In 2022, the value of the world market for high carbon bearing steel was estimated to be around US$139.6 billion. Also, due to the increasing demand for highly effective and lightweight bearings in sectors such as automotive, construction, and marine, global sales of high carbon bearing steel are expected to increase at a strong CAGR of 6.9% from 2022 to 2032, reaching close to US$ 269 billion by that year.
Bearing as an equipment is an integral part of numerous industries to achieve optimum and efficient results. Selecting the material during the bearing fabrication is one of the key factors that helps to decide the degree of performance of the bearing.
High carbon bearing steel as a material is witnessing increased adoption & attraction in bearing manufacturing. Numerous attributes of high carbon bearing steel such as high load bearing capacity and extensive temperature range of operation are expected to fuel the growth of the global market.
High carbon bearing steel enables high level of efficacy in bearings, which further results in the reduction of resistance and increases the mobility or functioning of the component, and further assists in efficient working of the machineries.
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High Carbon Bearing Steel Market: Dynamics
The high carbon bearing steel is experiencing significant demand from the past few years, which is expected to drive the growth of the high carbon bearing steel market during the forecast period. There are numerous factors that implicit the increased sales volume of high carbon bearing steels such as their better high load bearing capacity & ability working efficiently at elevated temperatures.
Due to the abovementioned properties, high carbon bearing steel is turning over as a choice of material for the fabrication of bearings, thus creating substantial sales revenue in the global market. Expansion of the automotive, manufacturing and chemical industries is creating substantial growth opportunities for the suppliers of high carbon bearing steel.
Several bearing manufacturers are implementing new business models as a part of their enterprise strategy, these manufacturers are doing backward integration and establishing their in-house capabilities for high carbon bearing steel processing, which enables quick turnaround time in the whole supple chain of high carbon bearing steel market.
However, volatile raw material prices and requirement of high capital for the processing of high carbon bearing steel are factors expected to negatively impact the growth of the overall market.
High Carbon Bearing Steel Market: Regional Trends
Low manufacturing cost for the fabrication of bearing in China is expected to create substantial growth opportunities for the manufacturers, and is expected to drive the growth of the market. South East Asia Pacific is on the same track as of China in terms of growth as the region is involved in large production of bearings.
Western Europe has substantial production capacity of bearings, which is expected to fuel the growth of the high carbon bearing steel market in the region. With growing automotive and marine industries in North America, the region is expected to hold significant share in the global high carbon bearing steel market. Latin America, Eastern Europe & MEA are considered as the low volume–high growth markets.
Examples of some of the market participants in the global high carbon bearing steel market identified across the value chain include:
- OVAKO
- Sanyo Special Steel
- CITIC Special Steel Group
- Dongbei Special Steel
- Juneng
- Nanjing Iron & Steel United Co., Ltd.
- JIYUAN Iron &Steel
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Key Segments Profiled in the High Carbon Bearing Steel Industry Survey
By Product Type:
- High Carbon Chromium Bearing Steel
- High Carbon Stainless Bearing Steel
By Application:
- Deep Groove Ball Bearing
- Cylindrical Roller Bearing
- Spherical Roller Bearing
- Angular Contact Ball Bearing
- Tapered Roller Bearing
- Thrust Ball Bearing
- Thrust Spherical Roller Bearing
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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