Global Low Temperature Bearings Market to Reach US$ 0.8 BN by 2031, driven by the Rise in High Demand of Low Temperature Bearings in Aerospace and Manufacturing Industries: Global Insight Services
New York, November 2022: According to a new research study by Global Insight Services (GIS), the low temperature bearings market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 0.8 billion by 2031.
Low Temperature Bearings refers to reducing the friction coefficient through the design of special materials and structures, in order to reduce friction heating and keep the bearing low temperature during prolonged operation. Low Temperature Bearings is not a bearing that operates steadily in high temperature environments equivalent to high temperature bearing.
Low-temperature bearings are those with a working temperature of less than -60 C. It is primarily utilized in a variety of liquid pumps, including those for liquefied natural gas, butane, liquid nitrogen (hydrogen, oxygen), and rocket and missile propulsion systems.
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Global Low Temperature Bearings Market: Market Drivers and Trends
Low-temperature lubricated bearings are suitable for use in refrigerated store equipment, ski resort equipment, snow removal and tractor equipment, gas equipment, and other applications. The global Low Temperature Bearings market is being driven by high demand for aerospace and manufacturing industries, as well as increased demand for low-temperature bearings across the LNG value chain. Ultra-Low Temperature Bearings are patented special ultra-low temperature grease with a high viscosity and a low pour point that can be used in a variety of low-level applications.
Global Low Temperature Bearings Market: Market Restraints and Challenges
The cost of raw materials is still the number one worry for manufacturers. Raw material accounts for around 30% of the income of a bearing producer. The raw material price of an automotive bearing fluctuates in response to market economic conditions. Such raw material price volatility is making it difficult for businesses to remain competitive and provide sustainable margins. Bearing prices are significantly associated with global steel price movements since high grade steel and alloy steel are the principal raw materials utilized to manufacture bearings. Thus, fluctuations in raw material prices make it difficult for bearing producers to produce a bearing for a vehicle at a competitive price and quality. Furthermore, bearings require frequent maintenance to avoid failure and extend their lifespan, which raises maintenance expenses even further. As a result, issues such as fluctuating raw material prices and ongoing maintenance costs are projected to impede the growth of the automobile bearing market.
Global Low Temperature Bearings Market Report Findings
The rolling element bearing segment is likely to hold the major share of the market in 2021
Based on type, the Low Temperature Bearings market is segmented as cryogenic bearings, plain bearings, rolling element bearings, jewel bearings, and others. The rolling element bearings segment is expected to be the largest segment in the Low Temperature Bearings market in 2021. Roller bearings perform better under shock and impact loading. Many market players offer different types of related products in the global and local markets. Due to these factors mentioned above, the rolling element segment is expected to hold a major market share in 2021.
The ceramic segment is likely to hold the major share of the market in 2021
Based on material, the Low Temperature Bearings market is segmented into stainless steel, ceramic, bearing steel, and others. The ceramic segment is expected to be the largest segment in the Low Temperature Bearings market in 2021. Ceramic bearings are also harder than steel bearings (up to 30% harder), which increases durability, and they do not corrode, thus less maintenance is necessary. The majority of sealed ceramic bearings are hybrid ceramic bearings that combine a steel race with ceramic ball bearings. Thus, the ceramic segment will likely hold a major market share in 2021.
The pharmaceutical segment is likely to hold the major share of the market in 2021
Based on application, the Low Temperature Bearings market is segmented into aerospace, pharmaceutical, manufacturing, and others. Because of its undesired properties, such as being nontoxic, odorless, colorless, chemically inert, and combustible, liquid nitrogen is commonly used in the chemical and pharmaceutical industries. Because nitrogen has a boiling point of -195°C, it is increasingly used as a coolant and refrigerant in the chemical and pharmaceutical industries. Thus, the pharmaceutical segment will likely hold a major market share in 2021.
The Asia Pacific region is accounted for the majority of market share in 2021
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific bearings market dominates the industry due to the rise of the automotive industry in various economies such as China, India, Japan, and South Korea. In 2020, the region accounted for more than half of total bearings demand. Increased car purchases in developing countries such as India, Indonesia, and Thailand will promote regional GDP. The simple availability of raw materials and low-cost production, as well as the presence of numerous industrial stakeholders in the region, will all contribute to increased output. This, in turn, boosts the demand for Low Temperature Bearings in the Asia Pacific region.
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The key players studied in the global low temperature bearings market are are Carter Bearings(UK), DuPont (U.S), GEBR. Reinfurt GMBH and CO KG(Germany), Marc Bearings(India), NBC Bearings(India), Nachi-Fujikoshi (Japan), SKF Group(Sweden), Swiss Jewel Company(US), Timken Company(U.S), and ZYS Bearing Research Institute Co. Ltd(China).
Global Low Temperature Bearings Market: Recent Developments
- October 2022, Carter will open a new European logistics hub to supply products directly to the European Union.
- June 2022, ZYS completed a successful trial run of their precision bearing intelligent production line.
- May 2022, SKG Group announced the development of deep-groove ball bearings for the food and beverage industry. This bearing contains food-grade grease and an integral seal that do not require lubrication, resulting in a longer machine lifetime.
Global Low Temperature Bearings Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Low Temperature Bearings market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future global Low Temperature Bearings market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Low Temperature Bearings market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Low Temperature Bearings industry.
Global Low Temperature Bearings Market Segmentation
- Cryogenic Bearings
- Plain Bearings
- Rolling Element Bearing
- Jewel Bearing
- Stainless Steel
- Bearing Steel
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East
- Carter Bearings(UK)
- DuPont (U.S)
- GEBR. Reinfurt GMBH and CO KG(Germany)
- Marc Bearings(India)
- NBC Bearings(India)
- Nachi-Fujikoshi (Japan)
- SKF Group(Sweden)
- Swiss Jewel Company(US)
- Timken Company(U.S)
- ZYS Bearing Research Institute Co. Ltd(China)