At 3.2% CAGR, the Asia Pacific Bearing Steel Market is projected to be worth US$ 3,732.51 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific bearing steel market was valued at US$ 3,086.68 million in 2022 and is expected to reach US$ 3,732.51 million by 2028, registering a CAGR of 3.2% from 2022 to 2028.Surge in demand for high-efficiency bearings and Growing demand for bearings from automotive industry are the critical factors attributed to the Asia Pacific bearing steel market expansion.

The developments in the manufacturing sector due to strong component demand from industries such as machinery, construction, medical, aerospace, and electronics are creating lucrative opportunities for the global bearing industry. The adoption of lightweight alloys produced using modern technologies by bearing manufacturers is further expected to propel the Asia Pacific bearing steel market. Moreover, major market players are collaborating with end-use companies to expand their presence and increase revenue share. The demand for bearings is increasing with the rising use of technologically advanced tools in construction activities, such as wheel loaders, excavators, dozers, and tunneling and boring machines. Moreover, bearing manufacturers are developing specialized bearings to fulfill the requirements of the power generation industry. For instance, in 2022, The Timken Company announced the design of main shaft bearings to supply them to GE Renewable Energy’s HaliadeX, an offshore turbine. Therefore, the use of steel bearings in new applications in the construction and power industries is projected to create lucrative opportunities for the Asia Pacific bearing steel market during the forecast period.  

On the contrary, use of polymer and ceramic ball bearings as alternatives hurdles the growth of Asia Pacific bearing steel market.

Based on type, the Asia Pacific bearing steel market is segmented into carbon steel, stainless steel, and others. The carbon steel segment held 42.9% share of Asia Pacific bearing steel market in 2022, amassing US$ 1,325.35 million. It is projected to garner US$ 1,588.14 million by 2028 to expand at 3.1% CAGR during 2022–2028.

Based on end use, the Asia Pacific bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. The automotive segment held 46.3% share of Asia Pacific bearing steel market in 2022, amassing US$ 1,430.44 million. It is projected to garner US$ 1,767.09 million by 2028 to expand at 3.6% CAGR during 2022–2028.  

Based on country, the Asia Pacific bearing steel market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 54.2% share of Asia Pacific bearing steel market in 2022. It was assessed at US$ 1,673.94 million in 2022 and is likely to hit US$ 2,110.07 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.  

Key players profiles in the Asia Pacific bearing steel market report Baosteel Group Corp; Benxi Iron and Steel Group Co Ltd; Dongbei Special Steel Group Co Ltd; EZM Edelstahlzieherei Mark GmbH; Fushun Special Steel Co Ltd; HBIS Group Co Ltd; Kobe Steel Ltd; Ovako AB; Saarstahl AG; and Sanyo Special Steel Co Ltd, among others.

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