Expansion of the Rolling Bearing Steel Market is Forecasted to Reach at Very High Rate By 2026
Rolling bearing steel is a basic component
used in numerous machines and motors, which are capable to carry heavy loads.
Steel balls or rollers are placed between two bearing steel rings known as
races, which reduce friction. It is made of steel, along with different types
of materials used in them such as high carbon chromium, stainless hardening and
others, which makes steel bearing highly resistant and increases its fatigue
strength owing to which it is demandable in numerous industries.
Furthermore, rolling bearing steel consists of
outer ring, cage, steel ball, and inner ring. It is available in different
shapes including cylindrical rolling bearing, tapered rolling bearing,
spherical rolling bearing, thrust rolling bearing and needle rolling bearing,
to be used in respective applications as per the need. For instance, needle roller
bearing are used in transmission, pumps, compressors, and drive shafts among
others in the automotive industry.
Market Dynamics
Growing automotive industry across the globe,
is a key driving factor for growth of the rolling bearing steel market as rolling
bearing steels are widely used in automobile engines, powertrain, and others.
According to International Organization of Motor Vehicle manufacturers, in
2016, the automotive industry produced 94,976,569 unit of vehicles (including
cars and commercial vehicles), globally, which increased to 97,302,534 unit of
vehicles in 2017. Rising production of vehicles may propel the rolling bearing
steel market in the near future.
Regional Outlook
North America is expected to be dominant
market over the forecast period, owing to the presence of established
automotive players such as General Motors, Ford, and Fiat Chrysler in the
region. According to the International Organization of Motor Manufacturers, in
2016, the U.S. automotive industry produced about 12,198,137 unit of vehicles.
Automobile sector grabs maximum share in the use of rolling bearing steel in
different parts of vehicles. Thus, increasing vehicle production may boost the
rolling bearing market in the coming decade.
Asia Pacific is expected to have the
substantial market share in the rolling bearing market during the forecast
period. China is expected to hold significant position in the market in this
region. With the long presence of large number of steel producing manufacturing
units and easy availability of steel, it may propel the rolling bearing steel
market in the coming decade. According to the World Steel Association, in 2017,
China’s crude steel production reached to 831.7 metric tons, which is straight
up by 5.7% from 784.3 metric tons in 2016. Additionally, the China’s share in
global crude steel production raised to 49.2% in 2017 from 49 % in 2016.
However, the ban on the production of steel in
various countries due to the rising pollution may hinder the rolling bearing
steel market. For instance, the government of China plans to cut the pollutant
levels form air by eliminating 100 Billion to 150 Billion tons of crude steel
capacity in next five years, which initiated from 2016.
Elaborate more
@ https://www.coherentmarketinsights.com/ongoing-insight/rolling-bearing-steel-market-2315
Key Players
Key players operating in the rolling bearing
steel market are NSK Ltd., SANYO SPECIAL STEEL Co., Ltd., Benxi Iron &
Steel (Group) Co., Ltd., Nanjing Iron and Steel Co., Ltd, JFE Steel
Corporation, The Aichi Steel Group, Suzhou Suxin Special steel Co. Ltd.,
Dongbei Special Steel Group Co., Ltd., and Henan Jiyuan Iron & Steel Group
Co Ltd among several others.
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