Bearing Steel Market Analysis

Bearing Steel Market Analysis

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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.