DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Polymer Bearing Market by End-Use Industry, Type of Material, and Region - Global Forecast to 2026" report to their offering.
The global polymer bearing market is projected to reach USD 12.89 Billion by 2026, at a CAGR of 4.4% between 2016 and 2026. This growth is mainly attributed to the increasing demand for polymer bearings in the Asia-Pacific region. Increasing applicability of polymer bearings in the automobile, medical & pharmaceutical, textile, food processing, chemical, office products, and semiconductor industries further propels the growth of the global polymer bearing market. Polymer bearings are preferred for use on metal surfaces. Polymers offer several advantages over other common bearing materials. Polymer bearings are corrosion and chemical resistant. These bearings do not transfer heat to other areas of the mechanical assembly, as they are self-lubricating and thus, eliminate the possibility of failure due to lack of maintenance. The phenolics material type segment contributed the largest share to the global polymer bearing market in 2015. This segment is projected to grow at the highest CAGR from 2016 to 2026, owing to the increasing demand for phenolic polymer bearings from varied end-use industries such as automobile, textile, food packaging, and semiconductors. Phenolic polymer bearings also exhibit properties such as excellent strength and shock resistance, coupled with resistance to water, acid, alkali solutions. Phenolic polymeric materials act as self-lubricating materials and replace metal bearings in various applications. Among all end-use industries, the automobile segment accounted for the largest share of the global polymer bearing market in 2015. The automobile end-use industry segment is projected to grow at the highest CAGR from 2016 to 2026. Polymer bearings are widely used in the automobile industry, owing to their properties such as lightweight, low maintenance, lubrication-free, corrosion & chemical resistant, and high wear & fatigue resistant.