Report : North America 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 4.4% CAGR, the North America Bearing Steel Market is speculated to be worth US$ 1,520.07 million by 2028, says Business Market Insights
According to Business Market Insights research, the North America bearing steel market was valued at US$ 1,175.89 million in 2022 and is expected to reach US$ 1,520.07 million by 2028, registering a CAGR of 4.4% from 2022 to 2028. Growing demand for bearings from automotive industry and development of durable and smart bearings are the critical factors attributed to the North America bearing steel market expansion.
Bearings are a vital component of automotive parts and are commonly used in engines, generators, motors, wheels, gearboxes, transmission shafts, steering shafts, and steering gears, among others. Its load-carrying characteristics and ability to facilitate the transfer of torque improve the overall performance of rotating parts in an automotive system. The performance of bearings can be enhanced by the correct selection of bearing steel, technology, and lubrication while manufacturing, based on their specific applications. Carbon steel and stainless steel, among others, are widely used for the manufacturing of bearings. Moreover, manufacturers are utilizing new raw materials such as lightweight steel alloys to fulfill the demand for lightweight materials from automotive companies. The use of lightweight materials also allows them to keep up with the changing emission norms. Therefore, the growing demand for bearings from the automotive industry, coupled with a rise in the sales of electric vehicles, drives the North America bearing steel market.
On the contrary, use of polymer and ceramic ball bearings as alternatives hurdles the growth of North America bearing steel market.
Based on type, the North America bearing steel market is segmented into carbon steel, stainless steel, and others. The carbon steel segment held 47.4% share of North America bearing steel market in 2022, amassing US$ 557.84 million. It is projected to garner US$ 713.93 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on end use, the North America bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. The automotive segment held 44.5% share of North America bearing steel market in 2022, amassing US$ 522.75 million. It is projected to garner US$ 682.22 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on country, the North America bearing steel market is segmented into the US, Canada, Mexico. Our regional analysis states that the US captured 73.2% share of North America bearing steel market in 2022. It was assessed at US$ 860.65 million in 2022 and is likely to hit US$ 1,134.46 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players profiles in the North America 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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