Bearing Steel Global Market Report 2024

“Bearing Steel Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on bearing steel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for bearing steel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The bearing steel market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: High Carbon Chromium; Carburizing; High Temperature; Other Products
• 2) By Application: Ball Bearings; Roller Bearings; Thrust Bearings; Plain Bearings; Other Applications
• 3) By End Use: Automotive; Aerospace; Machinery And Equipment; Energy; Construction; Other End Uses
• Companies Mentioned: China Baowu Steel Group Corp. Ltd.; Nippon Steel Corporation; Shanghai Xincheng Precision Machinery Co. Ltd.; Tata Steel Limited; HBIS Group Co. Ltd
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Bearing steel is a specialized steel crafted to meet the unique demands of bearings, characterized by its exceptional hardness, strength, and wear resistance. This type of steel is employed across various industries and is particularly suitable for applications that involve substantial friction and wear.

The primary categories of bearing steel products include high carbon chromium steel, carburizing steel, high-temperature steel, and others. High carbon chromium steel, for instance, is a steel variant with elevated levels of both carbon and chromium. This composition renders it highly resistant to corrosion, making it well-suited for applications that demand exceptional corrosion resistance, such as aircraft components, surgical instruments, and marine parts. Bearing steel products are used in a range of applications, including ball bearings, roller bearings, thrust bearings, plain bearings, and more, serving diverse end-user sectors like automotive, aerospace, machinery and equipment, energy, construction, and various others.

The bearing steel market research report is one of a series of new reports from The Business Research Company that provides bearing steel market statistics, including bearing steel industry global market size, regional shares, competitors with a bearing steel market share, detailed bearing steel market segments, market trends and opportunities and any further data you may need to thrive in the bearing steel industry. This bearing steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bearing steel market size has grown steadily in recent years. It will grow from $6.43 billion in 2023 to $6.71 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth of various industrial sector, rising demand for electric vehicles (evs), demand in mining and construction, infrastructure development, increasing automation.

The bearing steel market size is expected to see steady growth in the next few years. It will grow to $7.77 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to growing demand from the aerospace industry, increasing demand from the automotive industry, increasing investments in research and development, increasing demand for high-quality products, growing demand for stainless steel. Major trends in the forecast period include advanced metallurgy, digitalization of supply chains developments, ceramic bearings, miniaturization, sustainable steel materials launch.

The burgeoning automotive sector is anticipated to drive the expansion of the bearing steel market in the foreseeable future. The term "automotive industry" encompasses a wide array of enterprises and organizations involved in the design, development, manufacturing, marketing, and sales of automobiles. Bearing steel holds significant importance in vehicles due to its ability to reduce weight while offering strength and durability. Within the automotive industry, it plays a pivotal role, offering numerous benefits such as reduced friction, corrosion resistance, and longevity. For example, in August 2023, as per Statistics Canada, the total vehicle registrations in Canada surged to 26.2 million in 2021, marking a 1.9% increase from 2020. Additionally, according to a report from the International Organization of Motor Vehicle Manufacturers in 2022, global sales of passenger vehicles rose from 56.43 million in 2021 to 57.48 million in 2022. Consequently, the flourishing automotive industry is a driving force behind the growth of the bearing steel market.

The expansion of manufacturing activities is poised to drive the growth of the bearing steel market. Manufacturing involves the conversion of raw materials and components into finished products through machinery, labor, tools, and chemical processes. Bearing steel is a crucial material in various manufacturing processes due to its outstanding properties, such as high hardness, wear resistance, and fatigue strength. These properties are essential for ensuring precision, durability, and performance in various manufacturing operations. For example, in February 2023, Statistics Canada reported a significant 17.9% growth in Canada's manufacturing industry, with total sales reaching $850.9 billion in 2022. This underscores the impact of increasing manufacturing activities on the bearing steel market's growth.

The limited availability of raw materials presents a challenge and has the potential to impede the market's growth during the forecast period. Bearing steel production relies on materials such as stainless steel, raw steel, chrome steel, crude steel, and carbon steel. The reduction in steel production can directly affect the accessibility and cost of these essential raw materials used in bearing steel manufacturing and other related products. For example, in June 2023, data from The American Iron and Steel Institute (AISI), a US-based steel organization, reported a 6.2% decrease in US raw steel production, with a total of 94.7 million net tons in 2022 compared to the previous year. This reduced availability of raw materials is a significant factor hindering the growth of the bearing steel market.

Prominent companies operating within the bearing steel market are placing a strong emphasis on product innovation as a means to maintain their competitive positions. Innovations in bearing steel are pivotal for enhancing materials and metallurgical techniques, resulting in steel that boasts greater durability and resistance to wear. As an illustration, in September 2021, AB SKF, a Swedish-based manufacturer of bearings and seals, introduced a new series of spherical roller bearings designed to enhance uptime and reduce costs in continuous casting operations within the steel industry. These bearings underwent extensive testing in actual steel mill environments, demonstrating exceptional performance in these demanding settings. This launch represents the company's ongoing commitment to innovation, aimed at extending the lifespan of bearings and delivering cost-efficiency benefits to clients in the metals sector. These bearings provide a robust, easy-to-install, and cost-competitive solution to address operational challenges.

In February 2023, The Timken Company, a US-based bearings and power transmissions manufacturer, acquired American Roller Bearing Company for an undisclosed amount. The acquisition will help The Timken Company expand its advanced industrial-bearing product portfolio. American Roller Bearing Company is a US-based manufacturer of steel bearings used in various applications, including automotive, aerospace and machinery.

Major players in the bearing steel market are China Baowu Steel Group Corp. Ltd., Nippon Steel Corporation, Shanghai Xincheng Precision Machinery Co. Ltd., Tata Steel Limited, HBIS Group Co. Ltd., Schaeffler Technologies AG & Co. KG, Kobe Steel Ltd., JTEKT Corporation, MinebeaMitsumi Inc., Nanjing Iron and Steel Co. Ltd., AB SKF, NSK Ltd., NTN Corporation, The Timken Company, Saarstahl AG, Daido Steel Co. Ltd., Wafangdian Guangyang Bearing Group Co. Ltd., Nachi-Fujikoshi Corp., Fushun Special Steel Co. Ltd., National Engineering Industries Ltd., Jiangsu Suzhou Steel Group Co. Ltd., Fujian Longxi Bearing(Group) Corp. Ltd., EZM Edelstahlzieherei Mark GmbH, Luoyang LYC Bearing Co. Ltd., Dongil Industries Co. Ltd., HKT Bearings Limited, RKB Europe SA, Del-Tron Precision Inc., THB Bearings Co. Ltd., Harbin Bearing Manufacturing Co. Ltd.

Asia-Pacific was the largest region in the bearing steel market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in bearing steel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the bearing steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bearing steel market consists of sales of hybrid bearings, stainless steel bearings, bearing steel tubes and wire. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.