Low Temperature Bearings Market Analysis and Forecast to 2031: By Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, Others), Material (Stainless Steel, Ceramic, Bearing Steel, Others), Application (Aerospace, Pharmaceutical

Low Temperature Bearings Market Analysis and Forecast to 2031: By Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, Others), Material (Stainless Steel, Ceramic, Bearing Steel, Others), Application (Aerospace, Pharmaceutical, Manufacturing, Others), and Region

The global low temperature bearings market was valued at US$ 0.4 billion in 2021 and it is anticipated to grow up to US$ 0.8 billion by 2031, at a CAGR of 5.8% during the forecast period.

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. Low temperature bearing refers to reducing the friction coefficient by designing special materials and structures to reduce friction heating and keep the low bearing temperature during prolonged operation. Low temperature bearing 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.

Market Drivers and Trends

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 Liquid Natural Gas 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.

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 makes 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 low temperature bearings market.

Global Low Temperature Bearings Market Segmental Overview

The report analyses the global low temperature bearings market based on type, material, application, and region.

Global Low Temperature Bearings Market by Type

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 roller element bearing segment is expected to hold a major market share in 2021.

Global Low Temperature Bearings Market by Material

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.

Global Low Temperature Bearings Market by Application

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.

Geographical Analysis of Global Low Temperature Bearings Market

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 bearing demand. Increased car purchases in developing countries such as India, Indonesia, and Thailand will promote regional Gross Domestic Product. 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.

Major Players in the Global Low Temperature Bearings Market

The key players studied in the global low temperature bearings market are

COVID-19 Impact

In 2019, the growth of low temperature bearings market was rising due to the rising population in developing countries, high demand in the aerospace and manufacturing industries, as well as rising need for low-temperature bearings throughout the LNG industry.

The COVID-19 pandemic had a negative impact on several end-use industries, including manufacturing and aerospace, due to disruptions in the raw material supply chain and the temporary shutdown of production facilities. Furthermore, Low Temperature Bearing is used to improve pump performance in end-use industries; thus, demand for low-temperature bearing is closely related to the operation of manufacturing facilities. As a result, manufacturing operations disruptions are expected to have a negative impact on the global low temperature bearings market in the future. Due to supply chain disruptions of low temperature bearings components, global low temperature bearings market players faced severe challenges, resulting in a supply-demand gap that hampered low temperature bearings market growth.

Revenues in the manufacturing and aerospace industries fell significantly as a result of the temporary halt of operations. Many industrial sectors came to a halt in the first quarter of 2020, except few pharmaceutical manufacturing companies that ran with very less manforce due to global urgency, following the adoption of a statewide lockdown in most countries. Furthermore, low temperature bearings are widely employed in the pharmaceutical, aerospace, and manufacturing industries. However, once the situation has normalized, the global low temperature bearings market is predicted to increase significantly.

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.

Frequently Asked Questions

Q1. How big is the Low Temperature Bearings market?Ans. The global Low Temperature Bearings market size was US$ 0.4 billion in 2021 and is anticipated to reach US$ 0.8 billion in 2031, growing at a rate of 5.8% from 2022 to 2031.Q2. What is the Low Temperature Bearings market growth rate?Ans. The growth rate of the Low Temperature Bearings market is 5.8% from 2022 to 2031.Q3. Which Ans. Asia Pacific holds a major market share of the Low Temperature Bearings market in 2021.Q4. Which segment accounted for the largest Low Temperature Bearings market share?Ans. 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.Q5. Who are the key players in the Low Temperature Bearings market?Ans. The global Low Temperature Bearings market report includes players such as Q6. What are the factors driving the Low Temperature Bearings market growth?Ans. The major factor driving the growth of the market is the rise in demand for aerospace and manufacturing industries, as well as increased demand for low-temperature bearings across the Liquid Natural Gas value chain.Q7. What are the key growth strategies of Low Temperature Bearings market players?Ans. The key growth strategies of Low Temperature Bearings market players are product launch, partnerships, and government initiatives.Q8. Which Ans. The Asia Pacific region will provide more business opportunities for the Low Temperature Bearings market during the forecast period.

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