Detroit, Michigan, Jan 28th 2022. The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bearing for Steel Market.
The global Bearing for Steel market is projected to grow from USD 1.8 billion in 2020 to USD 2.0 billion by 2028 at a CAGR of around 2.1% during the forecast period.
Bearing steel can be defined as special steel with superior properties including high wear resistance and rolling fatigue strength. The bearings can be categorized as cylindrical roller bearings, spherical roller bearings, tapered roller bearings, and others.
Segment Analysis:
Application Trends
By application, the bearing for steel market has been bifurcated into steel making process, continuous casting process and rolling mills process.
- Under these, the steel making process segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
- The segment growth can be attributed to increasing demand for steel in the end-use industries.
Regional Trends
By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to expanding industrialization in the developing countries and presence of key market players such as ZWZ Bearing (India) and ZYS INTERNATIONAL CO., LTD (China). China held the largest market share in 2020 and is projected to register highest CAGR during the review period.
COVID-19 Impact on Global Bearing for Steel Market
Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
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Key Players:
Key players operating in the Bearing for Steel market are-
- AB SKF (Sweden),
- JTEKT Corporation (Japan),
- Schaeffler Technologies AG & Co. KG (Germany),
- NSK Ltd. (Japan),
- The Timken Company (The U.S),
- NTN Corporation (Japan),
- ZWZ Bearing (India),
- The Candu Group Inc (Canada), and
- ZYS INTERNATIONAL CO., LTD (China).
Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Bearing for Steel Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
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