Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Bearing Steel Market Share, Size, Trends, Industry Analysis Report, By Type, By End Use, By Region, Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.
The global bearing steel market is poised for substantial growth, with a projected value of USD 2,427.80 million by 2032, according to the latest market analysis.
The comprehensive report provides a detailed overview of the current market dynamics and offers insights into future market expansion opportunities.
The bearing steel market is set to benefit from the worldwide drive towards achieving a net-zero carbon emissions scenario, with governments across the globe investing significantly in renewable energy sources, particularly wind energy. The installation of more wind turbines to meet the escalating demand for clean energy is expected to stimulate growth in the bearing steel market.
Wind turbines, intricate machines comprising critical components such as gearboxes, generators, and rotors, rely on bearings to ensure seamless operation. These bearings must endure demanding operating conditions, including high winds and extreme temperatures. The burgeoning demand for wind energy is anticipated to fuel the expansion of the bearing steel market in the forthcoming years.
The rapid growth in sales of electric vehicles (EVs) is another significant driver for the bearing steel market. EVs incorporate numerous bearings in various components such as motors, transmissions, and wheels, driving the demand for high-quality bearings manufactured from bearing steel.
According to data from the International Energy Agency's annual Global EV Outlook, nearly 10 million EVs were sold globally in 2022. This year, sales are projected to increase by an additional 35%, reaching 14 million. As the number of EVs on the road continues to rise, so does the demand for aftermarket bearings, spurring the development of innovative bearing steel alloys tailored to meet aftermarket needs.
Key Highlights from the Bearing Steel Market Report:
- The stainless steel segment is poised to experience rapid growth due to its superior properties, making it the preferred choice for bearing applications across various industries.
- The automotive sector holds the largest market share, driven by the increasing focus on lightweight EVs and enhanced fuel efficiency.
- The Asia-Pacific (APAC) region is expected to witness substantial revenue growth and a higher growth rate, attributable to favorable economic and industrial development and a growing emphasis on renewable energy.
- Europe is projected to register the second-largest growth rate, underpinned by favorable industrial and economic development and increased investments in renewable energy projects.
- Prominent global players in the bearing steel market include AB SKF, Sanyo Special Steel, Timken Company, Schaeffler Group, Suzhou Steel, Dongil Industries, Kobe Steel, and Benxi Iron and Steel.
Market Segmentation:
The report segments the bearing steel market by type, end-use industry, and region:
Bearing Steel, Type Outlook (Revenue - USD Million, 2019 - 2032)
- Carbon Steel
- Stainless Steel
Bearing Steel, End Use Industry Outlook (Revenue - USD Million, 2019 - 2032)
- Energy & Power
- Industrial Machinery
- Automotive
- Electrical & Electronics
- Aerospace
Bearing Steel, Regional Outlook (Revenue - USD Million, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Key Report Attributes:
- Number of Pages: 114
- Forecast Period: 2023 - 2032
- Estimated Market Value (USD) in 2023: $1,942.32 million
- Forecasted Market Value (USD) by 2032: $2,427.8 million
- Compound Annual Growth Rate: 2.5%
- Regions Covered: Global
Companies Mentioned
- AB SKF
- Sanyo Special Steel
- Timken Company
- Schaeffler Group
- ZWZ Bearing
- Baosteel
- Cartech
- Dongbei Special Steel
- Aichi Steel
- Suzhou Steel
- Dongil Industries
- Kobe Steel
- Benxi Iron and Steel
For more information about this report visit https://www.researchandmarkets.com/r/nu8y9k
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