ROLLING BEARING STEEL MARKET ANALYSIS

Regional Analysis

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.