Europe Low Temperature Bearing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Type, Material, and Application

The low temperature bearing market in Europe is expected to grow from US$ 128.22 million in 2021 to US$ 164.59 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028.

Plain bearings are a viable substitute for rolling component bearings due to their ease of use. They are simple in design and require little upkeep. Plain bearings have a compact structure and higher load-carrying capacity. Another advantage of transporting heavyweights is the wider contact area. This also aids in stress resistance and misalignment tolerance. If properly installed, plain bearings can save more space and dampen vibrations more effectively than rolling component bearings. They are durable and have a long lifespan, making them an excellent value for money option for designers. Due to their slight advantages in terms of cost and usability, designers in the car industry have begun to replace roller bearings with plain bearings. Plain bearings are also gaining popularity in various industries, including aerospace, manufacturing, and other mechanical equipment. In aerospace applications, plain bearings are utilized to improve fuel efficiency, increase maintenance intervals, and reduce carbon emissions. Installation in aircraft wing systems (flaps, spoilers, and slats), flight controls, cockpit controls, auxiliary power units, landing gear, door systems, and aircraft interiors are examples of these uses (seats, bins, latches, and hinge points). Since 2012, GGB's plain bearings have served as the primary suspension modules in NASA's Curiosity Mars rover's robotic drilling arm, working in temperatures ranging from -200°C to +280°C. GGB aerospace bearings are used in various applications, including the arm-drill of NASA's Curiosity Mars Rover, which uses DU metal-polymer bearings. Other uses include DU-B metal-polymer bearings in landing gear struts and HSG high-load FRC bearings in aviation ground support scissor lifts. The increasing investments by leading manufacturers in plain bearing production is accelerating the market growth. For instance, in March 2021, SKF Group committed US$ 44.3 million to upgrade and update its manufacturing site in Airasca, Italy. The investment will enable the Group's largest production location in Italy to produce super-precision bearings for industrial applications. Further, Timken Company bought Aurora Bearing Company's assets in December 2020. Rod ends, and Aurora Bearing Company manufacture plain spherical bearings for various industries. NTN Corporation began mass-producing precise bearings for machine tools for the first time in August 2020 at NTN Mettmann (Deutschland) GmbH, a subsidiary of the manufacturing company NTN Kugellagerfabrik (Deutschland) GmbH, in Germany. Thus, increasing demand for plain bearings is expected to offer lucrative opportunities for the low temperature bearing market in Europe.

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe low temperature bearing market at a substantial CAGR during the forecast period.

Europe Low Temperature Bearing Market Segmentation

The Europe low temperature bearing market is segmented on the basis of type, application, material, and country.

• Based on type, the market is segmented into cryogenic bearings, plain bearings, rolling element bearing, jewel bearing, and others. In 2021, the rolling element bearing segment held a larger share of the market. However, the cryogenic bearings segment is expected to register a higher CAGR during the forecast period.
• Based on application, the Europe low temperature bearing market is segmented into aerospace, pharmaceuatical, manufacturing, and others. The aerospace segment held the largest market share in 2021 and manufacturing is expected to register the highest CAGR in the market during the forecast period.
• Based on material, the market is segmented into stainless steel, ceramic, bearing steel, and others. In 2021, the bearing steel segment held the largest market share. However, the stainless steel segment is expected to register the highest CAGR during the forecast period.
• Based on country, the Europe low temperature bearing market is segmented into the France, Germany, the UK, Italy, Russia, and Rest of Europe. In 2021, Germany held a larger market share. On the other side, and the UK is expected to register a higher CAGR during the forecast period.

SKF; Gebr. Reinfurt GmbH & Co. KG; THE TIMKEN COMPANY; NSK Europe Ltd.; Carter Manufacturing LTD.; CEROBEAR GmbH; and Durofit Technologies Pvt Ltd. are among the leading companies in the Europe low temperature bearing market.