December 14, 2021 06:09 ET | Source: Market Research Future Market Research Future
New York, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Polymer Bearing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Polymer Bearing Market Research Report: Information By Product (Phenolica, Nylon, Teflon, Acetal, UHMWPE) Application (Automobile, Textile, Medical & Pharmaceutical, Packaging, Office Products, Others) Forecast till 2030”, the market is projected to register a CAGR of over 4.78% to reach around USD 14.10 billion by the end of 2030.
List of the companies profiled in the global Polymer Bearing Market research report are –
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The key players are engaged in strategic initiatives such as product launches, mergers, and acquisitions. For instance, in August 2021, SKF signed an agreement with Stadler Rail to offer rolling stock for the Berlin underground (U-Bahn) in Germany.
Polymer bearings are often used in applications where metal bearings are prone to friction or wear and applications that may be exposed to water or chemicals. Polymer bearings can be manufactured from polymers such as nylon, polyester, or polycarbonate.
Polymeric materials are 80% lighter than steel. As a result, the bearings developed from polymers require less energy to move and are less likely to lose energy because of friction. Polymers such as PEEK and Polyimide can bear enormous loads and remain functional in temperatures of 300°C+. The increasing use of polymer bearings in end-use industries such as textile, packaging, food, and packaging boosts the growth of polymer bearing.
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The American Society for Testing and Materials (ASTM International) is a governing body that establishes quality standards in plastics. ASTM International's standards assist manufacturers and consumers in determining the quality of plastics and their derivatives for safe utilization. The standards are widely accepted throughout the plastic supply chain. ASTM standards create an equal playing field for bearing selection by setting material guidelines. For instance, ASTM standards offer assurance to both auto manufacturers and consumers in the automotive industry. Moreover, BS 4480-2 represents Dimensions and tolerances for plastic bearings, inside diameter range 3 mm to 60 mm. Plain bearings made of FDA/EU-approved materials must meet Sanitary Standards to ensure product quality and protect consumers' health.
After hitting the lowest by the outbreak of COVID-19, the global economy is set to expand 5.6% in 2021. In many emerging markets and developing economies, obstacles to vaccination also result in delayed normalcy. The recovery is envisioned to continue into 2022, with global growth moderating to 4.3%. However, yet the global GDP is expected to remain 1.8% below pre-pandemic projections.
Travel restrictions have caused a downturn in many markets, and growth has slowed as a result. The lockdowns have forced production facilities to remain closed, negatively impacting the polymer bearing market due to revenue loss from lower adoption of the polymer bearing solutions across industries. All major industries are facing disruptions, such as supply chain failures, slow technological adoptions, and office closures. Since lifting travel restrictions, growth across application markets has gained significant traction.
The disruption of supply chain activities has also slowed down manufacturing, delaying the production of motor vehicles and thus hampering the growth of the global polymer bearing market. In addition, the decreased demand in the automotive industry was caused by the COVID-19 pandemic, which is affecting the growth of the global polymer bearing market.
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Segmentation of Market covered in the research:
Polymer Bearing Market Research Report: Information By Product (Phenolica, Nylon, Teflon, Acetal, UHMWPE) Application (Automobile, Textile, Medical & Pharmaceutical, Packaging, Office Products, Others) Forecast till 2030
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