Bearing Steel Market

According to Stratistics MRC, the Global Bearing Steel Market is accounted for $6.23 billion in 2023 and is expected to reach $9.12 billion by 2030 growing at a CAGR of 5.6% during the forecast period. Bearing steel is a high carbon and chromium content hardening steel. This steel is perfect for roll bearings due to its high hardness, wear resistance, and rolling fatigue strength. Bearing steel's increased durability is related to refining process developments. Bearing steel is an iron and carbon alloy that also contains manganese, silicon, and chromium. Bearing steel is harder than stainless steel, making it ideal for applications that need great wear resistance.

According to the International Organization of Motor Vehicle Manufacturers, global vehicle production reached around 8.5 crores in 2021 and this number is likely to further increase during the forthcoming period.

Market Dynamics:

Driver:

Rising adoption in manufacturing sector

Bearing steels such as high carbon chromium bearing steel and high carbon stainless bearing steel have become highly sought-after materials in the modern world due to their superior load bearing capacity, corrosion resistance, high elastic limit, and ability to work efficiently at elevated temperatures. Rising adoption of high carbon bearing steel for manufacturing a wide range of bearings such as deep groove ball bearings, cylindrical roller bearings, and spherical roller bearings, as well as growing demand for highly efficient bearings from various industries, are some of the major factors driving the bearing steel market.

Restraint:

Lack of chemical resistance

Steel corrodes easily in damp or moist settings. Chemical resistance is lacking in bearing steel. They must be lubricated on a regular basis. High load-speed combinations create an excessive amount of heat. In some circumstances, higher driving torques are necessary. Because of the low carbon content, bearing components constructed of 300 series stainless steel are more corrosion resistant and non-magnetic. However, because this material cannot be toughened, the bearings can only work at modest loads and speeds.

Opportunity:

Increasing automotive production in developing countries

Bearing steel is utilized in a wide range of automotive applications. Bearing steel has great mechanical features such as high strength, durability, and fatigue resistance, making it an excellent choice for high-stress automotive applications. Increasing vehicle production in emerging nations, along with rising per capita consumer spending power, is likely to drive considerable market growth during the projection period. Furthermore, the growing inclination for premium and lightweight bearings is likely to create profitable opportunities for global bearing steel market participants throughout the forecast period.

Threat:

Continuous vibration and noise

Bearing steel requires regular inspections and maintenance. Even minor dust or dirt contamination causes noise and vibration levels to rise. High load-speed combinations create an excessive amount of heat. Depending on the design and use, more cooling / heat dissipation may be necessary. The amount of vibration is also determined by the steel grade. This noise and vibration issue is impeding industry expansion.

Covid-19 Impact

Governments throughout the world implemented lockdowns, travel bans, and industry closures during the epidemic, affecting the global supply chain. These interruptions hampered total bearing steel production by interfering with logistics and the availability and delivery of raw materials. The pandemic caused a global economic downturn, reduced industrial activity, and reduced consumer spending, resulting in a drop in demand for bearing steel. Production halts in key end-use industries such as automotive, aircraft, and industrial machinery resulted in diminished product demand.

The stainless steel segment is expected to be the largest during the forecast period

The stainless steel segment is estimated to have a lucrative growth. Stainless steel is an alloy that includes at least 10.5% chromium, which gives it its corrosion resistance. This increases the durability and corrosion resistance of stainless steel bearings, which is especially significant in hostile settings such as the maritime or chemical processing industries. When compared to carbon steel, stainless steel offers superior characteristics. They are also more load-bearing, making them perfect for heavy-duty applications. Furthermore, the rise of sectors such as automotive, aerospace, and food processing, which require high-performance bearings, is predicted to raise demand for stainless steel bearings.

The automotive segment is expected to have the highest CAGR during the forecast period

The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period. Bearings are essential components of vehicles such as engines, gearboxes, and chassis systems. They provide support for spinning shafts and decrease friction, allowing the vehicle to operate efficiently and reliably. The vehicle sector, which is rapidly increasing, is driving the need for bearings, particularly in emerging nations such as China and India. Furthermore, rising demand for electric vehicles (EVs) is propelling the bearing steel industry forward. Furthermore, the automobile industry's emphasis on lightweight, fuel economy, and emissions reduction drives demand for high-performance bearings built of innovative materials such bearing steel.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The region is rapidly industrializing and urbanizing, which is increasing demand for bearings and other associated items. Growing industrial operations, notably in China and India, boost demand for bearings in a variety of industries including automotive, aerospace, energy, and power generation. China has been one of the fastest-growing renewable energy industries, with the government actively investing in wind, solar, and hydroelectric projects. The rising demand for bearings, which are used in wind turbines, solar panels, and hydropower facilities, has resulted from the rise of renewable energy projects in China.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. The region boasts a well-established automotive sector as well as a strong presence of aerospace and military firms, both of which are key end-users of bearing steel. Furthermore, the area makes significant investments in renewable energy and power generation, which drives demand for bearings and associated items. The presence of prominent industry players in the area is also helping to propel the bearing steel market forward. The increased supply of solar and wind energy, which is outpacing traditional fuels, is propelling the European bearing steel industry forward.

Key players in the market

Some of the key players profiled in the Bearing Steel Market include Kobe Steel, AB SKF, The Timken Company, Schaeffler Technologies AG & Co. KG, NTN Corporation, JTEKT Corporation NSK Ltd., ZWZ Bearing, The Candu Group Inc, Saarstahl, Baosteel, Aichi Steel, Cartech, Sanyo Special Steel, Dongbei Special Steel, Nanjing Iron and Steel, Suzhou Steel GROUP, Dongil Industries and ZYS INTERNATIONAL CO., LTD.

Key Developments:

In May 2022, Kobe Steel launched “Kobenable Steel” and become Japan’s first* provider of low CO2 blast furnace steel products with significantly reduced CO2 emissions during the blast furnace ironmaking process. The Company plans to start selling the new products this fiscal year.

In June 2019, NTN Bearing Corporation of America announced the launch of its latest product line, ULTAGE spherical roller bearings. Combining premium-grade materials, optimized design and precision manufacturing, ULTAGE is the new generation of high-performance bearings from NTN that delivers unmatched service life, the highest limiting speeds and the best load capacities on the market to maximize the productivity of your equipment.

Products Covered:
• High Temperature
• High Carbon Chromium
• Carburizing
• Other Products

Types Covered:
• Stainless Steel
• Carbon Steel

Processes Covered:
• Rolling Mills Process
• Steel Making Process
• Continuous Casting Process
• Other Processes

Applications Covered:
• Deep Groove Ball Bearing
• Angular Contact Ball Bearing
• Cylindrical Roller Bearings
• Spherical Roller bearings
• Tapered Roller Bearings
• Thrust Ball Bearing
• Thrust Spherical Roller Bearing
• Other Applications

End Users Covered:
• Electrical & Electronics
• Machinery & Equipment
• Energy & Power
• Automotive
• Aerospace
• Construction
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances