[Research Report] 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.
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.
Asia Pacific held the largest revenue share of the global bearing steel market in 2022. Asia Pacific is home to significant semiconductor and automotive companies, including Samsung Electronics Co., Ltd.; Sony Group Corporation; SK Hynix Inc.; Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. Bearing steel is widely used in electric motors in automotive and industrial machinery as it shows various properties such as long service life, capability to withstand low and high pressure, and cost efficiency. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. As per the International Organization of Motor Vehicle Manufacturers report, in 2021, motor vehicle production in Asia Pacific was ~46.73 million units. Thus, the growing automotive industry in Asia Pacific is expected to create favorable business opportunities for the bearing steel market in the region during the forecast period.
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Bearing Steel Market: Strategic Insights
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You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Bearing Steel Market: Strategic Insights
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Impact of COVID-19 Pandemic on Bearing Steel Market
Before the emergence of the COVID-19 outbreak, the bearing steel market was growing due to the increasing use of bearings in energy & power, industrial machinery, automotive, electrical & electronics, and aerospace industries. However, the COVID-19 pandemic hampered the growth of the chemicals & materials sector, thus, hindering the growth of the bearing steel market. Implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Manufacturers experienced delays and increased costs of imported raw materials due to the long-term shutdown of many factories. The damage caused by the impact of the pandemic on end-use industries hampered the demand for bearing steel.
In 2021, the global marketplace started recovering from the losses caused due to the COVID-19 pandemic, as governments of different countries announced relaxation in the restrictions. Manufacturers were permitted to operate at full capacity, which helped them to overcome the supply-demand gap. This positively impacted the bearing steel market growth in the post-pandemic scenario.
Market Insights
Growing Demand for Bearings from Automotive Industry to Escalate Bearing Steel Market Growth
Bearings are a vital component 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 the specific application, 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.
Type-Based Insights
Based on type, the global bearing steel market is segmented into carbon steel, stainless steel, and others. Carbon steel is an alloy of carbon (up to 2.1% by weight), iron, and other elements. Carbon steel offers optimum strength, load capacity, ductility, and weldability. It provides long service life due to its high strength-to-wear ratio. Carbon steel is used to manufacture semi-precision or commercial-grade bearings and bearing components. Carbon steel used for bearing requires oil and grease application, as it lacks corrosion resistance. Therefore, it is used to produce bearings required for rolling draws, shopping carts, bikes, roller skates, locks, and other applications where bearing lubrication does not affect the industrial process.
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 investments in research and development, new product launches, and production capacity expansion.
Bearing Steel Market Regional Insights
Bearing Steel Market Regional Insights
The regional trends and factors influencing the Bearing Steel Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bearing Steel Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Bearing Steel Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 6.82 Billion |
| Market Size by 2028 | US$ 8.48 Billion |
| Global CAGR (2022 - 2028) | 3.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Bearing Steel Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Bearing Steel Market are:
- Ovako AB
- Dongbei Special Steel Group Co Ltd
- Ezm Edelstahlzieherei Mark Gmbh
- Fushun Special Steel Co Ltd
- Hbis Group Co Ltd
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Bearing Steel Market top key players overview
Report Spotlights
- Progressive industry trends in the bearing steel market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the bearing steel market from 2020 to 2028
- Estimation of global demand for bearing steel
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the bearing steel market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The bearing steel market size at various nodes
- Detailed overview and segmentation of the market, as well as the bearing steel industry dynamics
- The bearing steel market size in various regions with promising growth opportunities
Global Bearing Steel Market - Segmentation
Based on type, the global bearing steel market is segmented into carbon steel, stainless steel, and others. Based on end use, the bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others.
Company Profiles
- 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
- Sanyo Special Steel Co Ltd
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End-Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global bearing steel market is primarily driven by the growing demand for bearings from the automotive industry and the development of durable and smart bearings.
Europe is estimated to register the fastest CAGR in the global bearing steel market over the forecast period. In Europe, there is an increasing utilization of bearing steel in excavators, loaders, dozers, dump trucks, graders, cranes, and forklifts in the construction sector. Moreover, the surge in investments by governments of various countries in Europe and private companies in infrastructure building & construction projects is anticipated to fuel the bearing steel market growth in Europe during the forecast period.
The automotive segment held the largest share of the global bearing steel market in 2022. In the automotive industry, steel-based bearings have end uses in various components, namely, wheels, electric motors, steering columns, driveshafts, engines, and automotive transmission systems.
In 2022, Asia Pacific held the largest share of the global bearing steel market. The growing automotive industry in the Asia Pacific is a major driving factor for the bearing steel market.
The carbon steel segment held the largest share of the global bearing steel market in 2022. Carbon steel offers optimum strength, load capacity, ductility, and weldability. It provides long service life due to its high strength-to-wear ratio. Carbon steel is used to manufacture semi-precision or commercial-grade bearings and bearing components.
Major players operating in the global bearing steel market include 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.
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The List of Companies - Bearing Steel Market
- 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
- Sanyo Special Steel Co Ltd.
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