The global market for polymer bearings is expected to grow at a healthy rate; in 2022, sales of USD 10.3 billion marked a noteworthy milestone. With an anticipated revenue of USD 11.3 billion in 2023, projections for the industry point to further growth. In terms of future projections, the market is expected to grow at a remarkable compound annual growth rate (CAGR) of 8.6% from 2023 to 2033.
The primary drivers of this growth are advancements in technology and the growing demand for polymer bearings because of their resistance to corrosion, lightweight design, and low maintenance requirements. The industry is expected to reach a significant amount of USD 25.7 billion by 2033, which will represent a noteworthy growth in the worldwide 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:
- During the historical period between 2018 and 2022, sales of polymer bearings had escalated at 1% CAGR.
- By material, the phenolics segment is set to witness at 5% CAGR over the forecast period from 2023 to 2033.
- Based on end-use, the automobile division is projected to register at 4% CAGR between 2023 and 2033.
- The United States is estimated to account for a significant valuation of US$ 4.8 billion by 2033.
- China is set to register a sum of US$ 5.6 billion in 2033 in the global polymer bearings market.
“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.
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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,
- In September 2021, the first 100% bioplastic*1 resistant to heat cage for cylindrical bearings has been developed, according to NSK Ltd.
- In April 2019, an advanced range of conventional and custom-engineered composites standard bearings (bushings) called PolyLube® is now available from Polygon Company.
Top Players in the Polymer Bearings Market
- BNL Ltd.
- Boston Gear LLC
- Dotmar Engineering Plastic Products
- Igus Inc.
- Kashima Bearings, Inc.
About Future Market Insights (FMI)
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. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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