorless, colorless, chemically inert, and inflammable. Since nitrogen has a boiling point of –195°C, it is increasingly used as a coolant and refrigerant in the chemical & pharmaceutical industry.
China has one of the world's largest pharmaceutical industries. Generics, therapeutic medicines, active pharmaceutical components, and traditional Chinese medicine are all produced in the country. Several chemical factories are scheduled to be built throughout the country within 5 years. ExxonMobil, for example, inked a deal with the Guangdong government in 2018 to establish a chemical complex at Huizhou Dayawan Petrochemical Industrial Park. This project was scheduled to be operational by 2023, but due to the pandemic, its completion may be postponed.
In June 2021, Inox Air Products announced that its proposed factory in Hosur, which will produce liquid nitrogen and other products, will be commissioned and operational in December 2022. Inox Air Products stated in February 2021 that it would invest US$ 20 billion in establishing eight new air separation units in India. Gujarat, Maharashtra, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, and West Bengal would be home to these new plants.
Thus, the increasing use of liquid nitrogen equipment is supporting the low temperature bearings market.
Type-Based Insights
Based on type, the low temperature bearings market is segmented into cryogenic bearings, plain bearings, rolling element bearings, jewel bearings, and others. Cryogenic bearings are low temperature resistant bearings that can withstand temperatures from -40°C to 40°C.
Low Temperature Bearings Market Regional Insights
Low Temperature Bearings Market Regional Insights
The regional trends and factors influencing the Low Temperature Bearings Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Low Temperature Bearings Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Low Temperature Bearings Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 547.71 Million |
| Market Size by 2028 | US$ 752.72 Million |
| Global CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Low Temperature Bearings Market Players Density: Understanding Its Impact on Business Dynamics
The Low Temperature Bearings Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Low Temperature Bearings Market are:
- NTN Corporation
- SKF Group
- Timken Company
- DuPont
- Nachi-Fujikoshi Corp
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Low Temperature Bearings Market top key players overview
Application-Based Insights
Based on application, the low temperature bearings market is segmented into aerospace, pharmaceutical, manufacturing, and others. The application range of these low-temperature bearing types is highly broad, covering a wide range of industries nd allowing them to be used in southern and northern latitudes. Bearings with low temperature lubrication can be utilized in refrigerated store equipment, ski resort equipment, snow removal and tractor equipment, and gas equipment.
Material-Based Insights
Based on material, the low temperature bearings market is segmented into stainless steel, ceramic, bearing steel, and others. Different materials are used to make various bearing components. To maximize bearing performance and longevity, bearing materials are treated to achieve desired qualities.
Players operating in the low temperature bearings market are mainly focused on the development of advanced and efficient products.
- In 2022, SKG Group and Amazon Web Services entered into agreement of collaboration with an aim of reinventing the field of industrial machine reliability and predictive maintenance jointly.
- In 2022, ZYS done the successful trial proceed of their precision bearing intelligent production line.
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Material, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentian, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
APAC dominated the low temperature bearings market in 2021 with a market share note than 40.0%; it would continue to dominate the market during the forecast period of 2022-2028.
The major companies in well completion equipment and services includes SKF; Gebr. Reinfurt GmbH & Co. KG; THE TIMKEN COMPANY; NSK Ltd; and RBC Bearings Incorporated
The bearing steel segment led the low temperature bearings with a market share of more than 35% in 2021.
The rolling element bearings segment led the low temperature bearings with a market share of more than 50.0% in 2021.
Plain bearings are a viable substitute for rolling component bearings due to their ease of use. They are simpler in design and require little upkeep. They have a more compact structure and higher 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, they can save more space and dampen vibrations more effectively than rolling component bearings. They are more durable and have a longer 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, including aerospace, manufacturing, and other mechanical equipment. All of these factors creating substantial growth opportunity for the low temperature bearings market.
The global operational liquefaction capacity increased from 7.2 MTPA in January 2021 to 8.7 MTPA by the end of 2021, indicating that the LNG industry is growing. According to a poll conducted by the Gas Exporting Countries Forum, LNG bunker fuel is predicted to account for 13% of the entire bunker fuel market by 2030, up from 3–5% now. These changes in the LNG market's value chain necessitate the employment of cryogenic systems for LNG storage, handling, and transportation, generating demand for the low temperature bearings market. Thus, increasing demand for low-temperature bearings across the entire LNG value chain is bolstering the low temperature bearings market over the next few years.
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The List of Companies - 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
- ZYS Bearing Research Institute Co. Ltd
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