Global Bearing Steel Market Size, Share, and COVID-19 Impact Analysis, By Type, By Application (Steel Making Process, Continuous Casting Process, Rolling Mills Process), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Advanced Materials
Global Bearing Steel Market Insights Forecasts to 2030
- The Bearing Steel Market Size was valued at USD 1.7 Billion in 2021.
- The Market is Growing at a CAGR of 2.7% from 2022 to 2030
- The Worldwide Bearing Steel Market is expected to reach USD 2.57 Billion by 2030
- Asia Pacific is expected to Grow the fastest during the forecast period
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The Global Bearing Steel Market is expected to reach USD 2.57 Billion by 2030, at a CAGR of 2.7% during the forecast period 2022 to 2030. The growth of the global bearing steel market is primarily driven by increasing demand for steel in the end-use industries including automotive, construction, and aerospace & defense among others.
Bearing steel is a hardening steel with a high carbon and chromium content. Because of its excellent hardness, wear resistance, and rolling fatigue strength, this steel is ideal for roll bearings. The extended durability of bearing steel is attributed to refinement process advancements. Bearing steel is an iron and carbon alloy containing several other elements such as manganese, silicon, and chromium. Bearing steel is significantly tougher than stainless steel, making it perfect for applications requiring high wear resistance. Bearing steel is often less expensive than stainless steel because it lacks expensive alloying components such as chromium and nickel.
Bearing steels can also be broadly classified as being designed for typical performance, high-temperature service, or service under corrosive circumstances. The most common bearing steel contains about 1% carbon and 1.5% chromium. The newly developed bearing steel, nanostructured bainitic bearing steel (NBBS), not only has high strength and hardness, but it also has outstanding wear resistance and rolling contact fatigue (RCF) resistance.
Global Bearing Steel Market Report Coverage
|Market Size in 2021:||USD 1.7 Billion|
|Forecast Period 2021-2030 CAGR:||2.7%|
|2030 Value Projection:||USD 2.57 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Type, By Application, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||AB SKF, The Timken Company, Schaeffler Technologies AG & Co. KG, NTN Corporation, JTEKT Corporation NSK Ltd., ZWZ Bearing, The Candu Group Inc., Saarstahl, Baosteel, Aichi Steel, Cartech, Sanyo Special Steel, Dongbei Special Steel, Nanjing Iron and Steel, Suzhou Steel GROUP, Dongil Industries, Kobe Steel, ZYS INTERNATIONAL CO., LTD.|
|Pitfalls & Challenges:||Covid-19 Impact Analysis|
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COVID-19 Impact Bearing Steel Market
The Covid-19 pandemic had a severe effect on the development of the bearing steel market. The spread of coronavirus necessitated the implementation of a lockdown to prevent virus spread. This resulted in travel restrictions and supply chain interruptions, affecting the availability of products on time.
Key Market Drivers
Bearing steels can have a wide range of compositions, each specialized in the perspective of the preferred or most economically advantageous processing technique of a specific bearing manufacturer. When the demands of the bearing application increase, the steels may be manufactured using premium procedures such as vacuum melting to avoid introducing nonmetallic impurities into the steels. Aerospace industries often demand both premium-melted steels and sophisticated alloy compositions.
As the performance of the bearing steels is the most important aspect, which defines the quality of the bearing. The main objective of material researchers and the expectation of the manufacturing industry is the creation of improved bearing steel with improved performance. Many well-known bearing manufacturing companies are contending to aid the development of the next generation of bearing steel.
High-carbon chromium-bearing steel is the most widely used material for bearings, and it still occupies more than 80% of the market. Carburizing bearing steel was designed to extend the life expectancy of bearings under impact circumstances. The most common and typical carburizing bearing steel is G20Cr2Ni4 steel. The bearing industry is dominated by these two types of conventional bearing steel.
