Plastic Bearing Market Size, Share, Growth, and Industry Analysis by Type (Plastic Sliding Bearing & Plastic Rolling Bearing), By Application (Auto Industries, Bicycle Industries, Medical Industries, Textile Industries, Packing Industries, Elevator Industries & Other), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Plastic Bearing Market REPORT OVERVIEW

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The global plastic bearing market size was USD 617.42 Million in 2021 and market is projected to touch USD 920.1 Million by 2031, at a CAGR of 4.07% from 2021 to 2031.

A plastic bearing is a bearing that supports the load using one or more pieces of plastic that have been molded. Molded plastics can be used to create complicated shapes that can carry heavy loads with little resistance. They are frequently employed in high-load, low-friction applications such as robots, medical equipment, and fine tools. In automated bag filling equipment, food processing equipment, case erecting equipment, blow molding machines, fill and seal machines, labelling equipment, palletizing and handling equipment, it provides maintenance-free performance, high-temperature capabilities and durability.

Bearings are one of the many components of machines that enable the movement of the machine parts parallel to one another. To demonstrate how crucial bearings are to any object, consider how they provide movement to skyscrapers during earthquakes. Additionally, they are known as self-lubricated bearings. In order to attain the necessary bearing features that can be advantageous for various types of machines, the composition of bearing has been improved and altered.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are the result of this evolution. The market as a whole was impacted by the shutdown of the equipment industry. Because there was no longer a market for the product, it has become obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The plastic bearing market has been somewhat impacted by this.

LATEST TRENDS

"Large Scale Industry to Boost the Market Growth"

Increasing product utilization in big industries is the main trend driving the market. Due to their cleanliness, affordability, and adaptability, plastic bearing is becoming increasingly popular among industrial manufacturers. They are made of a thermoplastic alloy with solid lubricants, a fiber matrix, and low friction, all of which contribute to their increased strength and the expansion of the market as a whole. Global market expansion is being fueled by the widespread use of bearings. The benefits of the product are primarily to blame for its acceptance. Since they lubricate themselves, no additional lubrication is necessary. Because they have good corrosion resistance, they can be used in harsh environments where corrosion is likely to occur. Because these bearings are unaffected by such environments, designers often opt for them when creating such environments. The industry is anticipated to grow during the forecast period thanks to this trend. Thus, it is anticipated that the increased product use in large scale industries will increase overall market sales. These new developments and varieties in product are mostly to blame for the market's overall growth.

Plastic Bearing Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Plastic Sliding Bearing & Plastic Rolling Bearing.

• By Application

Based on the market is categorized into Auto Industries, Bicycle Industries, Medical Industries, Textile Industries, Packing Industries, Elevator Industries & Other.

DRIVING FACTORS

"Various Industry that Gives the Market Extra Boost"

The application of the product across different sectors is the main driver driving the market. The study looked at the automobile, bicycle, medical, textile, and packaging and transportation industries, among other businesses. The study also covers other application sectors, such as the elevator industry and other applications like robotics and industrial machines. The global market was dominated by the plastics industry. They are employed in the production of a wide range of automotive parts, such as steering wheels, power steering boxes, pumps, and reservoirs, among many others. These parts are not only used in the construction of vehicles but also in a variety of other end-use industries, such as the manufacturing of agricultural and construction machinery. Over the course of the projection period, it is expected that the aforementioned elements will combine with rising demand from various application sectors to propel this product category's growth. The aforementioned elements will raise demand for the target market during the forecast period. The market demand is anticipated to be driven by all of these factors. As a result, the growth, and the increasing use of product in various sector will boost the market. It will contribute to the expansion of the equipment industry and it will improve the overall plastic bearing market growth.

"Plastic Rolling Bearing to Encourage Market Expansion"

The adoption of plastic rolling bearings is another aspect driving the market. Cranes, construction gear, vehicles, and heavy machinery are just a few of the applications for plastic rolling bearings, all of which boost overall sales of the product. Due to its lightweight qualities, the automotive industry has a strong demand for this product, which is a growth factor for the market. Due to their superior performance at a cheaper cost, plastic rolling bearings have replaced their metal counterparts, which has raised demand over the past several years and is anticipated to continue throughout the projected period. Over the course of the forecast period, the aforementioned factors are anticipated to affect sales of the industry. This will increase demand for the product and help the industry as a whole to expand. The product line expansion is helping the market to grow.

RESTRAINING FACTORS

"High Temperature to Impede Market Expansion"

They cannot operate in high temperatures, which is the limiting issue for market expansion. The biggest drawback of plastic bearing is their inability to withstand high loads and very high temperatures. The distortion or dimensional change that takes place in materials that are continuously loaded at operating temperatures is known as cold flow. This restriction can make it difficult for the market as a whole to expand. Therefore, during the forecast period, these factors are anticipated to restrain market growth. But as time goes on, this issue will be resolved in some way. If this problem is fixed, the market will start to grow right away.

Plastic Bearing Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for plastic bearing in North America has benefited from the region's expanding industrial development and a number of driving factors that have boosted the potential sectors because this region is the product's primary user. The rising product used in auto industries, bicycle industries, medical industries, textile industries, packing industries &, elevator industries sector is boosting the plastic bearing market share. Trends toward rapid urbanization will support the market as a whole even more.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• GGB (U.S.)
• SMG (U.S.)
• SDP/SI (U.S.)
• Altra Industrial Motion Corp (U.S.)
• Bosch (Germany)

REPORT COVERAGE

The market segmentation by type and application is covered in great detail in the study. A wide range of participants, including current and potential market leaders, are examined in the study. A number of significant factors are expected to lead to a sizeable market expansion. In order to gain market insights, the research also looks at factors that could raise the share of plastic bearing industry. Forecasts for market growth over the anticipated time period are made in the report. Explaining why one region dominates the global market is the goal of regional research. A number of properly considered factors limit the industry's ability to expand. A strategic analysis of the market is also included in the research. It contains comprehensive market data.