CAGR: 4.9%Current Market Size: USD 11.12 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global polymer bearing market is expected to grow from USD 11.12 billion in 2022 to USD 16.3 billion by 2030, at a CAGR of 4.9% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand from various end-user industries.
With a minimum of one of two rubbing components made of polymer, a polymer bearing is a design module used to transmit rotational motion in a machine or miniature mechanism. As a result of their reduced energy requirement to move, polymer bearings are less likely to lose energy due to friction. Polymer bearings were primarily marketed to the automotive industry. Due to the properties such as low maintenance, lightweight, lubrication-free, high wear & fatigue resistance, corrosion & chemical resistance, and corrosion & chemical resistance, polymer bearings were able to grow in popularity in the automotive industry due to their wide applications. The lightweight, lubricating properties of polymer bearings make them ideal for heavy-duty applications in heavy-duty machinery. This helps prevent damage and injuries from metal-to-metal contact. It is believed that polymer bearings are increasingly used in railways and rolling mills, followed by motors and automotive electrification, as well as in continuously variable transmissions, which has driven the demand for polymer bearings. Conversely, the global bearings market is hampered by expensive maintenance costs, fluctuating raw material prices, and bearing damage caused by electric automobiles. Various key players are continuously working on the existing products to make them more acceptable and efficient which will create more growth opportunities for the market in the Projectioned period.
Sample Request: - Global Polymer Bearing Market
Market Dynamics:
Drivers:
A major driver of the market growth is the use of polymer bearings in the automotive sector. There is a rise in the demand for automotive mounted bearings as a result of the enhanced properties of the product, including its highly efficient flow, smooth running of vehicles, and enhanced capabilities. These factors have led to an increase in sales and, ultimately, a rise in the market's growth.
Restraints:
The cost of raw materials for polymer bearings is one of the biggest challenges producers faces. If raw material costs rise, production costs will increase as well, adversely affecting the market. As the global polymer bearing industry grows, increasing raw material prices may prove to be a major challenge. Raw material prices will continue to rise over the projected period, resulting in increased production costs.
Opportunities:
In the Projection period, the favorable initiatives of the government coupled with environmental regulations are projected to increase the demand for automotive mounted bearings, thus creating profitable opportunities for the market players. Additionally, the increasing concerns about vehicular emissions have led to the need to reduce vehicle weight. These parameters and regulations are creating significant growth opportunities for the market.
Challenges:
Polymer bearings have been hindered from further expansion, however, by strict government regulations governing their application in the food packaging and processing industries. As well as low thermal conductivity phenolic bearings that require continuous water or lubrication oil to reduce heat, the market may also suffer from stagnation.
Segmentation Analysis:
The global polymer bearing market has been segmented based on bearing, material type, end-user, and region.
By Bearing
The bearing segment includes roller bearing, needle bearing, ball bearing, and others. The roller bearing segment led the largest share of the polymer bearing market with a market share of around 34% in 2022. According to industry estimates, the segment will maintain its dominance and become one of the fastest-growing segments in the future, reducing rotational friction, supporting radial and axial loads, and with greater durability than their counterparts, these products can sustain axial loads and heavy radial loads with greater efficiency. The smaller the surface contact of ball bearings, the less friction there will be. The roller bearing is a mechanical component that supports connecting and rotating shafts in machinery. Compared to ball bearings, roller bearings decrease friction between moving parts and carry a greater load capacity.
By Material Type
The material type segment includes teflon, ultra-high molecular weight polyethylene, poly acetyl, phenolics, nylon and others. The phenolics segment led the largest share of the polymer bearing market with a market share of around 30% in 2022. The increasing demand for phenolic polymer bearings is attributed to the fact that they possess excellent strength and shock resistance as well as resistance to water, alkali solutions, and acids. Phenolic polymer bearings are used in a wide range of end-use industries, including automotive, textiles, food packaging, and semiconductors. These self-lubricating materials can replace metal bearings in heavy-loaded systems, as they provide cooling and clearance needed for highly loaded systems.
By End-User
The end-user segment includes packaging, automotive, food processing, textile, electronics and others. The automotive segment led the largest share of the polymer bearing market with a market share of around 30% in 2022. This segment holds a high share in the market due to the increased automotive production globally. Additionally, the demand for vehicles that feature technologically advanced solutions is growing, resulting in the increase in vehicle manufacturing that requires instrumented products. With the rise in demand for highly advanced vehicles, and subsequent improvements in the vehicles' capabilities, the automotive industry has experienced an increase in the demand for bearings. Properties of polymer bearing such as high wear & tear resistant, lightweight, corrosion resistant etc. are responsible for the increased demand for polymer bearings in the automotive sector.
Global Polymer Bearing Market- Sales Analysis.
The sale of polymer bearing expanded at a CAGR of 4.2% from 2016 to 2022.
Manufacturers are also generating huge prospects due to technological advancements in sealing, lubrication, and lightweight materials in high-performance products. By integrating electromechanical features directly into bearings, performance can be improved and costs can be reduced.
To enhance consumer interaction and automate processes throughout the value chain, several market players are investing in digital operations and connectivity. Digital processing enables product creation and increases labor productivity by using digital production equipment and automation, which contribute to automated and flexible production processes, which boosts the market growth.
