Report : Europe Low Temperature Bearing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Cryogenic Bearings, Plain Bearings, Rolling Element Bearing, Jewel Bearing, and Others), Material (Stainless Steel, Ceramic, Bearing Steel, and Others), and Application (Aerospace, Pharmaceutical, Manufacturing, and Others)
At 3.9% CAGR, the Europe Low Temperature Bearing Market is speculated to be worth US$ 164.59 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe low temperature bearing market was valued at US$ 128.22 million in 2021 and is expected to reach US$ 164.59 million by 2028, registering an annual growth rate of 3.9% from 2021 to 2028. Burgeoning demand for low temperature bearings across entire LNG (liquified natural gas) value chain and boosting demand for plain bearings.
Pumps for receiving and discharging LNG to road tanks are LNG pumps. The bearing operating conditions for these applications are extremely harsh, as the temperature can reach -162°C, and the bearing must operate without external lubrication. For instance, LNG Pump Bearings are a new bearing designed by MONTON to meet these stringent performance standards. For the LNG market, 2020 was a watershed moment. The LNG market was already on the verge of oversupply in 2020 and 2021, even before the COVID-19 outbreak, as new projects continued to expand capacity well beyond consistent demand growth. Due to the pandemic, reduced gas consumption has added to excess supply, causing market instability. On the other hand, LNG is expected to increase faster as local supply in key gas markets cannot keep up with demand growth. According to McKinsey's global gas outlook to 2050, LNG demand is predicted to grow 3.4% per year until 2035, requiring an additional 100 million metric tons of capacity to satisfy demand growth and decline from existing plants. According to the International Gas Union (IGU), the global LNG trade reached 356.1 MT in 2020, a slight gain of 1.4 MT from 2019. It increased by 6% in 2021 from 2020, a dramatic acceleration compared to the 1% growth from 2019 to 2020. In addition, the LNG shipping fleet received 35 new vessels, bringing the total number of vessels in the fleet to 572 by the end of 2020. Furthermore, the global operational liquefaction capacity increased from 7.2 MTPA in January 2021 to 8.7 MTPA by the end of 2021, indicating that the LNG industry is growing. According to a poll conducted by the Gas Exporting Countries Forum, LNG bunker fuel is predicted to account for 13% of the entire bunker fuel market by 2030, up from 3–5% now. These changes in the LNG market's value chain necessitate the employment of cryogenic systems for LNG storage, handling, and transportation, generating demand for the low temperature bearings market. Thus, increasing demand for low-temperature bearings across the entire LNG value chain is bolstering the low temperature bearings market over the next few years.
On the contrary, expensive cost of raw material.
Based on type, the Europe low temperature bearing market is segmented into cryogenic, bearings, plain bearings, rolling element bearing, jewel bearing, and others. The rolling element bearing segment held 53.3% market share in 2021, amassing US$ 68.37 million. It is projected to garner US$ 85.62 million by 2028 to expand at 3.5% CAGR during 2021–2028.
Based on application, the Europe low temperature bearing market is segmented into aerospace, pharmaceutical, manufacturing, and others. The aerospace segment held 49.6% market share in 2021, amassing US$ 63.62 million. It is projected to garner US$ 80.05 million by 2028 to expand at 3.6% CAGR during 2021–2028.
Based on material, the Europe low temperature bearing market is categorized into stainless steel, ceramic, bearing steel, and others. The bearing steel segment held 43.3% market share in 2021, amassing US$ 55.47 million. It is projected to garner US$ 68.76 million by 2028 to expand at 3.3% CAGR during 2021–2028.
Based on country, the Europe low temperature bearing market has been segmented into France, Germany, the UK, Italy, Russia, and Rest of Europe. Our regional analysis states that Germany captured 24.3% market share in 2021. It was assessed at US$ 27.04 million in 2021 and is likely to hit US$ 36.96 million by 2028, exhibiting a CAGR of 4.8% during the forecast period.
Key players dominating the Europe low temperature bearing market are SKF; Gebr. Reinfurt GmbH & Co. KG; THE TIMKEN COMPANY; NSK Europe Ltd.; Carter Manufacturing LTD.; CEROBEAR GmbH; and Durofit Technologies Pvt Ltd. among others.
- In May 2022, SKG Group has announced the development of deep-groove ball bearing for food and beverage industry. This bearing has food-grade grease and integral seal which do not need any lubrication allowing for longer machine lifetime.
- In April 2022, Timken has entered into agreement to acquire Spinea, Slovakian manufacturer. Spinea is a gears and factory automation systems manufacturing company.
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