According to a research report published by Spherical Insights & Consulting, the Global Bearing Steel Market Size is Expected to Grow from USD 5.3 Billion in 2023 to USD 7.24 Billion by 2033, at a CAGR of 3.17% during the forecast period 2023-2033.

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Bearing steel is a particular kind of steel that is used to make bearings, which are mechanical parts that support rotational or linear movement and lower friction between moving parts. Bearing steel is a hardening steel with high carbon and chromium content, ideal for roll bearings due to its excellent hardness, wear resistance, and rolling fatigue strength. Improvements in the refinement process are responsible for its increased durability. The common bearing steel with 1% carbon and 1.5% chromium content is surpassed by nanostructured bainitic bearing steel (NBBS), which has high strength, hardness, wear resistance, and RCF resistance. The market is dominated by high-carbon chromium-bearing steel, but carburizing steel, such as G20Cr2Ni4, prolongs bearing life. Growing automotive production in developing nations and rising consumer spending power is predicted to drive significant growth in the global bearing steel market. The steel industry has been receiving active support from the Indian government through several initiatives. Several initiatives have been started by the Ministry of Steel to encourage a steel industry that is efficient, competitive, and ecologically friendly. Among these efforts is the Promotion of Research & Development in the Iron & Steel Sector scheme, which offers institutions funding for research in the iron and steel industry. However, despite its growing use in many different industries, the steel market’s expansion is hampered by unstable raw material prices and high processing capital requirements.

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Bearing Steel Market Size, Share, and COVID-19 Impact Analysis, By Type (Cylindrical Roller Bearings, Spherical Roller Bearings, Tapered Roller Bearings, and Other), By Application (Steel Making Process, Continuous Casting Process, and Rolling Mills Process), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.          

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The tapered roller bearings segment is predicted to hold the greatest market share through the forecast period.

Based on the type, the bearing steel market is classified into cylindrical roller bearings, spherical roller bearings, tapered roller bearings, and others. Among these, the tapered roller bearings segment is predicted to hold the greatest market share through the forecast period. Tapered roller bearings are experiencing strong growth in the automotive and heavy-duty equipment industries, due to their increased application in vehicle wheel hubs and axle assemblies. The increasing desire for high-performance, fuel-efficient vehicles has accelerated this upward trajectory.

The steel making process segment is anticipated to hold the greatest market share during the projected timeframe. 

Based on the application, the bearing steel market is divided into steel making process, continuous casting process, and rolling mills process. Among these, the steel making process segment is anticipated to hold the largest market share during the projected timeframe. The segment’s growth is probably the result of rising end-use steel demand, especially in stationary turbine engines and aviation, where faster jet engines require stronger section durability to withstand greater gravitational forces.

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Asia Pacific is estimated to hold the largest share of the bearing steel market over the forecast period.

Asia Pacific is estimated to hold the largest share of the bearing steel market over the forecast period. Major industry players like ZWZ Bearing and ZYS INTERNATIONAL CO., LTD, as well as the industrialization of emerging nations, are anticipated to increase regional demand, China is leading the way in the development of NBBS. The largest market share in China is anticipated to increase quickly.

Europe is predicted to have the fastest CAGR growth in the bearing steel market over the forecast period. This is attributed to its well-established automotive sector, aerospace and defense companies, and substantial investments in renewable energy. The market is expanding as a result of major players in the industry as well as rising solar and wind energy production.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the bearing steel market include 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. and Others.

Recent Development

• In March 2023, Anti-piracy measures taken by Schaeffler Technology have led to the destruction of tens of thousands of fake rolling bearings. With a total weight of ten tons, the Schweinfurt company has now destroyed almost 30,000 counterfeits. Resource steel will now be recycled again when the scrap is crushed and melted in a steelwork.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the bearing steel market based on the below-mentioned segments:

Bearing Steel Market, Type Analysis

• Cylindrical Roller Bearings
• Spherical Roller bearings
• Tapered Roller Bearings
• Other

Bearing Steel Market, Application Type Analysis

• Steel Making Process
• Continuous Casting Process
• Rolling Mills Process

Global Bearing Steel Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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