The scope of our recent study on the “Bearing Steel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-Use Industry” includes the factors fueling the market growth, revenue estimation, and forecast; market share analysis; and significant market players’ identification and their key developments.
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 bearing steel market growth is attributed to the increasing demand from various end-use industries. The bearing steel market is highly competitive, owing to many regional and global players. Players compete based on product quality, product differentiation, and price. Market players are adopting different strategies to stand out as strong competitors.
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.
The global bearing steel market is segmented into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. 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.
Impact of COVID-19 Pandemic on Bearing Steel Market
Many economies were adversely affected due to the COVID-19 pandemic. The COVID-19 outbreak created a temporary distortion in the operational efficiencies of industrial bases. The operations of various end-use industries, including energy & power, automotive, aerospace, industrial machinery, and aerospace, declined or were negligible across the world due to the shortage of laborers and the disrupted supply chain of raw materials. However, the operations of various end-use industries revived in 2021, which positively affected the bearing steel market.
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 & electrical, 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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