Bearing Steel Market Size, Trends & Forecast to 2028

[Research Report] 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.

Bearing steel is a special steel featuring high wear resistance and rolling fatigue strength. High-carbon chromium bearing steel, engineering steel, and some types of stainless steel and heat-resistant steel are used as bearing materials. The growing demand for bearings from the automotive industry and the development of durable and smart bearings are the major factors driving the market.

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 shows 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.

Strategic Insights

Report Coverage - Bearing Steel Market

Report Coverage	Details
Market Size Value in	US$ 6,824.25 million in 2022
Market Size Value by	US$ 8,476.80 million by 2028
Growth rate	CAGR of 3.7% from 2022 to 2028
Forecast Period	2022-2028
Base Year	2022
No. of Pages	176
No. of Tables	85
No. of Charts & Figures	101
Historical data available	Yes
Segments covered	Type, and End-Use Industry
Free Sample Copy Available	Get Free Sample PDF

Impact of COVID-19 Pandemic on Bearing Steel Market

Before the emergence of the COVID-19 outbreak, the bearing steel market was growing due to the increasing use of bearings in energy & power, industrial machinery, automotive, electrical & electronics, and aerospace industries. However, the COVID-19 pandemic hampered the growth of the chemicals & materials sector, thus, hindering the growth of the bearing steel market. Implementation of measures to combat the spread of SARS-CoV-2 negatively impacted the growth of various industries. Manufacturers experienced delays and increased costs of imported raw materials due to the long-term shutdown of many factories. The damage caused by the impact of the pandemic on end-use industries hampered the demand for bearing steel.

In 2021, the global marketplace started recovering from the losses caused due to the COVID-19 pandemic, as governments of different countries announced relaxation in the restrictions. Manufacturers were permitted to operate at full capacity, which helped them to overcome the supply-demand gap. This positively impacted the bearing steel market growth in the post-pandemic scenario.

Global Bearing Steel Market Breakdown – by Region

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Market Insights

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 the specific application, 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.

Type-Based Insights

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.

Bearing Steel Market, by End User – 2022 and 2028

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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 investments in research and development, new product launches, and production capacity expansion.

Report Spotlights

• Progressive industry trends in the bearing steel market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the bearing steel market from 2020 to 2028
• Estimation of global demand for bearing steel
• Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the bearing steel market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The bearing steel market size at various nodes
• Detailed overview and segmentation of the market, as well as the bearing steel industry dynamics
• The bearing steel market size in various regions with promising growth opportunities

Global Bearing Steel Market - Segmentation

Based on type, the global bearing steel market is segmented into carbon steel, stainless steel, and others. Based on end use, the bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others.

Company Profiles

• 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
• Sanyo Special Steel Co Ltd