[FURL=https://www.industryarc.com/Report/16427/polymer-bearing-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Polymer Bearing Market[/FURL] size is forecast to reach $12 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. This growth is mainly due to the rising demand in the Asia-Pacific region for polymer bearings. The growth of the global polymer bearing market is further driven by the growing applicability of polymer bearings in the automotive, medical & pharmaceutical, textile, food processing, chemical, office products and semiconductor industries. For use on metal surfaces, polymer bearings are preferred. Over other common bearing materials, polymers offer many advantages. Polymer bearings are resistant to corrosion and chemicals. Such bearings do not transfer heat to other mechanical assembly areas because they are self-lubricating, thus eliminating the risk of failure due to lack of maintenance. Therefore, these factors are driving polymer bearing market growth. Key Takeaways
Asia Pacific dominates the polymer bearing market, owning to increasing demand from automotive industry. According to OICA, in 2018 the production of light commercial vehicles has increased by 10.2 % in the APAC region.
In addition, compared to metal bearings, polymer bearings are economical, which makes them a positive option. Due to their non-conductive and corrosion resistant properties, polymers are resistant to acid, alkali, wax and solvents.
Strict government rules & regulations relating to the use of polymer bearings in the food processing and packaging industries are one of the major constraints limiting the growth of the global polymer bearing market.
However, operations in various industries such as textile, automotive, and others is being significantly affected due to the COVID-19 epidemic, as most of countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. This is limiting polymer bearing market growth.
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Polymer Bearing Market Drivers
Increasing demand from automotive industry
The market for polymer bearings is mainly driven by demand from the automotive industry, especially in the manufacturing of vehicles, in order to reduce weight, noise and avoid corrosion. Due to their corrosive and chemical-resistant properties, they are usually applied on the metal surface and probably on other common bearing materials. Because of its auto-lubricate properties, polymer bearing limits the transfer of heat and decreases the chances of failure due to low maintenance.
Polymer Bearing market includes SKF, Boston Gear LLC, IGUS Inc., Saint-Gobain S.A., and BNL Ltd. Other major companies include Oiles Corporation, KMS Bearings, Inc., Dotmar Engineering Plastic Products
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