December 14, 2021 06:09 ET | Source: Market Research Future Market Research Future
New York, December 14, 2021 (GLOBE NEWSWIRE)-Polymer Bearing Market Overview: According to the Comprehensive Research Report of Market Research Future (MRFR), "Polymer Bearing Market Research Report: Product Information (Phenolic, Nylon, Teflon) , Acetal, ultra-high molecular weight polyethylene) applications (automobiles, textiles, medical and pharmaceuticals, packaging, office products, etc.) are predicted to 2030". It is estimated that by the end of 2030, the compound annual growth rate of the market will exceed 4.78%. Reached approximately 14.1 billion U.S. dollars.
The list of companies introduced in the global polymer bearing market research report is –
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Major players participate in strategic plans such as product launches, mergers and acquisitions. For example, in August 2021, SKF and Stadler Rail signed an agreement to provide rolling stock for U-Bahn in Germany.
Polymer bearings are often used in applications where metal bearings are prone to friction or wear, and applications where they may be exposed to water or chemicals. Polymer bearings can be made of polymers, such as nylon, polyester, or polycarbonate.
The polymer material is 80% lighter than steel. Therefore, bearings developed from polymers require less energy to move and are less likely to lose energy due to friction. Polymers such as PEEK and polyimide can withstand huge loads and maintain their function at temperatures above 300°C. The increasing use of polymer bearings in textile, packaging, food and packaging industries has promoted the growth of polymer bearings.
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The American Society for Testing and Materials (ASTM International) is the regulatory agency that sets plastic quality standards. ASTM International standards help manufacturers and consumers determine the quality of plastics and their derivatives to ensure safe use. These standards are widely accepted throughout the plastics supply chain. ASTM standards create a level playing field for bearing selection by setting material guidelines. For example, ASTM standards provide guarantees for automakers and consumers in the automotive industry. In addition, BS 4480-2 represents the dimensions and tolerances of plastic bearings, with an inner diameter ranging from 3 mm to 60 mm. Sliding bearings made of FDA/EU approved materials must meet sanitary standards to ensure product quality and protect consumers' health.
After falling to its lowest point due to the COVID-19 outbreak, the global economy will grow by 5.6% in 2021. In many emerging markets and developing economies, barriers to vaccination have also contributed to delays in normalcy. The recovery is expected to continue until 2022, and the global growth rate will slow to 4.3%. However, global GDP is still expected to be 1.8% lower than the pre-pandemic forecast.
Travel restrictions have led to downturns in many markets, so growth has slowed. The shutdown forced production facilities to remain closed, resulting in a loss of revenue due to the low adoption rate of polymer bearing solutions in various industries, which had a negative impact on the polymer bearing market. All major industries are facing disruptions such as supply chain failures, slow technology adoption and office closures. Since the lifting of travel restrictions, the growth of the entire application market has gained tremendous momentum.
The interruption of supply chain activities has also slowed down the manufacturing industry and delayed the production of motor vehicles, thus hindering the growth of the global polymer bearing market. In addition, the decline in demand in the automotive industry is caused by the COVID-19 pandemic, which is affecting the growth of the global polymer bearing market.
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Market segments covered by the research:
Polymer Bearing Market Research Report: Product Information (Phenolic, Nylon, Teflon, Acetal, UHMWPE) Application (Automotive, Textile, Medical and Pharmaceutical, Packaging, Office Products, Others) Forecast to 2030
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