Polymer bearings are easy to clean and maintain, contributing to the stringent hygiene and sanitation requirements in the pharmaceutical sector.
The global polymer bearings market is on a promising trajectory, with 2022 witnessing a significant milestone as it reached a sales figure of US$ 10.3 billion. Projections for 2023 indicate further growth, with an expected revenue of US$ 11.3 billion, reflecting a positive trend in the industry. Looking ahead to the period from 2023 to 2033, the market is forecasted to exhibit an impressive compound annual growth rate (CAGR) of 8.6%.
This growth is primarily driven by technological advancements and the increasing demand for polymer bearings due to their corrosion resistance, lightweight properties, and maintenance-free attributes. By 2033, the industry is poised to achieve a substantial sum of US$ 25.7 billion, marking a remarkable expansion in the global polymer bearings market.
Advancements in technology have led to the introduction of new materials that offer improved wear resistance, self-lubricating properties, and friction reduction. These properties will likely lead to improved performance and increase the operational life of bearings. Advanced polymers can withstand harsh situations where conventional bearings would not work since they are highly resistant to corrosion and chemicals.
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In several applications, including in the aerospace and automotive sectors, polymer bearings are lighter than their metal equivalents, helping save weight. Polymer materials also absorb vibrations and minimize noise in machinery and equipment, improving the overall user experience.
Self-lubricating polymers eliminate the requirement for outside lubrication, which lowers maintenance costs and simplifies design. Polymer bearings are more readily tailored, allowing for more complicated forms and designs that improve performance for specific applications.
Polymer bearings are frequently utilized in sectors such as food and pharmaceuticals due to their FDA-compliant, non-toxic, and sanitary qualities. Polymer bearings are becoming more popular as a result of growing environmental concerns, as they are recyclable and need less energy-intensive production procedures.
Polymer bearings are significantly lighter than traditional metal bearings, helping automakers achieve weight reduction in vehicles. It improves fuel efficiency and reduces emissions. These bearings also have self-lubricating properties. This reduces the need for frequent maintenance, thereby lowering maintenance costs for vehicle owners.
Polymer bearings dampen noise and vibrations better than metal bearings, leading to a smoother and quieter driving experience. Polymer bearings are highly resistant to corrosion and can withstand harsh environments, extending their lifespan and reliability in vehicles. The versatility of polymer materials allows for innovative designs and integration into several vehicle components, enhancing overall performance and functionality.
Increasing environmental regulations push automakers to produce eco-friendly vehicles, and polymer bearings. It aligns with these goals due to their energy efficiency and recyclable properties. As the EV market expands, the demand for lightweight components such as polymer bearings grows, contributing to extended battery range and overall efficiency.
While polymer bearings might have a higher upfront cost, their long-term durability and reduced maintenance expenses can result in cost savings over the vehicle’s lifespan. As the automotive sector continues to propel globally. The demand for lightweight and maintenance-free solutions such as polymer bearings is expected to rise. The need to retrofit existing vehicles with more efficient components creates a demand for polymer bearings in the aftermarket segment.
Key Takeaways from the Report:
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“Surging demand for maintenance free vehicle will drive demand for polymer bearings market through 2033 and beyond. Key manufacturers are investing in research and development to introduce innovative polymer bearing materials and designs.”- says a lead Future Market Insights (FMI) analyst.
Who is winning?
Key manufacturers were forming strategic alliances with other companies, research institutions, or suppliers to leverage each other’s expertise and resources. They are also focusing on offering customized solutions to meet specific customer requirements. It allows them to serve a diverse range of industries.
For instance,
Top Players in the Global Market
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Polymer Bearings Market Outlook by Category
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 06, 2024