2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

What External and Internal Drivers Are Contributing to the Growth of theBearing Steel Market?

The anticipated expansion of the automotive industry is slated to fuel the bearing steel market’s progress. The auto industry comprises a large number of businesses and institutions that are involved in various stages of automobile creation, including design, development, production, and sales. Bearing steel is a key material for vehicles due to its advantageous properties such as lightweight, durability, and strength. This material also improves functions in the automotive industry by curbing friction, resists corrosion, and amplifying durability. For example, the International Organization of Motor Vehicle Manufacturers, a France-based organization, reported that global sales of passenger vehicles rose from 56.43 million in 2021 to 57.48 million in 2022. As a result of these factors, the booming automotive industry is leading to an upward trend in the bearing steel market. The anticipated upswing in manufacturing activities is expected to drive further the growth of the bearing steel market. Manufacturing involves turning raw materials or parts into complete products through the use of tools, labor, machinery, and chemical processes. The unique properties of bearing steel, such as high hardness, wear resistance, and fatigue strength, make it a vital material in numerous manufacturing processes that require precision, resilience, and efficiency. For instance, Statistics Canada, a Canadian government agency, reported in February 2023 that Canada’s manufacturing sector witnessed significant growth, with overall sales surging by 17.9% to reach $850.9 billion in 2022. Consequently, the increasing manufacturing activities are pushing the surge of the bearing steel market.

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#What Growth Opportunities Will Drive the Bearing Steel Market’s CAGR Through 2034?

The value of the bearing steel market has experienced consistent expansion over the last few years. The market size, which hovers at $6.71 billion in 2024, is forecasted to increase to $6.96 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.8%. Factors propelling growth in the historic era include the expansion of diverse industrial sectors, escalating demand for electric vehicles, requirements in the mining and construction industries, infrastructure development efforts, and the surge in automation.

The market size for bearing steel is predicted to witness uninterrupted growth in the upcoming years, mushrooming to $8.15 billion by 2029 with a compound annual growth rate (CAGR) of 4.0%. The growth during the projection period can be linked to the burgeoning demand in the aerospace sector, escalating demands in the automobile industry, augmentation in research and development investments, and rising need for top-notch products, accompanied by an increasing demand for stainless steel. Advanced metallurgy, digital transformations in supply chain developments, the advent of ceramic bearings, miniaturization, and the introduction of sustainable steel materials are among the major trends forecasted during this period.

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Which Upcoming Market Trends and Innovations Are Set to Influence theBearing Steel Market’s Path Forward?

Major companies operating in the bearing steel market are focused on innovating products to such as spindle bearing to sustain their position in the market. A spindle bearing refers to a type of bearing specifically designed to support and guide the rotation of spindles in machinery, providing high precision, rigidity, and load-carrying capacity for applications such as turning, milling, and grinding processes. For instance, in September 2023, Schaeffler, a Germany-based company specializing in innovative bearing technology solutions, introduced its new super precision cylindrical roller bearings, specifically designed to improve performance in high-load applications, such as main spindles in machinery. These bearings feature an advanced cage construction made from PEEK, which minimizes friction and wear, resulting in enhanced lubrication and reduced operating temperatures. The new design facilitates more efficient oil distribution, thereby improving the reliability of non-locating bearing functions even at high speeds. Additionally, Schaeffler’s hybrid variants incorporate ceramic rollers to further reduce friction and extend the lifespan of spindles and machinery, making them suitable for a broader range of applications in precision engineering.

Who Are the Dominant Market Players Pushing the Boundaries of theBearing Steel Market?

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.

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What Are the Core Segments of the Bearing Steel Market, and How Do They Contribute to Growth?

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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What Regions Are Dominating the Bearing Steel Market Growth?

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.

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