Bearing Steel Market - By Product Type (High Carbon Chromium, Carburizing, High Temperature), By Application (Ball Bearings, Roller Bearings, Thrust Bearings, Plain Bearings), By End Use (Automotive, Aerospace, Machinery & Equipment, Energy, Construction), Forecast 2023 – 2032

Bearing Steel Market Size

Bearing Steel Market size was valued at around USD 5.9 Billion in 2022 and is anticipated to grow at a CAGR of over 3.2% between 2023 and 2032. The industrialization and expansion of the global manufacturing sector are driving the bearing steel demand.
 

Machinery & equipment manufacturers need bearings for various applications to ensure smooth operations of the automotive, aerospace, industrial machinery, and renewable energy sectors. The automotive industry extensively uses bearings in engines, transmissions, wheels, and other moving parts, thereby augmenting product demand. Thus, the growing automotive production and sales will directly impact the bearing steel demand, thereby accelerating market expansion over the forecast period.
 

The automotive industry is a major customer of bearings, using them in engines, transmissions, wheels, and other moving parts. The increasing automotive production and sales will considerably affect the bearing steel demand during the study period.
 

The fluctuating prices of raw materials utilized in producing bearing steel, such as iron ore and alloys including chromium, molybdenum & vanadium, can considerably influence the total production costs. Bearing steel manufacturers face challenges in maintaining stable product pricing and profitability owing to rapidly increasing prices and disrupted raw material supply. The bearing steel market is thriving with various global market players. This competition puts stress on pricing, product differentiation, and market share. Companies need to focus on innovations, optimize manufacturing processes, and distinguish their products to stay competitive in the market. The bearing steel industry is susceptible to the presence of counterfeit & substandard products, which can lead to safety concerns, premature failures, and damage to machinery or equipment. Manufacturers need to enforce rigorous quality control measures, set up resilient supply chains, and educate customers to mitigate the risks related with these substandard alternatives. These factors may limit product adoption, further restraining market growth.
 

COVID-19 Impact

During the pandemic, governments around the world imposed lockdown measures, travel bans, and factory closures, disrupting the global supply chain. These disruptions affected logistics and the availability & delivery of raw materials, hampering the overall production of bearing steel. The pandemic resulted in a global economic slowdown, lowered industrial activities, and decreased consumer spending, leading to a fall in demand for bearing steel. A halt in production in major end-use industries including automotive, aerospace, and industrial machinery led to a lower product demand. The decreasing number of COVID-19 cases and the execution of consequent strategies by government & non-government organizations aided in the recovery of market demand, creating growth opportunities in the post-pandemic period.
 

Bearing Steel Market Trends

There is an increasing demand for high-performance bearings that can endure extreme conditions, higher speeds, and heavier loads. This need has created a requirement for bearing steel with exceptional properties such as increased hardness, fatigue resistance, and dimensional stability. Bearing steel manufacturers are creating and launching advanced bearing steel grades to address the changing industry demands. These grades incorporate sophisticated alloy elements and optimized heat treatment processes for better performance, durability, and reliability. The increasing implementation of Electric Vehicles (EVs) presents new prospects for the bearing steel industry. EVs require specific bearings for electric motors, drivetrains, and other components. Bearing steel manufacturers are focused on creating bearing steel products to fulfill the unique demands of EV applications including higher speed capabilities and reduced friction. Bearing steel manufacturers are participating in strategic collaborations and partnerships with bearing manufacturers, end-use industries, research institutes, and universities to foster innovations, expand product applications, and improve their overall market competitiveness. Thus, the increasing product usage is estimated to boost the market expansion.
 

Bearing Steel Market Analysis

Based on product type, the bearing steel market is categorized into high carbon chromium, carburizing, high temperature, and others. The high carbon chromium bearing steel segment held a major market value of USD 2857 million in 2022. High carbon chromium bearing steel including GCr15 or SAE 52100 steel is widely used in the automotive, aerospace, industrial machinery, and power generation sectors. The broad application range of ball bearings, roller bearings, and other bearing types is fueling segment growth. High carbon chromium bearing steel provides exceptional wear resistance & hardness, aiding bearings to withstand heavy loads, high speeds, and harsh operating conditions. The durability and longevity offered by this product type make it ideal for use in challenging applications.
 

Advancements in material science and the development of new alloys with improved properties are influencing the demand for other alloyed steels.
 

Based on application, the bearing steel market is divided into Ball Bearings, Roller Bearings, Thrust Bearings, Plain Bearings, And Others. The ball bearings segment held the largest market share of around 35% in 2022 and is anticipated to grow at a rapid rate through 2032. Ball bearings are generally utilized in automotive components, electric motors, machinery, and appliances due to their versatility & ability to handle both radial & axial loads. They comprise inner & outer races with a series of balls between them, which ease friction and aid smooth rotation. Roller bearings including cylindrical, spherical, and tapered roller bearings are designed to handle heavy loads and provide higher radial or axial load-carrying capacities compared to ball bearings.
 

Based on end use, the bearing steel market is categorized into automotive, aerospace, machinery & equipment, energy, construction, and others. The automotive segment held a dominant market share in 2022 and is anticipated to expand at 2.6% CAGR by 2032. The overall growth in global vehicle production is boosting the demand for bearing steel in the automotive sector. The increasing EV adoption is creating new growth opportunities for bearing steel manufacturers as specialized bearings are required in their electric motors and drivetrains. Industries including construction, mining, manufacturing, and power generation require bearings for their equipment & machinery, consequently supporting the market growth.
 

U.S. bearing steel market dominated the North American region with a value of USD 3.2 billion in 2022 and is anticipated to expand at a significant pace from 2023 - 2032. The region is home to a strong manufacturing base including sectors such as automotive, machinery, aerospace, and energy. The growth of these industries impacts the demand for bearings, and consequently bearing steel. The automotive industry in North America encompasses the production and sales of passenger vehicles, commercial vehicles, and automotive components, necessitating the use of bearings in various applications.
 

Bearing Steel Market Share

Major players operating in the bearing steel market include:

• SKF Group
• Timken Company
• JTEKT Corporation
• Nippon Steel Corporation
• Schaeffler Group
• Ovako Group
• TATA Steel,
• Steel India.

These players focus on strategic partnerships, new product launches, and commercialization efforts for market expansion. These players heavily invest in research to launch advanced products and garner maximum market revenue.
 

The bearing steel market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Kilo Tons) from 2018 to 2032, for the following segments:

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By Product Type

• High carbon chromium
• Carburizing
• High temperature
• Others

By Application

• Ball bearings
• Roller bearings
• Thrust bearings
• Plain bearings
• Others

By End Use

• Automotive
• Aerospace
• Machinery & equipment
• Energy
• Construction
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia