The global market for high carbon bearing steel was projected to be worth USD 139.6 billion in 2022. As a result of the growing need for highly efficient and lightweight bearings in industries like marine, construction, and automotive, it is anticipated that global sales of high carbon bearing steel will rise at a robust compound annual growth rate (CAGR) of 6.9% between 2022 and 2032, approaching USD 269 billion by that year.
Bearing as an equipment is an integral part of numerous industries to achieve optimum and efficient results. Selecting the material during the bearing fabrication is one of the key factors that helps to decide the degree of performance of the bearing.
High carbon bearing steel as a material is witnessing increased adoption & attraction in bearing manufacturing. Numerous attributes of high carbon bearing steel such as high load bearing capacity and extensive temperature range of operation are expected to fuel the growth of the global market.
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High carbon bearing steel enables high level of efficacy in bearings, which further results in the reduction of resistance and increases the mobility or functioning of the component, and further assists in efficient working of the machineries.
High Carbon Bearing Steel Market: Regional Trends
Low manufacturing cost for the fabrication of bearing in China is expected to create substantial growth opportunities for the manufacturers, and is expected to drive the growth of the market. South East Asia Pacific is on the same track as of China in terms of growth as the region is involved in large production of bearings.
Western Europe has substantial production capacity of bearings, which is expected to fuel the growth of the high carbon bearing steel market in the region. With growing automotive and marine industries in North America, the region is expected to hold significant share in the global high carbon bearing steel market. Latin America, Eastern Europe & MEA are considered as the low volume–high growth markets.
High Carbon Bearing Steel Market Top Players
- OVAKO
- Sanyo Special Steel
- CITIC Special Steel Group
- Dongbei Special Steel
- Juneng
- Nanjing Iron & Steel United Co., Ltd.
- JIYUAN Iron &Steel
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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
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