PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320187
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320187
Bearing Steel Market size was valued at USD 5,608.1 Million in 2022, expanding at a CAGR of 4.5% from 2023 to 2030.
Special steel with strong rolling fatigue resistance and excellent wear resistance is known as bearing steel. In addition to other uses, high-carbon chromium bearing steel, engineering steel, various varieties of stainless steel, and heat-resistant steel are utilized as materials for bearings.
The increasing collaboration and partnership among the key market players is expected to propel the market growth during the forecast period. For instance, in May 2022, A technical collaboration agreement was signed by CBMM and JFE Steel to collaborate on the development of novel stainless steel for use in equipment and solutions for renewable energy sources. Through this partnership, the technological know-how of the two businesses will be combined, and the supply of materials will be accelerated to support the global energy transition. Moreover, in April 2023, to create lightweight, low-friction bearings for Pagani's hypercar vehicles, SKF and Pagani S.p.A. joined forces technically. The alliance focuses on creating hybrid bearing systems, which pair ceramic balls or rollers with steel outer and inner rings. Utilizing silicon nitride rolling components, such as ball bearings, cylindrical roller bearings, or special designs, SKF hybrid bearings offer characteristics that set them apart from their normal steel equivalents. Thus, this is expected to drive the market growth.
The Global Bearing Steel Market is segmented based on Type, Industry Vertical, and Region.
Based on type, the global Bearing Steel market is segmented into carbon steel, stainless steel and others. The carbon steel segment is expected to dominate the market over the forecast period. A mixture of iron, carbon (up to 2.1% by weight), and other substances makes up carbon steel. The best strength, load capacity, ductility, and weldability are provided by carbon steel. Due to its excellent strength-to-wear ratio, it offers a lengthy service life. Commercial-grade or semi-precision bearings and bearing components are made of carbon steel. Because carbon steel lacks corrosion resistance, it must be greased and oiled when used for bearings. As a result, it is employed in the manufacturing of bearings for rolling draws, shopping carts, bicycles, rollerblades, locks, and other devices where the lubrication of the bearing does not impact the industrial process.
Based on the industry vertical, the Bearing Steel industry is segmented into energy & power, industrial machinery, automotive, electrical & electronics, aerospace, and others. The automotive segment is expected to capture the largest revenue share over the projected period. Steel-based bearings are used in a variety of automobile parts, including driveshafts, engines, electric motors, steering columns, wheels, and car transmission systems. Bearings play a critical role in enhancing the effectiveness and performance of vehicles as well as in reducing the shocks and vibrations brought on by fast braking. Additionally, the production of automobile components makes extensive use of bearings made from high-carbon chromium steel and chrome steel, including tapered roller bearings, deep groove ball bearings, and thrust ball bearings. Manufacturers create and produce customized bearings using high-precision bearing steel to satisfy the expanding demand for cutting-edge parts from the automobile sector. Thus, this is expected to drive the market growth.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to lead the market over the forecast period. The regional growth is ascribed to several factors including growing industrialization, increasing automotive industry, rising energy demand and growing urbanization. For instance, according to the statistics given by Invest India, the automotive industry in India is estimated to be valued at more than $222 billion, contributes 8% of the total exports made by the nation, makes up 7.1% of India's GDP, and rank third globally by 2030. Therefore, the aforementioned facts support the market growth in the region.
The leading market participants in Bearing Steel concentrate on a variety of growth methods, including the introduction of new products, joint ventures, partnerships, geographic expansion, and mergers and acquisitions. The key market players are JFE Steel, Benxi Steel Group, Nippon Steel, Saarstahl, CITIC Steel, Dongbei Special Steel, Kobe Steel, Carpenter Technology, Shandong Shouguang Juneng, Nanjing Iron and Steel, OVAKO and HBIS GROUP.
In June 2023, a Joint Venture (JV) agreement has been signed by SKF and Sinoma Nitride, a renowned developer and manufacturer of silicon nitride materials and ceramic balls, to further their collaboration on hybrid ceramic ball bearings. The partnership is crucial from a strategic standpoint since ceramic bearings are a priority developing technology for SKF. A 30% stake in the JV that will make rolling components out of nitride will belong to SKF. With the help of their collaboration, SKF and Sinoma Nitride will be able to provide clients in a variety of sectors with high-quality hybrid ceramic ball-bearing products and solutions, including Electric Vehicles (EVs) and industrial applications like precise machine tools. The Group's strategy framework has identified many high-growth markets, including electric vehicles and high-speed machines.