Growing Demand for Bearings from Automotive Industry to Escalate Bearing Steel Market Growth During 2022–2028
According to our latest market study on "Bearing Steel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-Use Industry," the bearing steel market size is expected to grow from US$ 6,824.25 million in 2022 to US$ 8,476.80 million by 2028; it is estimated to register a CAGR of 3.7% from 2022 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Bearing steel is a special steel featuring high wear resistance and rolling fatigue strength. High-carbon chromium bearing steel, engineering steel, and some types of stainless steel and heat-resistant steel are used as bearing materials. The growing demand for bearings from the automotive industry and the development of durable and smart bearings are the major factors driving the market.
Global Bearing Steel Market Breakdown – by Region
Bearing Steel Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Carbon Steel, Stainless Steel, and Others) and End-Use Industry (Energy & Power, Industrial Machinery, Automotive, Electrical & Electronics, Aerospace, and Others)
Bearing Steel Market Size, Trends & Forecast to 2028
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Bearings are vital components of automotive parts and are commonly used in engines, generators, motors, wheels, gearboxes, transmission shafts, steering shafts, and steering gears. Their load-carrying characteristics and ability to facilitate torque transfer improve the overall performance of rotating parts in an automotive system. Based on their specific applications, the performance of bearings can be enhanced by the correct selection of bearing steel, technology, and lubrication while manufacturing. Carbon steel and stainless steel are widely used to manufacture bearings. Moreover, manufacturers are utilizing new raw materials, such as lightweight steel alloys, to fulfill automotive companies' demand for lightweight materials. Using lightweight materials also allows them to keep up with the changing emission norms.
Ovako AB, Dongbei Special Steel Group Co Ltd, Ezm Edelstahlzieherei Mark Gmbh, Fushun Special Steel Co Ltd, Hbis Group Co Ltd, Saarstahl AG, Kobe Steel Ltd, Baosteel Group Corp, Benxi Iron and Steel Group Co Ltd, and Sanyo Special Steel Co Ltd are among the key players operating in the global bearing steel market. Market players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as research and development investments, new product launches, and production capacity expansion.
Impact of COVID-19 Pandemic on Bearing Steel Market
The unprecedented rise in COVID-19 cases worldwide and the subsequent shutdown of numerous manufacturing facilities hampered the bearing steel market growth. Various end-use industries were severely affected due to project delays, labor shortages, increased material costs, and supply chain disruptions that reduced the demand for bearing steel. However, the market is reviving due to vaccination drives and other significant measures by governments of various countries. The rising vaccination rate and government initiatives are allowing industries to work in their normal capacities. This factor is aiding the adoption of steel bearings.
The report includes the segmentation of the global bearing steel market as follows:
The global bearing steel market is segmented into type, end-use industry, and geography. Based on type, the bearing steel market is segmented into carbon steel, stainless steel, and others. Based on end-use industry, the market is segmented into energy & power, industrial machinery, automotive, electrical & electronics, aerospace, and others. By geography, the global bearing steel market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America bearing steel market is further segmented into the US, Canada, and Mexico. The Europe bearing steel market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific bearing steel market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America bearing steel market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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