Pune, November 2016 /PRNewswire/ – The report "Polymer Bearing Market by End-Use Industry (Automobile, Medical & Pharmaceutical, Textile, Packaging, Elevator, Food, Office Products, Chemical), Type of Material (Phenolics, Acetal, Nylon, Teflon, UHMWPE), and Region - Global Forecast to 2026", published by MarketsandMarkets, the market is projected to reach USD 12.89 bn by 2026, at a CAGR of 4.4% from 2016 to 2026.

Increasing demand for polymer bearings from the automobile, textile, food processing, and packaging industries is expected to drive the growth of the global polymer bearing market in the near future.

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. This growth is mainly attributed to the increasing demand for phenolic bearings from varied end-use industries such as automobile, textile, food packaging, and semiconductors. In addition, phenolic bearings have properties such as excellent strength and shock resistance, coupled with resistance to water, acid, and alkali solutions. These bearings work efficiently in heavily loaded systems, wherein sufficient clearance and cooling is provided.

The automobile end-use industry segment accounted for the largest share of the global Polymer Bearing Market in 2015; this segment is projected to grow at the highest CAGR from 2016 to 2026. This growth is mainly attributed to the increasing demand for polymer bearings in the automobile industry. Polymer bearings are used in the automobile industry for manufacturing variable intake systems, centre armrests, belt tensioners, stub axels, gear actuators, convertible top systems, pedal systems, seating systems, steering systems throttle valves, and door hinges, among others.

Key players operating in the global polymer bearing market include SKF (Sweden), Igus Inc (US), BNL Ltd (UK), Boston Gear LLC (US), Dotmar Engineering Plastic Products (Australia), Saint-Gobain S.A (France), Oiles Corporation (Japan), Kashima Bearings, Inc (Japan), KMS Bearings, Inc (US), and Kilian Manufacturing (US).