High Carbon Bearing Steel Market

High Carbon Bearing Steel Market Snapshot (2022 to 2032)

The global high carbon bearing steel market size reached a valuation of around USD 139.6 Billion in 2022. Further, with rising demand for highly efficient and lightweight bearings across industries like automotive, construction, and marine, the total sales of high carbon bearing steel are slated to grow at a robust CAGR of around 6.9% during the forecast period from 2022 to 2032, totaling nearly USD 269 Billion by 2032.

Report Attribute	Details
High Carbon Bearing Market Estimated Growth Rate (2022)	USD 139.6 Billion
High carbon bearing Market Size (2022 to 2032)	6.9% CAGR
High Carbon Bearing Steel Market Projected Size (2032)	USD 269 Billion

Bearings have become essential parts or elements of modern machines and are being increasingly used across industries like automotive, agriculture, and construction to achieve optimum results. They are specially designed to reduce friction between moving parts while supporting relative motion.

However, the ultimate search for highly efficient and reliable bearings has prompted companies to use advanced materials like high carbon bearing steel. This has brought the global high carbon bearing steel market into the spotlight.

High carbon bearing steel is a special steel material with high carbon and chromium content that possesses optimum wear resistance and rolling fatigue strength. It is generally used to make balls, rollers and bearing rings due to its tendency to provide a high level of efficacy.

Over the years, high carbon bearing steel has become an ideal material used for making bearings that can withstand extreme temperatures and corrosion. Growing demand for efficient and reliable bearings from various industries including automotive and construction is anticipated to boost the growth of high carbon bearing steel market during the forecast period.

Which Factors are Spurring the Growth in High Carbon Bearing Steel Market?

Rising adoption of high carbon bearing steel for manufacturing a wide range of bearings such as deep groove ball bearing, cylindrical roller bearing, and spherical roller bearing, and growing demand for highly efficient bearings from diverse industries are some of the major factors augmenting the growth of high carbon bearing steel market.

In the modern world, high carbon bearing steels like high carbon chromium bearing steel and high carbon stainless bearing steel have become highly sought-after materials used for making efficient and reliable bearings on account of their better load bearing capacity, corrosion resistance, high elastic limit, and ability to work efficiently at elevated temperatures.

Rising demand for highly efficient bearing due to rapid expansion of automotive, manufacturing and chemical industries will therefore continue to boost the growth of high carbon bearing steel market during the forecast period.

Factors such as rapidly growing population, high standard of living, and increasing disposable income have ignited the growth of automotive industry worldwide. According to the International Organization of Motor Vehicle Manufacturers, global vehicle production reached around 80145988 in 2021 and this number is likely to further increase during the forthcoming period. Driven by this, sales of high carbon bearing steels are deemed to grow at a healthy pace.

Which Factors are Restraining the Growth of High Carbon Bearing Steel Market?

Despite rising applications of high carbon bearing steel across various industries, there are certain factors that are challenging the growth of high carbon bearing steel market. Some of these factors include volatility in raw material prices and requirement of high capital for the processing of high carbon bearing steel.

Why is Asia Pacific Considered as a Promising Market for High Carbon Bearing Steel?

With rapidly growing automotive, low manufacturing cost for the fabrication of bearings, and presence of leading high carbon bearing steel manufacturers in countries like China and India, Asia Pacific is slated to witness the fastest growth during the forecast period.

High carbon bearing steel market in Asia Pacific is mainly dominated by China due to presence of a highly established automotive industry and leading high carbon bearing steel manufacturers. According to the International Organization of Motor Vehicle Manufacturers, with a total vehicle production of 26082220 in 2021, China will continue to remain the leading automotive manufacturer in the world. This is emerging as a key factor in spurring the growth of high carbon bearing steel market in the region.

What is the Demand Outlook for High Carbon Bearing Steel Market in North America?

According to Future Market Insights, North America, spearheaded by the USA, is anticipated to hold a significant revenue share of the global high carbon bearing steel market during the forecast period between 2022 and 2032. Growth in the market is driven by rising demand for highly efficient bearings from diverse industries such as automotive, aerospace, and marine.

Countries like the USA. and Canada are experiencing enormous demand for high carbon bearing steels on account of increasing adoption of modern technologies and machinery. Most manufacturers of automotive and other machines use bearings made of high carbon bearing steel to enhance the performance of their products. Thus, rising sales of these automotive and machines will eventually expand the high carbon bearing steel market in the future.

Market Competition

Some of the key participants present in the global high carbon bearing steel market include OVAKO, CITIC Special Steel Group, Dongbei Special Steel, JIYUAN Iron & Steel, Sanyo Special Steel, Juneng, and Nanjing Iron & Steel United Co., Ltd, among others.

Presence of a large number of domestic and regional players has made the global high carbon bearing steel market highly competitive in nature. In order to capitalize on the existing emerging opportunities, manufacturers are adopting various growth strategies such as new product launches, partnerships, mergers, capacity expansion, and establishment of new facilities across attractive markets.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 6.9% from 2022 to 2032
Projected Growth Rate (2032)	~USD 269 Billion
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Product Type, Application, Region
Regions Covered	North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa
Key Companies Profiled	OVAKO; CITIC Special Steel Group; Dongbei Special Steel; JIYUAN Iron & Steel; Sanyo Special Steel; Juneng; Nanjing Iron & Steel United Co., Ltd.
Customization	Available Upon Request

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

Frequently Asked Questions

At what rate will the global high carbon bearing steel market grow?

The global high carbon bearing steel market is expected to grow at around 6.9% CAGR over the forecast period from 2022 to 2032.

Which region holds maximum potential for high carbon bearing steel market growth?

As per FMI, Asia Pacific market is likely to grow at a relatively higher CAGR during the forecast period.

Which are some prominent high carbon bearing steel manufacturers?

OVAKO, CITIC Special Steel Group, Dongbei Special Steel, JIYUAN Iron & Steel, Sanyo Special Steel, Juneng, and Nanjing Iron & Steel United Co., Ltd. are some of the prominent high carbon bearing steel manufacturers.