Report : Europe Bearing Steel Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Carbon Steel, Stainless Steel, and Others) and End Use (Energy and Power, Industrial Machinery, Automotive, Electrical and Electronics, Aerospace, and Others)
At 5.0% CAGR, the Europe Bearing Steel Market is speculated to be worth US$ 2,054.11 million by 2028, says Business Market Insights
According to Business Market Insights research, the Europe bearing steel market was valued at US$ 1,530.82 million in 2022 and is expected to reach US$ 2,054.11 million by 2028, registering a CAGR of 5.0% from 2022 to 2028. Development of durable and smart bearings and growing demand for bearings from automotive industry are the critical factors attributed to the Europe bearing steel market expansion.
The modern powertrains of hybrid or full-battery electric vehicles operate at high acceleration and deceleration, thus requiring bearing with high-speed capabilities. The rising demand for such durable and lightweight bearings from the automotive industry is encouraging bearing manufacturers to invest in research and development to explore the use of new raw materials in the production process. Moreover, they focus on the development of specialized custom bearings to meet the evolving needs of the electric vehicle industry. According to a report published by the Centre for the Promotion of Imports, bearing manufacturers in Europe have been investing in product development to extend bearing capabilities, in line with the pace of technological advancements in the automotive industry. They are also investing in the development of efficient and technologically smart bearings that can monitor and communicate operating conditions such as speed, temperature, and overall bearing condition, among others. These abilities would enable end-use industries to regulate the lifecycle of components, thereby enhancing reliability and machinery uptime, and reducing maintenance costs. In 2022, Schaeffler Technologies AG & Co KG launched two innovative bearing solutions—TriFinity triple-row wheel bearing and the high-efficiency ball bearing with centrifugal disc—for the electric vehicle market. Smart bearing technology has a huge demand in robotic control processes in the paper & print, wood processing, chemical manufacturing, textile, agriculture, and food processing industries, among others. In 2022, NTN Corporation launched sensor-integrated bearings that can be incorporated into sensor systems, power generation units, and wireless devices for industrial applications. Thus, the development of smart and efficient bearings for advanced automotive and industrial applications propels the demand for bearing steel.
On the contrary, use of polymer and ceramic ball bearings as alternatives hurdles the growth of Europe bearing steel market.
Based on type, the Europe bearing steel market is segmented into carbon steel, stainless steel, and others. The carbon steel segment held 50.0% share of Europe bearing steel market in 2022, amassing US$ 765.72 million. It is projected to garner US$ 1,001.13 million by 2028 to expand at 4.6% CAGR during 2022–2028.
Based on end use, the Europe bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. The automotive segment held 46.9% share of Europe bearing steel market in 2022, amassing US$ 717.92 million. It is projected to garner US$ 988.55 million by 2028 to expand at 5.5% CAGR during 2022–2028.
Based on country, the Europe bearing steel market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Russia captured 33.2% share of Europe bearing steel market in 2022. It was assessed at US$ 508.71 million in 2022 and is likely to hit US$ 677.70 million by 2028, exhibiting a CAGR of 4.9% during the forecast period.
Key players profiles in the Europe 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com