Dublin, Dec. 28, 2023 (GLOBE NEWSWIRE) -- The "Global Bearing Steel Market: Analysis By Type (Carbon Steel, Stainless Steel and Others), By Application (Ball Bearing, Thrust Bearing, Roller Bearing, Plain Bearing and Others), By End User, By Region Size & Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
In 2022, the global bearing steel market was valued at US$6.75 billion, and is probable to reach US$8.30 billion by 2028.
The thriving automobile industry is a crucial development factor in this market. Bearing steel is in high demand due to the increasing production and sales of automobiles globally, as bearings are critical components in automotive applications. Further, global bearing steel market is expected to boost in the future due to various trends in the market. Smart technology integration, such as sensors and IoT devices, is also becoming more common in the bearing sector.
Moreover, the increasing demand for lightweight and durable bearings in various applications such as wind turbines, aircraft engines, and industrial machinery is also expected to boost the growth of the bearing steel market. The global bearing steel market value is projected to grow at a CAGR of 3.55%, during the forecast period of 2023-2028.
Market Segmentation Analysis:
- By Type: Carbon steel segment acquired majority of share in the market in 2022, as carbon steel bearings are preferred for their excellent strength, durability, and cost-effectiveness, making them a popular choice among manufacturers and end-users. Advancements in manufacturing technologies have led to the production of high-quality carbon steel bearings with superior mechanical properties and enhanced performance characteristics. Whereas, stainless steel segment is expected to grow at the highest CAGR, because they meet the required standards and offer reliability in critical applications. Furthermore, the rise of the stainless steel segment has also been aided by the expansion of the manufacturing sector, as well as technological breakthroughs in bearing design and manufacture.
- By Application: Ball bearing segment acquired majority of share in the market in 2022 and would grow at the highest CAGR, as the emergence of sensor bearings, integrated bearings, and application-specific bearings is expected to result in the growth of ball bearing steel demand in the market. Also, the segment augmented because of increasing adoption of deep groove ball bearings owing to various features, including cost-effectiveness and versatility.
- By End User: Automotive segment acquired majority of share in the market in 2022, as the increasing production and sales of automobiles globally have naturally augmented the demand for bearing steel. Whereas, energy and power segment would experience the highest CAGR, due to the increasing investments in infrastructure projects related to energy production and distribution in emerging economies.
Global Bearing Steel Market Dynamics:
- Growth Drivers: Growing demand for bearings from automotive industry plays a pivotal role in driving growth in the global bearing steel market as the automotive industry expands, the demand for bearing steel increases proportionally. The increased need for bearings in the automobile industry is a significant growth factor for the bearing steel market. Bearings are utilized in many different automobile applications, such as engines, gearboxes, wheels, and steering systems. Further, the market is expected to increase due to rapid urbanization, amplified disposable income, development of durable and smart bearings, increased industrial expansion, cost effective, etc.
- Challenges: The market's expansion is projected to be hampered by use of polymer and ceramic ball bearings as alternatives. Polymer ball bearings are lightweight, corrosion-resistant, and self-lubricating, thus they do not require external lubrication. These properties make them excellent for applications where standard steel bearings may struggle, such as in corrosive conditions or in equipment where weight is an important element, such as aerospace and medical devices. The other challenges that bearing steel market faces include disrupted raw material supply, etc.
- Trends: One of the most distinct and pervasive trends observed in the global bearing steel market is increasing investments in renewable energy. The growth of the renewable energy sector is creating a significant demand for bearing steel. Bearings are used in a variety of renewable energy technologies, including wind turbines, solar panels, and hydroelectric generators. More trends in the market are believed to augment the growth of bearing steel market during the forecasted period include, increasing adoption of internet of things (IoT), integration of artificial intelligence and ML, strategic developments by bearing manufacturers, surge in demand for high-efficiency bearings, etc.
Competitive Landscape:
Key players of in the bearing steel market include:
- Nippon Steel
- NTN
- Kobe Steel
- Saarstahl
- Ansteel Group
- Dongbei Special Steel
- Hesteel Group
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Demand for Bearings from Automotive Industry
6.1.2 Rapid Urbanization
6.1.3 Amplified Disposable Income
6.1.4 Development of Durable and Smart Bearings
6.1.5 Increased Industrial Expansion
6.1.6 Cost Effective
6.2 Challenges
6.2.1 Use of Polymer and Ceramic Ball Bearings as Alternatives
6.2.2 Disrupted Raw Material Supply
6.3 Market Trends
6.3.1 Increasing Adoption of Internet of Things (IoT)
6.3.2 Integration of Artificial Intelligence and Machine Learning
6.3.3 Increasing Investments in Renewable Energy
6.3.4 Strategic Developments by Bearing Manufacturers
6.3.5 Surge in Demand for High-Efficiency Bearings
7. Competitive Landscape
7.1 Global Bearing Steel Market Players: A Financial Comparison
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/o39h41
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