Report : South & Central America Bearing Steel Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Carbon Steel, Stainless Steel, and Others) and End Use (Energy and Power, Industrial Machinery, Automotive, Electrical and Electronics, Aerospace, and Others)

At 2.3% CAGR, the South & Central America Bearing Steel Market is speculated to be worth US$ 514.68 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America bearing steel market was valued at US$ 448.61 million in 2022 and is expected to reach US$ 514.68 million by 2028, registering a CAGR of 2.3% from 2022 to 2028. Strategic developments by bearing manufacturers and strategic developments by bearing manufacturers are the critical factors attributed to the South & Central America bearing steel market expansion.               

The growing demand for efficient and reliable bearings from industries such as automotive, construction, and industrial machinery businesses is prompting bearings and bearing steel manufacturers to develop new products, expand their market presence, and enhance their clientele. In 2022, Schaeffler Technologies AG & Co. KG developed hydrodynamic bearings for wind turbine gearboxes; these products benefit through increased power density, high operating time, and small installation area requirements. Further, the increased competition among bearing manufacturers compels them to raise investments in the use of advanced raw materials to bring novel products to market. In 2020, NTN Corporation expanded the production and delivery capacities of deep groove ball bearings designed for electric vehicles and hybrid electric vehicles. Moreover, in 2021, JTEKT Corporation developed sealed ball bearings with high muddy water resistance, which makes them ideal for agricultural machinery. In 2021, AB SKF launched a spherical roller bearing, developed to lower production costs, reduce the environmental impact of continuous slab casting operation, and increase uptime. Thus, these key developments by bearing manufacturers are expected to bolster the South & Central America bearing steel market in the coming years.  

On the contrary, use of polymer and ceramic ball bearings as alternatives hurdles the growth of South & Central America bearing steel market.

Based on type, the South & Central America bearing steel market is segmented into carbon steel, stainless steel, and others. The carbon steel segment held 46.1% share of South & Central America bearing steel market in 2022, amassing US$ 206.94 million. It is projected to garner US$ 234.32 million by 2028 to expand at 2.1%CAGR during 2022–2028.

Based on end use, the South & Central America bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. The automotive segment held 44.0% share of South & Central America bearing steel market in 2022, amassing US$ 197.60 million. It is projected to garner US$ 232.45 million by 2028 to expand at 2.7% CAGR during 2022–2028.  

Based on country, the South & Central America bearing steel market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 49.1% share of South & Central America bearing steel market in 2022. It was assessed at US$ 220.48 million in 2022 and is likely to hit US$ 248.77 million by 2028, exhibiting a CAGR of 2.0% during the forecast period.  

Key players profiles in the South & Central America bearing steel market report Baosteel Group Corp; HBIS Group Co Ltd; Kobe Steel Ltd; and Sanyo Special Steel Co Ltd, among others.

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