Bearing Steel Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The bearing steel market size has grown steadily in recent years. It will grow from $6.71 billion in 2024 to $6.96 billion in 2025 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to growth of various industrial sector, rising demand for electric vehicles (evs), demand in mining and construction, infrastructure development, increasing automation.

The bearing steel market size is expected to see steady growth in the next few years. It will grow to $8.15 billion in 2029 at a compound annual growth rate (CAGR) of 4%. The growth in the forecast period can be attributed to growing demand from the aerospace industry, increasing demand from the automotive industry, increasing investments in research and development, increasing demand for high-quality products, growing demand for stainless steel. Major trends in the forecast period include advanced metallurgy, digitalization of supply chains developments, ceramic bearings, miniaturization, sustainable steel materials launch.

The burgeoning automotive sector is anticipated to drive the expansion of the bearing steel market in the foreseeable future. The term "automotive industry" encompasses a wide array of enterprises and organizations involved in the design, development, manufacturing, marketing, and sales of automobiles. Bearing steel holds significant importance in vehicles due to its ability to reduce weight while offering strength and durability. Within the automotive industry, it plays a pivotal role, offering numerous benefits such as reduced friction, corrosion resistance, and longevity. For example, in August 2023, as per Statistics Canada, the total vehicle registrations in Canada surged to 26.2 million in 2021, marking a 1.9% increase from 2020. Additionally, according to a report from the International Organization of Motor Vehicle Manufacturers in 2022, global sales of passenger vehicles rose from 56.43 million in 2021 to 57.48 million in 2022. Consequently, the flourishing automotive industry is a driving force behind the growth of the bearing steel market.

The expansion of manufacturing activities is poised to drive the growth of the bearing steel market. Manufacturing involves the conversion of raw materials and components into finished products through machinery, labor, tools, and chemical processes. Bearing steel is a crucial material in various manufacturing processes due to its outstanding properties, such as high hardness, wear resistance, and fatigue strength. These properties are essential for ensuring precision, durability, and performance in various manufacturing operations. For example, in February 2023, Statistics Canada reported a significant 17.9% growth in Canada's manufacturing industry, with total sales reaching $850.9 billion in 2022. This underscores the impact of increasing manufacturing activities on the bearing steel market's growth.

Key companies in the bearing steel market are focusing on product innovation, such as developing spindle bearings, to maintain their market standing. Spindle bearings are specialized bearings designed to support and guide spindle rotation in machinery, offering high precision, rigidity, and load-bearing capacity for applications like turning, milling, and grinding. For example, in September 2023, Schaeffler, a Germany-based leader in bearing technology, launched new super precision cylindrical roller bearings aimed at enhancing performance in high-load applications, such as main spindles in machinery. These bearings feature an advanced PEEK cage construction that reduces friction and wear, leading to improved lubrication and lower operating temperatures. The design optimizes oil distribution, enhancing the reliability of non-locating bearing functions even at high speeds. Additionally, Schaeffler’s hybrid variants, with ceramic rollers, further reduce friction and extend the lifespan of spindles and machinery, broadening their applicability in precision engineering.

In February 2023, The Timken Company, a US-based bearings and power transmissions manufacturer, acquired American Roller Bearing Company for an undisclosed amount. The acquisition will help The Timken Company expand its advanced industrial-bearing product portfolio. American Roller Bearing Company is a US-based manufacturer of steel bearings used in various applications, including automotive, aerospace and machinery.

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.

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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the bearing steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bearing steel market consists of sales of hybrid bearings, stainless steel bearings, bearing steel tubes and wire. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Bearing steel is a specialized steel crafted to meet the unique demands of bearings, characterized by its exceptional hardness, strength, and wear resistance. This type of steel is employed across various industries and is particularly suitable for applications that involve substantial friction and wear.

The primary categories of bearing steel products include high carbon chromium steel, carburizing steel, high-temperature steel, and others. High carbon chromium steel, for instance, is a steel variant with elevated levels of both carbon and chromium. This composition renders it highly resistant to corrosion, making it well-suited for applications that demand exceptional corrosion resistance, such as aircraft components, surgical instruments, and marine parts. Bearing steel products are used in a range of applications, including ball bearings, roller bearings, thrust bearings, plain bearings, and more, serving diverse end-user sectors like automotive, aerospace, machinery and equipment, energy, construction, and various others.

The bearing steel market research report is one of a series of new reports that provides bearing steel market statistics, including bearing steel industry global market size, regional shares, competitors with a bearing steel market share, detailed bearing steel market segments, market trends and opportunities and any further data you may need to thrive in the bearing steel industry. This bearing steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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