Asia Pacific 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)
The Asia Pacific bearing steel market is expected to grow from US$ 3,086.68 million in 2022 to US$ 3,732.51 million by 2028. It is estimated to grow at a CAGR of 3.2% from 2022 to 2028.
Growing Demand for Bearings from Automotive Industry Drive Asia Pacific Bearing Steel Market
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. According to a report by the Bureau of Transportation Statistics, China is one of the dominant markets for the production of passenger cars and commercial vehicles. According to a new research study by Canalys, 1.3 million electric vehicles (EVs) were sold in China in 2020. The Indian government has implemented several policies and measures to promote the manufacturing of electric vehicles. The Ministry of Heavy Industries (India) declared the lowering of the Goods and Services Tax (GST) on electric vehicles from 12% to 5% in 2022. Prior to this, under the Production Linked Incentive (PLI) scheme for automobile and automotive components, the government had announced a budgetary outlay of US$ 3.16 billion for electric vehicles in 2021 for a period of five years. Therefore, the growing demand for bearings from the automotive industry, coupled with a rise in the sales of electric vehicles, drives the Asia Pacific bearing steel market.
Asia Pacific Bearing Steel Market Overview
Asia Pacific is home to major semiconductor and automotive companies, including Samsung Electronics Co., Ltd.; Sony Group Corporation; SK Hynix Inc.; Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. Bearing steel is widely used in electric motors in automotive and industrial machinery as it shows various properties such as long service life, capability to withstand low and high pressure, and cost efficiency. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. As per the International Organization of Motor Vehicle Manufacturers report, in 2021, the motor vehicle production in Asia Pacific estimated to be ~46.73 million units. Thus, the growing automotive industry in Asia Pacific is expected to create favorable business opportunities for the Asia Pacific bearing steel market in the region during the forecast period.
Asia Pacific Bearing Steel Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Bearing Steel Market Segmentation
The Asia Pacific bearing steel market is segmented into type, end use, and country.
Based on type, the Asia Pacific bearing steel market is segmented into carbon steel, stainless steel, and others. In 2022, the carbon steel segment registered a largest share in the Asia Pacific bearing steel market.
Based on end use, the Asia Pacific 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 Asia Pacific bearing steel market.
Based on country, the Asia Pacific bearing steel market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. In 2022, China segment registered a largest share in the Asia Pacific 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 Asia Pacific bearing steel market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Bearing Steel Market – By Type
1.3.2 Asia Pacific Bearing Steel Market – By End Use
1.3.3 Asia Pacific Bearing Steel Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific 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: Asia Pacific 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. Asia Pacific 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 – Asia Pacific Market Analysis
6.1 Asia Pacific Bearing Steel Market Overview
6.2 Asia Pacific Bearing Steel Market Forecast and Analysis
7. Asia Pacific Bearing Steel Market Analysis – By Type
7.1 Overview
7.2 Asia Pacific Bearing Steel Market, By Type (2021 and 2028)
7.3 Carbon Steel
7.3.1 Overview
7.3.2 Carbon Steel: Asia Pacific Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.3.3 Carbon Steel: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Stainless Steel
7.4.1 Overview
7.4.2 Stainless Steel: Asia Pacific Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.4.3 Stainless Steel: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Asia Pacific Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.5.3 Others: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Mn)
8. Asia Pacific Bearing Steel Market Analysis – End Use
8.1 Overview
8.2 Asia Pacific Bearing Steel Market, By End Use (2021 and 2028)
8.3 Energy and Power
8.3.1 Overview
8.3.2 Energy and Power: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Industrial Machinery
8.4.1 Overview
8.4.2 Industrial Machinery: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Automotive
8.5.1 Overview
8.5.2 Automotive: Asia Pacific 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: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Aerospace
8.7.1 Overview
8.7.2 Aerospace: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Asia Pacific Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Bearing Steel Market – Country Analysis
9.1 Overview
9.1.1 Asia Pacific: Bearing Steel Market, by Key Country
9.1.1.1 Australia: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.2 Australia: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Australia: Bearing Steel Market, by Type
9.1.1.2.2 Australia: Bearing Steel Market, by Type
9.1.1.2.3 Australia: Bearing Steel Market, by End Use
9.1.1.3 China: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.4 China: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 China: Bearing Steel Market, by Type
9.1.1.4.2 China: Bearing Steel Market, by Type
