Press release
Rising Automotive Industry Fuels Growth In The Bearing Steel Market: A Key Driver Powering Bearing Steel Market Growth In 2025
Bearing Steel Market
What Is the Current Bearing Steel Market Size and Its Estimated Growth Rate?
In the last few years, the bearing steel market size has consistently expanded. It is projected to increase from $6.71 billion in 2024 to $6.96 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.8%. The growth noticed in the historical period is due to the expansion of diverse industrial sectors, escalating demand for electric vehicles (evs), needs in mining and construction, infrastructure growth, and rising automation.
The bearing steel market is projected to experience consistent expansion in the coming years, escalating to a value of $8.15 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%. This growth during the prediction period can be tied to factors like elevated demand in the aerospace sector, the automotive industry's increasing need, a boost in research and development investments, and the rising demand for superior quality products along with stainless steel. Key trends for this period include advancements in metallurgy, the digital transformation of supply chains, the emergence of ceramic bearings and miniaturization, as well as the introduction of sustainable steel materials.
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How Are Emerging Segments Shaping the Bearing Steel Market Landscape?
The bearing steel market covered in this report is segmented -
1) By Product Type: High Carbon Chromium, Carburizing, High Temperature, Other Products
2) By Application: Ball Bearings, Roller Bearings, Thrust Bearings, Plain Bearings, Other Applications
3) By End Use: Automotive, Aerospace, Machinery And Equipment, Energy, Construction, Other End Uses
Subsegments:
1) By High Carbon Chromium: 100Cr6 (AISI 52100), 440C Stainless Steel
2) By Carburizing: 8620 Steel, 9310 Steel
3) By High Temperature: M50 Steel, M42 Steel
4) By Other Products: Stainless Steel Bearings, Alloy Steel Bearings, Ceramic Bearings
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Which Growth Factors Are Influencing Bearing Steel Market Expansion?
The upswing in the automotive industry is predicted to accelerate the progress of the bearing steel market. The term "automotive industry" covers a wide array of entities and establishments involved in the conceptualization, creation, production, marketing, and sale of automobiles. Bearing steel performs an essential role in diminishing the weight of vehicles due to its unique characteristics such as lightweight, durability, and strength. This material is highly valued in the automotive industry because of its benefits such as reducing friction, offering resistance to corrosion, and improving durability. For example, a report from the International Organization of Motor Vehicle Manufacturers, based in France, indicated a rise in global passenger vehicle sales from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the upward trajectory of the automotive industry is providing thrust to the bearing steel market's expansion. The bearing steel market is also fueled by the increasing activities in the manufacturing sector. The term "manufacturing" refers to the transformation of raw materials or components into finished products through manual labor, tools, machinery, and chemicals. Bearing steel, with its superior qualities like high hardness, resistance to wear and tear, and fatigue strength, becomes a primary material in many manufacturing processes that emphasize precision, durability, and performance. For example, according to a report by Statistics Canada, a government agency based in Canada, there was a significant surge in the nation's manufacturing industry, with total sales climbing by 17.9% to hit $850.9 billion in 2022. Therefore, the escalating activities in the manufacturing sector are pushing the growth of the bearing steel market.
Who Are the Dominant Players Across Different Bearing Steel Market Segments?
Major companies operating 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.
What Bearing Steel Market Trends Are Gaining Traction Across Different Segments?
Leading firms in the bearing steel industry, such as Schaeffler, are concentrating their efforts on product innovation, such as spindle bearings, to maintain their competitive advantage in the market. Spindle bearings are a specific kind of bearing, constructed to support rotational movement in machinery while offering high accuracy, robustness, and load-bearing capacity, making them suitable for operations like turning, milling, and grinding. In September 2023, Schaeffler, a German company renowned for its groundbreaking bearing solutions, launched its super precision cylindrical roller bearings. These are custom-designed to elevate performance in high-load scenarios like in primary machinery spindles. They incorporate an advanced PEEK cage structure, thereby reducing friction and wear, resulting in better lubrication and cooler operation temperatures. This new construction facilitates more efficient oil distribution, enhancing the dependability of non-locating bearing functions even at high velocities. Additionally, Schaeffler's hybrid models use ceramic rollers to further lessen friction and prolong the life of spindles and machinery, making them appropriate for a wider array of precision engineering applications.
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Which Geographic Regions Are Expected to Dominate the Bearing Steel Market in the Coming Years?
Asia-Pacific was the largest region in the bearing steel market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in bearing steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Bearing Steel Market?
2. What is the CAGR expected in the Bearing Steel Market?
3. What Are the Key Innovations Transforming the Bearing Steel Industry?
4. Which Region Is Leading the Bearing Steel Market?
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