Press release
Bearing Steel Market Report 2024: Strategies And Recent Developments | China Baowu Steel Group Corp. Ltd., Nippon Steel Corporation, Shanghai Xincheng Precision Machinery Co. Ltd
Bearing Steel Market Trend
Market Size And Growth Forecast:
The bearing steel market size has grown steadily in recent years. It will grow from $6.43 billion in 2023 to $6.71 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth of various industrial sector, rising demand for electric vehicles (evs), demand in mining and construction, infrastructure development, increasing automation.
The bearing steel market size is expected to see steady growth in the next few years. It will grow to $7.77 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to growing demand from the aerospace industry, increasing demand from the automotive industry, increasing investments in research and development, increasing demand for high-quality products, growing demand for stainless steel. Major trends in the forecast period include advanced metallurgy, digitalization of supply chains developments, ceramic bearings, miniaturization, sustainable steel materials launch.
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Market Segmentation:
The main types of bearing steel products are high carbon chromium, carburizing, high temperature and others. High-carbon chromium refers to a type of steel that contains high levels of both carbon and chromium. High-carbon chromium steel is highly corrosion-resistant due to its high chromium content, making it ideal for applications that require excellent corrosion resistance, such as aircraft parts, surgical instruments and marine components. These are used for several applications, including ball bearings, roller bearings, thrust bearings, plain bearings and others, which are used by end users such as automotive, aerospace, machinery and equipment, energy, construction and others.
Bearing Steel Global Market Report 2023 provides data on the global bearing steel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The bearing steel market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Automotive Industry Fuels Growth In The Bearing Steel Market
The growing automotive industry is expected to propel the growth of the bearing steel market going forward. The automotive industry refers to a broad spectrum of businesses and institutions engaged in automobile design, development, production, marketing and sale. Bearing steel is a crucial part of vehicles as it reduces their weight by being both lightweight, durable and strong. It is an essential component in the automotive industry and it offers several advantages, including reduced friction, corrosion resistance and durability. For instance, in August 2023, according to Statistics Canada, a Canada-based government agency, the total number of vehicle registrations in Canada rose to 26.2 million in 2021, a 1.9% increase from 2020. Furthermore, in 2022, according to a report shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the growing automotive industry is driving the growth of the bearing steel market.
Competitive Landscape:
Major players in the bearing steel market are China Baowu Steel Group Corp. Ltd., Nippon Steel Corporation, Shanghai Xincheng Precision Machinery Co. Ltd., Tata Steel Limited, HBIS Group Co. Ltd., Schaeffler Technologies AG & Co. KG, Kobe Steel Ltd., JTEKT Corporation, MinebeaMitsumi Inc., Nanjing Iron and Steel Co. Ltd., AB SKF, NSK Ltd., NTN Corporation, The Timken Company, Saarstahl AG, Daido Steel Co. Ltd., Wafangdian Guangyang Bearing Group Co. Ltd., Nachi-Fujikoshi Corp., Fushun Special Steel Co. Ltd., National Engineering Industries Ltd., Jiangsu Suzhou Steel Group Co. Ltd., Fujian Longxi Bearing(Group) Corp. Ltd., EZM Edelstahlzieherei Mark GmbH, Luoyang LYC Bearing Co. Ltd., Dongil Industries Co. Ltd., HKT Bearings Limited, RKB Europe SA, Del-Tron Precision Inc., THB Bearings Co. Ltd., Harbin Bearing Manufacturing Co. Ltd.
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Top Trend - Innovative Bearing Steel Solutions Driving Market Leadership
Major companies operating in the bearing steel market are focused on innovating products to sustain their position in the market. Bearing steel innovations are essential for improved materials and metallurgical techniques, resulting in more durable and wear-resistant steel. For instance, in September 2021, AB SKF, a Sweden-based bearing and seal manufacturing company, launched a new line of spherical roller bearings to improve uptime and lower costs for continuous casting operations in the steel industry. These bearings have been rigorously tested in actual steel mill settings and have been confirmed to work excellently in these harsh environments. These new caster spherical roller bearings are the latest investment in the company's ongoing efforts to promote innovation, extend bearing service life and generate cost efficiencies for clients in the metals industry. They address operational challenges with a robust, simple-to-install, cost-competitive solution.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bearing Steel Market Characteristics
3. Bearing Steel Market Trends And Strategies
4. Bearing Steel Market - Macro Economic Scenario
5. Bearing Steel Market Size And Growth
…..
27. Bearing Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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