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.
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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.
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.
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.
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.