9.1.1.4.3 China: Bearing Steel Market, by End Use
9.1.1.5 India: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.6 India: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 India: Bearing Steel Market, by Type
9.1.1.6.2 India: Bearing Steel Market, by Type
9.1.1.6.3 India: Bearing Steel Market, by End Use
9.1.1.7 Japan: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.8 Japan: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.8.1 Japan: Bearing Steel Market, by Type
9.1.1.8.2 Japan: Bearing Steel Market, by Type
9.1.1.8.3 Japan: Bearing Steel Market, by End Use
9.1.1.9 South Korea: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.10 South Korea: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.10.1 South Korea: Bearing Steel Market, by Type
9.1.1.10.2 South Korea: Bearing Steel Market, by Type
9.1.1.10.3 South Korea: Bearing Steel Market, by End Use
9.1.1.11 Rest of Asia Pacific: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
9.1.1.12 Rest of Asia Pacific: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.12.1 Rest of Asia Pacific: Bearing Steel Market, by Type
9.1.1.12.2 Rest of Asia Pacific: Bearing Steel Market, by Type
9.1.1.12.3 Rest of Asia Pacific: 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
Table 1. Asia Pacific Bearing Steel Market Revenue Forecast to 2028 (US$ Mn)
Table 2. Australia Bearing Steel Market, by Type– Volume and Forecast to 2028 (Kilo Tons)
Table 3. Australia Bearing Steel Market, by Type– Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 5. China Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 6. China Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. China Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 8. India Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 9. India Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. India Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 11. Japan Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 12. Japan Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 14. South Korea Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 15. South Korea Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Asia Pacific Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 18. Rest of Asia Pacific Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Asia Pacific Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 20. Glossary of Terms, Asia Pacific Bearing Steel Market
LIST OF FIGURES
Figure 1. Asia Pacific Bearing Steel Market Segmentation
Figure 2. Asia Pacific Bearing Steel Market Segmentation – By Country
Figure 3. Asia Pacific Bearing Steel Market Overview
Figure 4. Carbon Steel segment holds the largest share
Figure 5. China Held Largest Share of the Asia Pacific Bearing Steel Market in 2021
Figure 6. Porter's Five Forces Analysis
Figure 7. Ecosystem: Asia Pacific Bearing Steel Market
Figure 8. Expert Opinion
Figure 9. Asia Pacific Bearing Steel Market Impact Analysis of Drivers and Restraints
Figure 10. Asia Pacific Bearing Steel Market Forecast and Analysis, 2020–2028 (US$ Mn)
Figure 11. Asia Pacific Bearing Steel Market Revenue Share, By Type (2021 and 2028)
Figure 12. Carbon Steel: Asia Pacific Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 13. Carbon Steel: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 14. Stainless Steel: Asia Pacific Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 15. Stainless Steel: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 16. Others: Asia Pacific Bearing Steel Market – Volume and Forecast To 2028 (Tons)
Figure 17. Others: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 18. Asia Pacific Bearing Steel Market Revenue Share, By End Use (2021 and 2028)
Figure 19. Energy and Power: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 20. Transportation: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. Industrial End Uses: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. Electrical and Electronics: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. Aerospace: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Others: Asia Pacific Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 25. Asia Pacific: Bearing Steel Market, by Key Country - Revenue (2021) (US$ Million)
Figure 26. Asia Pacific: Bearing Steel Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. Australia: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 28. Australia: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 29. China: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 30. China: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 31. India: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 32. India: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 33. Japan: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 34. Japan: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 35. South Korea: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 36. South Korea: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 37. Rest of Asia Pacific: Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
Figure 38. Rest of Asia Pacific: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
- 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
- Sanyo Special Steel Co Ltd
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific bearing steel market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific bearing steel market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the bearing steel market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution