PUNE, India, April 11, 2023 (GLOBE NEWSWIRE) — According to our new research study, Global bearing steel market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography” the bearing steel market size is expected to grow from US$6,824.25 million in 2022 to US$8,476.80 million Dollar is estimated to grow at a CAGR of 3.7% in 2022-2028. The predicted growth of the market is attributed to the growing awareness of customers about the adverse effects of traditional plastics and the increasing initiatives by the governments of different countries.

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Global Bearing Steel Market Growth Drivers:
• Increasing demand for bearings from various end use industries such as automotive, aerospace and industrial machinery.
• Growing preference for high quality bearings with superior durability and fatigue resistance.
• Technological advances leading to the development of new and improved bearing steels with improved properties and performance.
• Increasing investment in research and development activities to improve the properties and performance of bearing steels.
• The increase in construction activity and infrastructure development in developing countries, resulting in increased demand for industrial machinery.
• The growing trend towards the use of renewable energy sources and the consequent need for wind turbines and other equipment that require high-performance bearings.
• The increasing demand for electric vehicles that require heavy-duty bearings for transmissions and wheel assemblies.
• The growing trend to use additive manufacturing techniques such as 3D printing to create custom bearing designs.
• The increasing demand for…