Bearing Steel Market Size Worth $ 2,427.80 Million By 2032 | CAGR: 2.50%

The global bearing steel market size is expected to reach USD 2,427.80 million by 2032, according to a new study by Polaris Market Research. The report “Bearing Steel Market Share, Size, Trends, Industry Analysis Report, By Type (Carbon Steel, Stainless Steel); By End Use Industry; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing focus on achieving a net-zero scenario drives governments worldwide to invest in renewable energy sources such as wind. As more wind turbines are installed to meet the demand for renewable energy, the growth of the wind energy sector is expected to drive the development of the bearing steel market.

Wind turbines are complex machines with several critical components, including the gearbox, generator, and rotor. These components require bearings to ensure smooth operation, and the bearings used in wind turbines must withstand harsh operating conditions, including high winds and extreme temperatures. The increasing demand for wind energy is expected to drive the growth of the bearing steel market in the coming years.

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Growing electric vehicle (EV) sales are fuelling the growth of the bearing steel market in several ways. As EVs use many bearings in various components such as motors, transmissions, and wheels, which is driving the demand for high-quality bearings made of bearing steel. As per the statistics published by the IEA's annual Global EV Outlook, in 2022, nearly 10 Mn EVs were sold globally. This year, sales are projected to increase by another 35% to 14 Mn. As the number of EVs on the road increases, the demand for aftermarket bearings is also growing. This is driving the development of new and innovative bearing steel alloys that can meet the needs of the aftermarket, which is fuelling the growth of the market.

Bearing Steel Market Report Highlights

• Stainless steel segment is anticipated to grow at a faster rate owing to the superior properties of stainless steel making it a preferred choice for bearing applications, and its increasing demand in various end-use industries.
• Automotive segment accounted for the largest market share owing to the increasing focus on light-weight EVs and fuel efficiency.
• APAC is projected to experience larger revenue share and higher growth rate due to the favorable economic and industrial development and growing focus on renewable energy.
• Europe is projected to register the second largest growth rate owing to the favorable industrial and economic development & increasing investments in renewable energy.
• The global players include AB SKF, Sanyo Special Steel, Timken Company, Schaeffler Group, Suzhou Steel, Dongil Industries, Kobe Steel, & Benxi Iron and Steel

Polaris Market Research has segmented the bearing steel market report based on type, end use industry and region:

Bearing Steel, Type Outlook (Revenue - USD Million, 2019 - 2032)

• Carbon Steel
• Stainless Steel

Bearing Steel, End Use Industry Outlook (Revenue - USD Million, 2019 - 2032)

• Energy & Power
• Industrial Machinery
• Automotive
• Electrical & Electronics
• Aerospace

Bearing Steel, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Bearing Steel Market Report Scope