What Has Been the Growth of the Bearing Steel Market So Far?
The bearing steel market has seen considerable growth due to a variety of factors.
• The steady augmentation of the bearing steel market size in recent years is noticeable. It is expected to inflate from $6.71 billion in 2024 to $6.96 billion in 2025 with a compound annual growth rate (CAGR) of 3.8%.
This growth trajectory during the historical duration can be ascribed to the burgeoning growth across diverse industrial sectors, surging demand for electric vehicles (evs), needs from the mining and construction sectors, infrastructure expansion and the escalating trend of automation.
What Is the Forecasted Market Size and Growth Rate for The Bearing Steel Market Size In The Coming Years?
The bearing steel market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the bearing steel market is projected to experience consistent expansion. With a 4.0% compound annual growth rate (CAGR), it's expected to reach $8.15 billion by 2029. This growth during the forecast period is largely due to increasing demands from the aerospace and automotive industries, heightening investment in research and development, an increased demand for high-quality products, and a burgeoning demand for stainless steel. Trend predictions for this period include advancements in metallurgy, digitization of supply chain processes, ceramic bearings, miniaturization, and the introduction of sustainable steel materials.
What Factors Are Driving Growth In The Bearing Steel Market?
The anticipated expansion of the automotive industry is expected to fuel the bearing steel market's growth. The automotive industry comprises a variety of businesses and institutions that specialize in vehicle design, development, manufacture, marketing, and sale. Bearing steel plays an essential role in reducing vehicle weight since it is lightweight, durable, and strong. It is a vital material in the auto industry providing benefits such as decreased friction, corrosion resistance, and durability. A report from the International Organization of Motor Vehicle Manufacturers, a France-based organization, revealed that global car sales rose from 56.43 million units in 2021 to 57.48 million units in 2022. Hence, the rising automotive sector is catalyzing the growth of the bearing steel market.
Bearing Steel Market Driver: Surge in Manufacturing Activity Spurs Growth
What Are The Main Segments Of The Global Bearing Steel Market?
The bearing steel market covered in this report is segmented –
1) By Product Type: High Carbon Chromium, Carburizing, High Temperature, Other Products
2) By Application: Ball Bearings, Roller Bearings, Thrust Bearings, Plain Bearings, Other Applications
3) By End Use: Automotive, Aerospace, Machinery And Equipment, Energy, Construction, Other End Uses
Subsegments:
1) By High Carbon Chromium: 100Cr6 (AISI 52100), 440C Stainless Steel
2) By Carburizing: 8620 Steel, 9310 Steel
3) By High Temperature: M50 Steel, M42 Steel
4) By Other Products: Stainless Steel Bearings, Alloy Steel Bearings, Ceramic Bearings
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What Trends Are Reshaping The Future Of The Bearing Steel Market?
To stay competitive in the bearing steel market, major firms are concentrating on product innovations, such as spindle bearings. As an engineered bearing designed to support and guide machinery spindle rotation, spindle bearings offer high precision, rigidity, and load-bearing capabilities, crucial for milling, turning, and grinding operations. For instance, in September 2023, Schaeffler, a German company renowned for its innovative bearing technology, launched a new super-precision cylindrical roller bearing. This technology was specifically developed to enhance performance in high-load conditions, like main spindles in equipment. The bearings contain an advanced PEEK cage design to lessen friction and wear, thereby optimizing lubrication and reducing operational temperatures. This updated design allows for improved oil distribution, enhancing the dependability of non-locating bearing functions even when operating at high velocities. Furthermore, Schaeffler’s hybrid models incorporate ceramic rollers that further diminish friction and prolong the life of spindles and machines. This renders them suitable for a wider array of applications in precision engineering.
Who Are the Key Players In The Bearing Steel Market?
Major companies operating in the bearing steel market are:
• China Baowu Steel Group Corp. Ltd.
• Nippon Steel Corporation
• Shanghai Xincheng Precision Machinery Co. Ltd.
• Tata Steel Limited
• HBIS Group Co. Ltd.
• Schaeffler Technologies AG & Co. KG
• Kobe Steel Ltd.
• JTEKT Corporation
• MinebeaMitsumi Inc.
• Nanjing Iron and Steel Co. Ltd.
• AB SKF
• NSK Ltd.
• NTN Corporation
• The Timken Company
• Saarstahl AG
• Daido Steel Co. Ltd.
• Wafangdian Guangyang Bearing Group Co. Ltd.
• Nachi-Fujikoshi Corp.
• Fushun Special Steel Co. Ltd.
• National Engineering Industries Ltd.
• Jiangsu Suzhou Steel Group Co. Ltd.
• Fujian Longxi Bearing(Group) Corp. Ltd.
• EZM Edelstahlzieherei Mark GmbH
• Luoyang LYC Bearing Co. Ltd.
• Dongil Industries Co. Ltd.
• HKT Bearings Limited
• RKB Europe SA
• Del-Tron Precision Inc.
• THB Bearings Co. Ltd.
• Harbin Bearing Manufacturing Co. Ltd.
What Is The Most Dominant Region In The Bearing Steel Market?
Asia-Pacific was the largest region in the bearing steel market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in bearing steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
