Pune, India., April 11, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Global Bearing Steel Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography," 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 projected growth of the market is attributed to the growing awareness among customers about the adverse effects of conventional plastics and rising initiatives taken by the governments of various countries.
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Global Bearing Steel Market Growth Drivers:
• Increasing demand for bearings from various end-use industries such as automotive, aerospace, and industrial machinery.
• Growing preference for high-quality bearings with superior durability and fatigue resistance.
• Advancements in technology leading to the development of new and improved bearing steels with enhanced properties and performance.
• Increasing investments in research and development activities to improve the properties and performance of bearing steels.
• The rise in construction activities and infrastructure development in developing countries, leading to increased demand for industrial machinery.
• The growing trend of using renewable energy sources and the subsequent need for wind turbines and other equipment that require high-performance bearings.
• The increasing demand for electric vehicles, which require high-performance bearings for the transmission and wheel assemblies.
• The growing trend of using additive manufacturing techniques such as 3D printing to produce customized bearing designs.
• The increasing demand for high-quality bearings in the Asia Pacific region due to rapid industrialization and urbanization.
Overall, the Bearing Steel market is expected to witness significant growth in the coming years, driven by various factors such as increasing demand from end-use industries, technological advancements, and government initiatives promoting sustainable materials.
Global Bearing Steel Market Recent Developments:
• Increasing demand for high-performance bearing steels, such as vacuum-melted steels, to meet the growing demand for high-quality bearings with superior durability and fatigue resistance.
• Development of new and advanced bearing steels with enhanced properties and performance, such as increased fatigue life and improved wear resistance.
• Adoption of advanced manufacturing techniques such as hot isostatic pressing (HIP) and powder metallurgy to improve the properties and performance of bearing steels.
• Increasing investments in research and development activities to improve the properties and performance of bearing steels.
• Growing demand for bearing steels in the wind energy sector, due to the increasing use of wind turbines and other equipment that require high-performance bearings.
• Increasing demand for electric vehicles, which require high-performance bearings for the transmission and wheel assemblies.
• Launch of new products and solutions by leading players in the market to expand their product portfolio and cater to the increasing demand from various end-use industries.
• Growing trend of using digitalization and automation in the manufacturing process to improve the quality and efficiency of bearing steel production.
Overall, these recent developments in the bearing steel market indicate a growing demand for high-performance, durable, and wear-resistant bearing steels, particularly in the wind energy and electric vehicle industries. Manufacturers are increasingly investing in research and development activities to develop new and improved bearing steels to meet the evolving needs of these industries.
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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 exhibits 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.
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 their specific applications, 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.
Global Bearing Steel Market: Segmental Overview
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.
Based on end use, the bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. The automotive segment is expected to account for the largest market share during the forecast period. In the automotive industry, steel-based bearings have applications in various components, including wheels, electric motors, steering columns, driveshafts, engines, and automotive transmission systems. Bearings have a significant role in improving vehicle performance and efficiency, as well as dampening shocks and vibrations caused by sudden brakes. Moreover, bearings such as tapered roller bearings, deep groove ball bearings, and thrust ball bearings developed from high carbon chromium steel and chrome steel are widely used in automotive component manufacturing. Manufacturers utilize high-precision bearing steel to design and produce customized bearings to meet the rising demand for innovative components from the automotive industry.
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Impact of COVID-19 Pandemic on Global Bearing Steel Market:
The COVID-19 pandemic severely impacted various economies across the world. The pandemic significantly hampered the bearing steel market growth due to adverse effects on various end-use industries such as energy & power, industrial machinery, automotive, electrical & electronics, and aerospace. Labor shortages, logistical restrictions, material unavailability, and other restrictions slowed the market growth. Further, many bearing steel manufacturers suffered from a shortage of raw materials, resulting in rising raw material costs and lengthening lead times. However, the automotive, energy & power, and other end-use industries of bearing steel revived with the resumption of operations in 2021. This positively impacted the bearing steel market growth.
Global Bearing Steel Market: Competitive Landscape
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 research and development investments, new product launches, and production capacity expansion.
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Bearing Market Forecast to 2028 - Covid-19 Impact and Global Analysis
Stainless Steel Market - The global stainless steel market size is expected to grow from US$ 196,994.83 million in 2021 to US$ 266,781.48 million by 2028; it is estimated to grow at a CAGR of 4.5% from 2022 to 2028.
Super Precision Bearing Market - The global super precision bearing market size is expected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.
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