Increasing commercial vehicle production is one of the imperative driving factors of the polymer bearing market. The growth of the polymer bearing market is directly proportionate to the development of the industrial and automotive sectors. Additionally, growth in construction activity around the world contributes to the growth of the polymer bearing market.
Thus, owing to the aforementioned factors, the global polymer bearing market is expected to grow at a CAGR of 4.6% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the polymer bearing market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the polymer bearing market and held a 37.4% share of the market revenue in 2022.
Global Polymer Bearing Market - Country Analysis:
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.
According to the German economy, it is estimated that the market will grow at a favorable pace due to supportable economic growth and increased investment, The growth and development of electric and hybrid vehicles, as well as the growth and development of the automotive and automobile industries, are driving the growth of the bearing market.
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.
The Chinese economy continues to grow rapidly, and multinational companies have entered the Chinese bearing industry with the main products of car bearings, high-speed or quasi-high-speed railway train bearings, equipment supporting bearings, high-precision bearings, engineering machinery bearings, etc.
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.
The country's rapid industrialization accounts for a significant share of market growth. As the demand for polymer bearings in the food and beverage, delivery and logistics industries continue to increase, India's polymer bearings market has seen steady growth.
Key Industry Players Analysis:
To increase their market position in the global polymer bearing market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
4.9% |
Market Size |
11.12 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Bearing, By Material Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
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., and KMS Bearings, Inc. |
By Bearing |
|
By Material Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Polymer Bearing Market by Bearing:
Global Polymer Bearing Market by Type:
Global Polymer Bearing Market by End-User:
Global Polymer Bearing Market by Region:
Global polymer bearing market is expected to reach USD 16.3 billion by 2030, at a CAGR of 4.9% from 2023 to 2030.
Rising demand in the automotive sector and rising demand for lightweight vehicles.
Asia Pacific region will witness more growth in the polymer bearing market.
Based on the end-user, the global dermatology devices market has been segmented into packaging, automotive, food processing, textile, electronics and others.
Leading players in the 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.
Political Factors- The business environment is negatively impacted by both bureaucracy and corruption. The business environment is particularly perilous for the polyester bearing market when operating in nations with high levels of corruption and lax law enforcement due to the weakened public confidence in commercial organisations and the entire political and economic system. Corruption can have an impact on a number of corporate processes, including contracts, fraud agreements, licencing, and several litigation. The ability of the organisation to grow sustainably would be put in jeopardy if the polyester bearing market decided to enter markets with a corrupt economic and political system since it would erode the rule of law, promote social unrest, and jeopardise the judicial system.
Economic Factors- The availability of skilled workers and earnings are impacted by the supply and demand of labour. In order to understand how it might attract exceptional people and make use of their skills to improve business performance, the polyester bearing market must research and anticipate the labour market conditions. The polyester bearing sector may benefit from higher labour productivity in markets with flexible labour. Operating in tight labour markets, however, may lead to problems with wages as well as other difficulties brought up by persistent labour unions. The polyester bearing market should carefully evaluate the availability of competent human capital, as a lack of such workers can have an impact on corporate efficiency and make it more difficult to find and keep talent.
Social Factors- International marketing managers view culture as a key component. Every culture has its own set of standards and beliefs, which are crucial in determining how people behave as consumers. The polyester bearing market should establish partnerships and teams in the region to better understand local attitudes and societal norms in order to design marketing strategies that are appropriate for the local context. The research of social class stratification is highly valued in the polyester bearing market. The polyester bearing market will need to make use of specialised marketing techniques in order to provide luxury goods at premium pricing to a market where the high-end consumer is relatively tiny. In areas with limited social class stratification, market segmentation based on social class may also fail.
Technological Factors- If the polyester bearing market is to stay competitive, it must carefully study recent technological developments. It's critical to pay attention to how 5G could improve user experience, speed, and access to increase productivity. These technological advancements have the power to fundamentally alter a sector of the economy and alter the guidelines for market actors' success. It is also important to consider the technology's state of development and maturity within the relevant sector. By concentrating on current technological developments and entering markets where technology is still in its infancy, the polyester bearing market can grow its market share.
Environmental Factors- Businesses are now compelled to use cutting-edge recycling and waste management practises as a result of accelerating environmental degradation and technological innovation. Recycling is nearly considered a business requirement in many nations. The production of polyester bearing must also adopt effective waste management procedures in organisational divisions situated in or near metropolitan areas. In order to successfully manage their garbage and safeguard their metropolitan areas, many nations have set severe restrictions in place. Some nations provide financial aid to encourage the adoption of renewable energy sources. In order to secure long-term sustainability, the polyester bearing market can profit from it and invest in renewable technology. Due to increased brand impression, this investment will also result in higher stakeholder satisfaction and a broader consumer base.
Legal Factors- Since certain nations have strong restrictions to safeguard worker safety, the polyester bearing market must abide by the laws governing employee/labor health and safety. The polyester bearing industry has an ethical and moral obligation to provide a safe working environment for its employees. Similar to the above, it is important to carefully consider anti-discrimination laws (such as equal employment opportunity laws) when creating human resource practises because discriminatory lawsuits against employers damage an organization's reputation and impair its capacity to attract and retain talent. Consumer concerns about their privacy and security have made data protection into a serious issue. To protect consumer data, the polyester bearing market must look into data protection laws.
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