Thursday, 18 April 2024
Friday, 31 Mar 2023 12:00 am

Bearing Steel Market is expected to reach US$ 8,476.80 million by 2028

The global Bearing Steel Market value to exceed from US$ 6,824.25 million in 2022 to US$ 8,476.80 million by 2028; it is estimated to grow at a CAGR of 3.7% during the forecast period 2022-2028

By The Insight Partners

Growing Demand for Bearings from Automotive Industry to Escalate Bearing Steel Market Growth During 2022–2028

According to our latest market study on "Bearing Steel Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End-Use Industry," 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. The report highlights key factors driving the market and prominent players along with their developments in the market.

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.

Global Bearing Steel Market Breakdown – by Region

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00029844

Bearings are vital components 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 their specific applications, 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.

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

Impact of COVID-19 Pandemic on Bearing Steel Market

The unprecedented rise in COVID-19 cases worldwide and the subsequent shutdown of numerous manufacturing facilities hampered the bearing steel market growth. Various end-use industries were severely affected due to project delays, labor shortages, increased material costs, and supply chain disruptions that reduced the demand for bearing steel. However, the market is reviving due to vaccination drives and other significant measures by governments of various countries. The rising vaccination rate and government initiatives are allowing industries to work in their normal capacities. This factor is aiding the adoption of steel bearings.

The report includes the segmentation of the global bearing steel market as follows:

The global bearing steel market is segmented into type, end-use industry, and geography. Based on type, the bearing steel market is segmented into carbon steel, stainless steel, and others. Based on end-use industry, the market is segmented into energy & power, industrial machinery, automotive, electrical & electronics, aerospace, and others. By geography, the global bearing steel market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America bearing steel market is further segmented into the US, Canada, and Mexico. The Europe bearing steel market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific bearing steel market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America bearing steel market is further segmented into Brazil, Argentina, and the Rest of South & Central America.

Contact Us
Contact Us: The Insight Partners 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com

The Insight Partners :    https://www.theinsightpartners.com

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy