Bearing Steel Market Research Report and Outlook by 2028

The bearing steel market is projected to expand from US$ 6,824.25 million in 2022 to US$ 8,476.80 million by 2028, reflecting a compound annual growth rate (CAGR) of 3.7% during this period.

Bearing steel is a specialized type of steel known for its exceptional wear resistance and rolling fatigue strength. It encompasses high-carbon chromium bearing steel, various engineering steels, as well as certain grades of stainless and heat-resistant steels, which are utilized as materials for bearings. The increasing demand for bearings, particularly from the automotive sector, along with advancements in the development of robust and intelligent bearings, are the primary drivers propelling market growth.

The global bearing steel market is categorized by type into carbon steel, stainless steel, and other materials. Among these, the carbon steel segment is anticipated to hold the largest share throughout the forecast period. Carbon steel, which consists of carbon (up to 2.1% by weight), iron, and additional elements, is known for its excellent strength, load-bearing capacity, ductility, and weldability. Its high strength-to-wear ratio contributes to a prolonged service life. This type of steel is commonly employed in the production of semi-precision or commercial-grade bearings and their components. However, carbon steel requires lubrication with oil or grease due to its limited corrosion resistance, making it suitable for applications such as rolling drawers, shopping carts, bicycles, roller skates, locks, and other scenarios where lubrication does not interfere with the industrial process.

In 2022, the Asia Pacific region dominated the global bearing steel market in terms of revenue. This region is home to numerous prominent semiconductor and automotive manufacturers, including Samsung Electronics Co., Ltd., Sony Group Corporation, SK Hynix Inc., Toyota Motor Corporation, Tata Motors Ltd., Hyundai Motor Company, Nissan Motor Co., Ltd., and Honda Motor Co., Ltd. Bearing steel is extensively utilized in electric motors for both automotive and industrial machinery due to its advantageous properties, such as durability, the ability to endure varying pressure levels, and cost-effectiveness. A report from the China Passenger Car Association indicated that Tesla Inc. delivered 83,135 electric vehicles manufactured in China in 2022, showcasing a rise in electric vehicle sales compared to 2021. Furthermore, the International Organization of Motor Vehicle Manufacturers reported that approximately 46.73 million motor vehicles were produced in the Asia Pacific region in 2021. Consequently, the burgeoning automotive industry in this region is expected to present significant opportunities for the bearing steel market during the forecast period.

Key players in the global bearing steel market include 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. These companies are committed to delivering high-quality products to meet customer needs. They are also engaged in strategic initiatives such as investing in new product development, conducting research and development, and enhancing production capacities to maintain a competitive edge in the market.