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.
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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.
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Global Low Temperature Bearings Market Segmentation
- Cryogenic Bearings
- Plain Bearings
- Rolling Element Bearing
- Jewel Bearing
Major Players in the Global Low Temperature Bearings Market
The key players studied in the global low temperature bearings market are Carter Bearings(UK), DuPont (U.S), GEBR. Reinfurt GMBH and CO KG(Germany), Marc Bearings(India), NBC Bearings(India), Nachi-Fujikoshi (Japan), SKF Group(Sweden), Swiss Jewel Company(US), Timken Company(U.S), and ZYS Bearing Research Institute Co. Ltd(China).
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