The bearing steel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bearing Steel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Bearing Steel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bearing Steel Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the bearing steel market are focused on innovating products to sustain their position in the market. Bearing steel innovations are essential for improved materials and metallurgical techniques, resulting in more durable and wear-resistant steel. For instance, in September 2021, AB SKF, a Sweden-based bearing and seal manufacturing company, launched a new line of spherical roller bearings to improve uptime and lower costs for continuous casting operations in the steel industry. These bearings have been rigorously tested in actual steel mill settings and have been confirmed to work excellently in these harsh environments. These new caster spherical roller bearings are the latest investment in the company’s ongoing efforts to promote innovation, extend bearing service life and generate cost efficiencies for clients in the metals industry. They address operational challenges with a robust, simple-to-install, cost-competitive solution.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Bearing Steel Market Report Structure
3. Bearing Steel Market Trends And Strategies
4. Bearing Steel Market – Macro Economic Scenario
5. Bearing Steel Market Size And Growth
…..
27. Bearing Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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