Increasing automotive production in developing countries, together with increased per capita consumer purchasing power, is expected to fuel significant market expansion throughout the forecast period. Furthermore, the rising preference for premium and lightweight bearings is expected to generate profitable possibilities for participants in the global bearing steel market throughout the forecast period.
This research report categorizes the market to provide insight into the relevance of suitable bearing steel selection for manufacturing high-quality bearings, which meet the market standards. This research report categorizes the market for bearing steel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the bearing steel market.
Application Type Insights
The Steel Making process segment accounted the largest revenue share of more than 58% over the forecast period.
On the basis of application, the global bearing steel market is segmented into steel making process, continuous casting process, and rolling mills process. Among these, the steel making process segment accounted for the largest revenue share of over 58% over the forecast period. The segment's expansion can be likely to have contributed to rising steel demand in end-use industries. Bearing steels are also used extensively in aviation and stationary turbine engines. Because jet engine speeds are always increasing in order to improve performance and effectiveness, the bearing steel utilized in these turbines must have improved section durability in order to handle the stresses caused by higher gravitational forces.
Asia Pacific dominating the market with the largest market share over the forecast period.
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Asia Pacific is expected to rise at a substantial CAGR during the forecast years, dominating the market with more than 45% market share during the forecast period. The expansion of industrialization in emerging nations, as well as the presence of major industry participants such as ZWZ Bearing and ZYS INTERNATIONAL CO., LTD, is expected to boost the regional demand. China has the largest market share and is expected to grow at the fastest rate during the forecast period. Relevant breakthroughs in NBBS in China have resulted in significant advancement in this sector in recent years. NBBS was first utilized in China to produce huge bearings for wind turbines and heavy-duty bearings with great performance. This progress helps the advancement of China's bearing manufacturing industry, as China leads the world in the development of NBBS.
List of Key Market Players
- AB SKF
- The Timken Company
- Schaeffler Technologies AG & Co. KG
- NTN Corporation
- JTEKT Corporation NSK Ltd.
- ZWZ Bearing
- The Candu Group Inc.
- Aichi Steel
- Sanyo Special Steel
- Dongbei Special Steel
- Nanjing Iron and Steel
- Suzhou Steel GROUP
- Dongil Industries
- Kobe Steel
- ZYS INTERNATIONAL CO., LTD.
Key Target Audiences
- Bearing steel distributors
- Bearing steel suppliers
- Bearing steel manufacturers
- Logistics organizations
- Government bodies
Key Market Developments
- On March 2023, Schaeffler Technology implements anti-piracy procedures, resulting in the destruction of tens of thousands of counterfeit rolling bearings. The company in Schweinfurt has now destroyed nearly 30,000 counterfeits weighing a total of ten tons. The scrap will now be crushed and melted in a steelworks, reintroducing resource steel into the recycling cycle.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global bearing steel market based on the below-mentioned segments:
Bearing Steel Market, Type Analysis
- Cylindrical Roller Bearings
- Spherical Roller bearings
- Tapered Roller Bearings
Bearing Steel Market, Application Type Analysis
- Steel Making Process
- Continuous Casting Process
- Rolling Mills Process
Bearing Steel Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. Which segment dominated the bearing steel market share?The steel making process in application type dominated the bearing steel market in 2021 and accounted for a revenue share of over 58%.
2. What is the study period of bearing steel market?The bearing steel market is studied from 2021 - 2030.
3. Which region is dominating the bearing steel market?Asia Pacific is dominating the bearing steel market with more than 45% market share.
4. Which are the major key players in the global bearing steel market?AB SKF, Schaeffler Technologies AG & Co. KG, Saarstahl, Baosteel, Aichi Steel, Cartech, Sanyo Special Steel, Dongbei Special Steel, Nanjing Iron and Steel, Dongil Industries, Kobe Steel, ZYS INTERNATIONAL CO., LTD.
5. What is the market size of the bearing steel market?The global bearing steel market is expected to grow from USD 1.7 Billion in 2021 to USD 2.57 Billion by 2030, at a CAGR of 2.7% during the forecast period 2021-2030.
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