What is Global Bearing for Steel Market?
The Global Bearing for Steel Market is a vast and complex sector that encompasses a wide range of products and services. It refers to the global market for bearings that are specifically designed for use in the steel industry. These bearings are integral components in various machinery and equipment used in the steel industry, aiding in reducing friction between moving parts, thereby enhancing efficiency and longevity. The market includes various types of bearings such as ball bearings, roller bearings, and others, each with their unique characteristics and applications. The value of this market was pegged at US$ 1887.8 million in 2022 and is projected to reach US$ 2157.1 million by 2029.
Cylindrical Roller Bearings, Spherical Roller bearings, Tapered Roller Bearings, Others in the Global Bearing for Steel Market:
Diving deeper into the Global Bearing for Steel Market, we find different types of bearings such as Cylindrical Roller Bearings, Spherical Roller Bearings, Tapered Roller Bearings, and others. Cylindrical Roller Bearings are characterized by their ability to carry heavy radial loads and are suitable for high-speed applications. Spherical Roller Bearings, on the other hand, are designed to manage high radial loads even when misalignment, poor lubrication, contamination, extreme speeds, or critical application stresses are present. Tapered Roller Bearings are particularly good at handling combined (radial and axial) loads. They are designed to handle large radial and thrust loads because of their geometry and design features. The other types of bearings also play a crucial role in various applications in the steel industry.
Steel Making Process, Continuous Casting Process, Rolling Mills Process in the Global Bearing for Steel Market:
The Global Bearing for Steel Market finds extensive usage in various processes in the steel industry such as Steel Making Process, Continuous Casting Process, and Rolling Mills Process. In the Steel Making Process, these bearings are used in various equipment and machinery to ensure smooth operation and reduce wear and tear. In the Continuous Casting Process, the bearings are used in the caster roll and other machinery to ensure the efficient production of steel. Similarly, in the Rolling Mills Process, these bearings are used in various rolling mill configurations for the production of steel bars and wire rods.
Global Bearing for Steel Market Outlook:
Looking at the market outlook for the Global Bearing for Steel Market, it was valued at US$ 1887.8 million in 2022 and is expected to reach US$ 2157.1 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 1.9% during the forecast period from 2023 to 2029. The market is dominated by three major players, namely SKF, JTEKT, and Schaeffler, who collectively hold a market share of 35%.
| Report Metric | Details |
| Report Name | Bearing for Steel Market |
| Accounted market size in 2023 | US$ 1887.8 million |
| Forecasted market size in 2030 | US$ 2157.1 million |
| CAGR | 1.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | SKF, JTEKT, Schaeffler, NSK, Timken, NTN, ZWZ, NACHI, C&U GROUP, ZYS |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
