Low Temperature Bearings Market Research Report and Outlook by 2028

In 2021, the low temperature bearings market was valued at approximately US$ 547.71 million and is anticipated to grow to around US$ 752.72 million by 2028, reflecting a compound annual growth rate (CAGR) of 4.9% from 2022 to 2028.

The North American low temperature bearings market is segmented into the United States, Canada, and Mexico, with promising growth prospects expected in this region during the forecast period. The active participation of technology leaders in enhancing technological advancements has stirred the competitive landscape, leading to the integration of innovative technologies into their operations for future development. Countries in North America, especially the US and Canada, are at the forefront of technology and encompass various industries, including automotive, pharmaceuticals, semiconductors, and chemicals, which are pivotal in driving the growth of the low temperature bearings market in this region.

NSK has introduced self-lubricating deep groove ball bearings designed for submersible pumps that manage cryogenic gases such as hydrogen and LNG. A key design aspect of these pumps is the dual bearing system on the pump shaft. Given the importance of corrosion resistance, these bearings depend solely on the surrounding medium for lubrication. NSK offers a range of bearing sizes suitable for large hydrogen pumping facilities and decentralized applications like hydrogen filling stations. In parallel, SKF is set to invest around USD 55 million in North America to bolster its industrial footprint and competitiveness. An additional USD 20 million will be allocated to shift the production of Tapered Roller Bearings (TRBs) from China to a facility in Mexico, thereby enhancing SKF's product offerings in North America while aligning with the company's regional manufacturing goals.

The energy generation landscape in the US has evolved over the years, particularly in recent times, with an increasing proportion of electricity being generated from natural gas and renewable sources, while the reliance on coal has diminished. By the end of 2020, coal represented 20% of total utility-scale power generation, whereas renewable energy sources accounted for 19%. This shift in the energy sector presents substantial opportunities for suppliers in the low temperature bearings market.

Canada's manufacturing sector encompasses 151 industries, including organic chemical production, train and subway manufacturing, and semiconductor machinery production, each exhibiting diverse growth rates in revenue, employment, and company expansion. Kaman offers maintenance-free bearings that enhance reliability and lifespan while minimizing operational costs in demanding applications across various sectors. Kaman's self-lubricating bearing liners are available in multiple configurations tailored for specific needs, such as high-speed, high-load, high-temperature, or high-impact environments. Consequently, the growth of the manufacturing sector in Canada is driving the demand for mechanical components, including low temperature bearings.

Key players in the low temperature bearings market include NTN Corporation, SKF Group, Timken Company, DuPont, Nachi-Fujikoshi Corp, Albeco Buchalter, American Roller Bearing Company, GEBR. Reinfurt GMBH and CO KG, Durofit Technologies Private Limited, and ZYS Bearing Research Institute Co. Ltd.

The COVID-19 pandemic had a significant impact on businesses worldwide. The surge in virus cases led governments to impose restrictions on the movement of people, goods, and services, resulting in travel bans, widespread lockdowns, and business closures. These lockdowns caused a decline in production and reduced the availability of services. The manufacturing and aerospace sectors experienced a considerable drop in revenue due to the temporary halting of operations. In the first quarter of 2020, following the implementation of nationwide lockdowns in many countries, numerous industrial sectors came to a standstill. Low temperature bearings are extensively utilized in the pharmaceutical, aerospace, and manufacturing industries. However, as conditions have stabilized, the low temperature bearings market is projected to experience significant growth globally.

The pandemic adversely affected various end-use sectors, including manufacturing and aerospace, due to disruptions in the supply chain for raw materials and the temporary closure of production facilities. Additionally, low temperature bearings are crucial for enhancing pump performance in these industries; thus, their demand is closely linked to the operational status of production facilities. Consequently, interruptions in manufacturing activities are likely to negatively affect the global low temperature bearings market in the future. Players in the low temperature bearings market faced considerable challenges due to supply chain disruptions, leading to a mismatch between supply and demand that adversely impacted market growth.

The overall size of the global low temperature bearings market has been determined through a combination of primary and secondary research. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data related to the low temperature bearings market. This process also aims to provide an overview and forecast for the market analysis across all segments. Furthermore, numerous primary interviews have been conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants in this process include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the low temperature bearings market.