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)

May 2023 | 106 pages | ID: N798B02E9C4FEN
The Insight Partners

Abstracts

The North America bearing steel market is expected to grow from US$ 1,175.89 million in 2022 to US$ 1,520.07 million by 2028. It is estimated to grow at a CAGR of 4.4% from 2022 to 2028.

Development of Durable and Smart Bearings Drives North America Bearing Steel Market

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. 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. Bearing manufacturers utilize new raw materials such as through hardening bearing steel, high carbon–chromium alloy steel, and high-carbon bearing steel for offering bearings that support lightweight applications, increase power density, and improve the fuel efficiency of final products. 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.

North America Bearing Steel Market Overview

North America offers an extensive growth opportunity for the North America bearing steel market players due to the growing utilization of bearing steel by its end use industries, including automotive, construction, aerospace, and electronics. Bearing steel is utilized for bearing applications in wheels, electric motors, steering columns, driveshafts, engines, and automotive transmission systems of automobiles. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America registered a production of 13.42 million vehicles. Bearing steel is used in the automotive industry for enhancing vehicle performance and efficiency, thus reducing shocks and vibrations caused by sudden brakes. Moreover, the construction sector in North America is witnessing growth due to increased federal and state financing for the construction of commercial and institutional structures. According to a report by the US Census Bureau, the total construction (private and public) investment in 2022 was US$ 1,792.9 billion, a 10.2% increase from investments in 2021. Thus, the growth of the construction sector is expected to fuel the North America bearing steel market during the forecast period.

Exhibit: North America Bearing Steel Market Revenue and Forecast to 2028 (US$ Million)

North America Bearing Steel Market Segmentation

The North America bearing steel market is segmented into type, end use, and country.

Based on type, the North America bearing steel market is segmented into carbon steel, stainless steel, and others. In 2022, the carbon steel segment registered a largest share in the North America bearing steel market.

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. In 2022, the automotive segment registered a largest share in the North America bearing steel market.

Based on country, the North America bearing steel market is segmented into the US, Canada, Mexico. In 2022, the US segment registered a largest share in the North America bearing steel market.

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 are the leading companies operating in the North America bearing steel market.

Contents

1. INTRODUCTION

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Bearing Steel Market – By Type
1.3.2 North America Bearing Steel Market – By End Use
1.3.3 North America Bearing Steel Market – By Country

2. KEY TAKEAWAYS


3. RESEARCH METHODOLOGY

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. NORTH AMERICA BEARING STEEL MARKET LANDSCAPE

4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Buyers:
4.2.3 Bargaining Power of Suppliers:
4.2.4 Intensity of Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis: North America Bearing Steel Market
4.3.1 Mining & Refinery:
4.3.2 Bearing Steel Manufacturers:
4.3.3 Bearing Manufacturers:
4.3.4 Distributors/Suppliers:
4.3.5 End Use Industries:
4.4 Expert Opinions

5. NORTH AMERICA BEARING STEEL MARKET – KEY INDUSTRY DYNAMICS

5.1 Market Drivers
5.1.1 Growing Demand for Bearings from Automotive Industry
5.1.2 Development of Durable and Smart Bearings
5.2 Market Restraints
5.2.1 Use of Polymer and Ceramic Ball Bearings as Alternatives
5.3 Market Opportunities
5.3.1 Surge in Demand for High-Efficiency Bearings
5.4 Future Trends
5.4.1 Strategic Developments by Bearing Manufacturers
5.5 Impact Analysis

6. BEARING STEEL – NORTH AMERICA MARKET ANALYSIS

6.1 North America Bearing Steel Market Forecast and Analysis

7. NORTH AMERICA BEARING STEEL MARKET ANALYSIS – BY TYPE

7.1 Overview
7.2 North America Bearing Steel Market, By Type (2021 and 2028)
7.3 Carbon Steel
7.3.1 Overview
7.3.2 Carbon Steel: North America Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.3.3 Carbon Steel: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Stainless Steel
7.4.1 Overview
7.4.2 Stainless Steel: North America Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.4.3 Stainless Steel: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.5.3 Others: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Mn)

8. NORTH AMERICA BEARING STEEL MARKET ANALYSIS – END USE

8.1 Overview
8.2 North America Bearing Steel Market, By End Use (2021 and 2028)
8.3 Energy and Power
8.3.1 Overview
8.3.2 Energy and Power: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Industrial Machinery
8.4.1 Overview
8.4.2 Industrial Machinery: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Automotive
8.5.1 Overview
8.5.2 Automotive: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Electrical and Electronics
8.6.1 Overview
8.6.2 Electrical and Electronics: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Aerospace
8.7.1 Overview
8.7.2 Aerospace: North America Bearing Steel Market — Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: North America Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)

9. NORTH AMERICA BEARING STEEL MARKET – COUNTRY ANALYSIS

9.1 Overview
9.1.1 North America: Bearing Steel Market, by Key Country
9.1.1.1 US: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
9.1.1.2 US: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 US: Bearing Steel Market, by Type
9.1.1.2.2 US: Bearing Steel Market, by Type
9.1.1.2.3 US: Bearing Steel Market, by End Use
9.1.1.3 Canada: Bearing Steel Market–Volume and Forecast to 2028 (Kilo Tons)
9.1.1.4 Canada: Bearing Steel Market–Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Canada: Bearing Steel Market, by Type
9.1.1.4.2 Canada: Bearing Steel Market, by Type
9.1.1.4.3 Canada: Bearing Steel Market, by End Use
9.1.1.5 Mexico: Bearing Steel Market–Volume and Forecast to 2028 (Kilo Tons)
9.1.1.6 Mexico: Bearing Steel Market–Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Mexico: Bearing Steel Market, by Type
9.1.1.6.2 Mexico: Bearing Steel Market, by Type
9.1.1.6.3 Mexico: Bearing Steel Market, by End Use

10. COMPANY PROFILES

10.1 Ovako AB
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Dongbei Special Steel Group Co Ltd
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 EZM Edelstahlzieherei Mark GmbH
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Fushun Special Steel Co Ltd
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 HBIS Group Co Ltd
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
10.6 Saarstahl AG
10.6.1 Key Facts
10.6.2 Business Description
10.6.3 Products and Services
10.6.4 Financial Overview
10.6.5 SWOT Analysis
10.6.6 Key Developments
10.7 Kobe Steel Ltd
10.7.1 Key Facts
10.7.2 Business Description
10.7.3 Products and Services
10.7.4 Financial Overview
10.7.5 SWOT Analysis
10.7.6 Key Developments
10.8 Baosteel Group Corp
10.8.1 Key Facts
10.8.2 Business Description
10.8.3 Products and Services
10.8.4 Financial Overview
10.8.5 SWOT Analysis
10.8.6 Key Developments
10.9 Benxi Iron and Steel Group Co Ltd
10.9.1 Key Facts
10.9.2 Business Description
10.9.3 Products and Services
10.9.4 Financial Overview
10.9.5 SWOT Analysis
10.9.6 Key Developments
10.10 Sanyo Special Steel Co Ltd
10.10.1 Key Facts
10.10.2 Business Description
10.10.3 Products and Services
10.10.4 Financial Overview
10.10.5 SWOT Analysis
10.10.6 Key Developments

11. APPENDIX

11.1 About The Insight Partners
11.2 Glossary of Terms

List Of Tables

LIST OF TABLES

Table 1. North America Bearing Steel Market Revenue Forecast to 2028 (US$ Mn)
Table 2. US Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 3. US Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 6. Canada: Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 8. Mexico Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 9. Mexico Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 11. Glossary of Terms, North America Bearing Steel Market

List Of Figures

LIST OF FIGURES

Figure 1. North America Bearing Steel Market Segmentation
Figure 2. North America Bearing Steel Market Segmentation – By Country
Figure 3. North America Bearing Steel Market Overview
Figure 4. Carbon Steel segment holds the largest share
Figure 5. US Held Largest Share of the North America Bearing Steel Market in 2021
Figure 6. Porter's Five Forces Analysis
Figure 7. Ecosystem: North America Bearing Steel Market
Figure 8. Expert Opinion
Figure 9. North America Bearing Steel Market Impact Analysis of Drivers and Restraints
Figure 10. North America Bearing Steel Market Forecast and Analysis, 2020–2028 (US$ Mn)
Figure 11. North America Bearing Steel Market Revenue Share, By Type (2021 and 2028)
Figure 12. Carbon Steel: North America Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 13. Carbon Steel: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 14. Stainless Steel: North America Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 15. Stainless Steel: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 16. Others: North America Bearing Steel Market – Volume and Forecast To 2028 (Tons)
Figure 17. Others: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 18. North America Bearing Steel Market Revenue Share, By End Use (2021 and 2028)
Figure 19. Energy and Power: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 20. Transportation: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. Industrial End Uses: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. Electrical and Electronics: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. Aerospace: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Others: North America Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 25. North America: Bearing Steel Market, by Key Country - Revenue (2021) (US$ Million)
Figure 26. North America: Bearing Steel Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. US: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 28. US: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 29. Canada: Bearing Steel Market–Volume and Forecast to 2028 (Kilo Tons)
Figure 30. Canada: Bearing Steel Market–Revenue and Forecast to 2028 (US$ Million)
Figure 31. Mexico: Bearing Steel Market–Volume and Forecast to 2028 (Kilo Tons)
Figure 32. Mexico: Bearing Steel Market–Revenue and Forecast to 2028 (US$ Million)