Bearing Steel Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

Bearing steel is a specialized steel designed to meet the specific requirements of bearings due to its high hardness, strength and wear resistance. It is used in a wide range of applications across various industries and is ideal for applications with a lot of friction and wear.

Sizing and Forecast

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.

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Segmentation & Regional Insights

The bearing steel market covered in this report is segmented –

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

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 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The growing automotive industry is expected to propel the growth of the bearing steel market going forward. The automotive industry refers to a broad spectrum of businesses and institutions engaged in automobile design, development, production, marketing and sale. Bearing steel is a crucial part of vehicles as it reduces their weight by being both lightweight, durable and strong. It is an essential component in the automotive industry and it offers several advantages, including reduced friction, corrosion resistance and durability. For instance, in August 2023, according to Statistics Canada, a Canada-based government agency, the total number of vehicle registrations in Canada rose to 26.2 million in 2021, a 1.9% increase from 2020. Furthermore, in 2022, according to a report shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the growing automotive industry is driving the growth of the bearing steel market.

Key Industry Players

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.

The bearing steel market report table of contents includes: