Bearing For Steel Market Report

Market Insights

The global Bearing for Steel market is projected to grow from USD 1.8 billion in 2020 to USD 2.0 billion by 2028 at a CAGR of around 2.1% during the forecast period.

Figure: Global Bearing for Steel Market Size, 2020-2028 (USD Billion)

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What is Steel Bearing?

Bearing steel can be defined as special steel with superior properties including high wear resistance and rolling fatigue strength. The bearings can be categorized as cylindrical roller bearings, spherical roller bearings, tapered roller bearings, and others.

Key Players

Key players operating in the global Bearing for Steel market are-

• AB SKF (Sweden),
• JTEKT Corporation (Japan),
• Schaeffler Technologies AG & Co. KG (Germany),
• NSK Ltd. (Japan),
• The Timken Company (The U.S),
• NTN Corporation (Japan),
• ZWZ Bearing (India),
• The Candu Group Inc (Canada), and
• ZYS INTERNATIONAL CO., LTD (China).

Market Dynamics

The growth of global bearing for the steel market is primarily driven by increasing demand for steel in the end-use industries including automotive, construction, and aerospace & defense among others.

• Expanding automotive production in developing countries coupled with the rising per capita disposable income of the consumers is likely to drive the market growth at a significant rate during the review period.
• In addition to this, the growing demand for high-quality and lightweight bearings is likely to create lucrative opportunities for the players operating in the global bearing for steel market in the coming years.

Segments' Analysis

Application Trends

By application, the bearing for steel market has been bifurcated into steel making process, continuous casting process and rolling mills process.

• Under these, the steel making process segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
• The segment growth can be attributed to increasing demand for steel in the end-use industries.

Regional Trends

By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to expanding industrialization in the developing countries and presence of key market players such as ZWZ Bearing (India) and ZYS INTERNATIONAL CO., LTD (China). China held the largest market share in 2020 and is projected to register highest CAGR during the review period.

COVID-19 Impact on Global Bearing for Steel Market

Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.

Critical Questions Answered in the Report

• What are the key trends in the global Bearing for Steel market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
• What is the impact of COVID-19 on the global Bearing for Steel market?
• What are the key strategies adopted by the major vendors to lead in the global Bearing for Steel market?
• What is the market share of the top vendors?

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Target Audience

• Bearing for steel distributors
• Bearing for steel suppliers
• Bearing for steel manufacturers
• Logistics organizations
• Government bodies

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