Middle East & Africa 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)
The Middle East & Africa bearing steel market is expected to grow from US$ 582.25 million in 2022 to US$ 655.43 million by 2028. It is estimated to grow at a CAGR of 2.0% from 2022 to 2028.
Surge in Demand for High-Efficiency Bearings Drives Middle East & Africa Bearing Steel Market
The developments in the manufacturing sector due to strong component demand from industries such as machinery, construction, medical, aerospace, and electronics are creating lucrative opportunities for the global bearing industry. The adoption of lightweight alloys produced using modern technologies by bearing manufacturers is further expected to propel the Middle East & Africa bearing steel market. Moreover, major market players are collaborating with end-use companies to expand their presence and increase revenue share. The demand for bearings is increasing with the rising use of technologically advanced tools in construction activities, such as wheel loaders, excavators, dozers, and tunneling and boring machines. Several governments globally are spending heavily on infrastructure development in developed and developing countries through programs such as Saudi Vision 2030 and Abu Dhabi Economic Vision 2030. In 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects; construction spending in the country is expected to increase by 5.5% by 2023. Such initiatives generate demand for construction equipment, and machinery components and materials. Moreover, bearing manufacturers are developing specialized bearings to fulfill the requirements of the power generation industry. For instance, in 2022, The Timken Company announced the design of main shaft bearings to supply them to GE Renewable Energy’s HaliadeX, an offshore turbine. Therefore, the use of steel bearings in new applications in the construction and power industries is projected to create lucrative opportunities for the Middle East & Africa bearing steel market during the forecast period.
Middle East & Africa Bearing Steel Market Overview
The Middle East & Africa bearing steel market in the Middle East & Africa is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The construction of commercial infrastructure has increased in the region due to the growing tourism industry. In the past ten years, the UAE government has invested extensively in airport development and expansion projects. For instance, US$ 8.1 billion was invested in Al Maktoum International Airport in Dubai, US$ 7.6 billion in the Dubai International Airport Expansion Phase 4, US$ 6.8 billion in Abu Dhabi Airport development and expansion plans, and ~US$ 400 million in Sharjah’s International Airport terminal expansion. Thus, the Middle East & Africa bearing steel market in the Middle East & Africa is expected to grow at a significant rate in the coming years owing to advancements in construction activities and infrastructure developments funded by government initiatives.
Middle East & Africa Bearing Steel Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Bearing Steel Market Segmentation
The Middle East & Africa bearing steel market is segmented into type, end use, and country.
Based on type, the Middle East & Africa bearing steel market is segmented into carbon steel, stainless steel, and others. In 2022, the carbon steel segment registered a largest share in the Middle East & Africa bearing steel market.
Based on end use, the Middle East & Africa bearing steel market is segmented into energy and power, industrial machinery, automotive, electrical and electronics, aerospace, and others. In 2022, the automotive segment registered a largest share in the Middle East & Africa bearing steel market.
Based on country, the Middle East & Africa bearing steel market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. In 2022, the Rest of Middle East & Africa segment registered a largest share in the Middle East & Africa bearing steel market.
Baosteel Group Corp; EZM Edelstahlzieherei Mark GmbH; HBIS Group Co Ltd; Kobe Steel Ltd; and Sanyo Special Steel Co Ltd are the leading companies operating in the Middle East & Africa bearing steel market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Middle East & Africa Bearing Steel Market – By Type
1.3.2 Middle East & Africa Bearing Steel Market – By End Use
1.3.3 Middle East & Africa Bearing Steel Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Bearing Steel Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Threat of New Entrants:
4.2.2 Bargaining Power of Buyers:
4.2.3 Bargaining Power of Suppliers:
4.2.4 Intensity of Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis: Middle East & Africa Bearing Steel Market
4.3.1 Mining & Refinery:
4.3.2 Bearing Steel Manufacturers:
4.3.3 Bearing Manufacturers:
4.3.4 Distributors/Suppliers:
4.3.5 End Use Industries:
4.4 Expert Opinions
5. Middle East & Africa Bearing Steel Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Growing Demand for Bearings from Automotive Industry
5.1.2 Development of Durable and Smart Bearings
5.2 Market Restraints
5.2.1 Use of Polymer and Ceramic Ball Bearings as Alternatives
5.3 Market Opportunities
5.3.1 Surge in Demand for High-Efficiency Bearings
5.4 Future Trends
5.4.1 Strategic Developments by Bearing Manufacturers
5.5 Impact Analysis
6. Bearing Steel – Middle East & Africa Market Analysis
6.1 Middle East & Africa Bearing Steel Market Forecast and Analysis
7. Middle East & Africa Bearing Steel Market Analysis – By Type
7.1 Overview
7.2 Middle East & Africa Bearing Steel Market, By Type (2021 and 2028)
7.3 Carbon Steel
7.3.1 Overview
7.3.2 Carbon Steel: Middle East & Africa Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.3.3 Carbon Steel: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Stainless Steel
7.4.1 Overview
7.4.2 Stainless Steel: Middle East & Africa Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.4.3 Stainless Steel: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Middle East & Africa Bearing Steel Market – Volume and Forecast to 2028 (Kilo Tons)
7.5.3 Others: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Mn)
8. Middle East & Africa Bearing Steel Market Analysis – End Use
8.1 Overview
8.2 Middle East & Africa Bearing Steel Market, By End Use (2021 and 2028)
8.3 Energy and Power
8.3.1 Overview
8.3.2 Energy and Power: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Industrial Machinery
8.4.1 Overview
8.4.2 Industrial Machinery: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Automotive
8.5.1 Overview
8.5.2 Automotive: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Electrical and Electronics
8.6.1 Overview
8.6.2 Electrical and Electronics: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Aerospace
8.7.1 Overview
8.7.2 Aerospace: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Middle East & Africa Bearing Steel Market – Revenue and Forecast to 2028 (US$ Million)
9. Middle East & Africa Bearing Steel Market – Country Analysis
9.1 Overview
9.1.1 Middle East & Africa: Bearing Steel Market, by Key Country
9.1.1.1 South Africa: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
9.1.1.2 South Africa: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 South Africa: Bearing Steel Market, by Type
9.1.1.2.2 South Africa: Bearing Steel Market, by Type
9.1.1.2.3 South Africa: Bearing Steel Market, by End Use
9.1.1.3 Saudi Arabia: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
9.1.1.4 Saudi Arabia: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Saudi Arabia: Bearing Steel Market, by Type
9.1.1.4.2 Saudi Arabia: Bearing Steel Market, by Type
9.1.1.4.3 Saudi Arabia: Bearing Steel Market, by End Use
9.1.1.5 UAE: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
9.1.1.6 UAE: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 UAE: Bearing Steel Market, by Type
9.1.1.6.2 UAE: Bearing Steel Market, by Type
9.1.1.6.3 UAE: Bearing Steel Market, by End Use
9.1.1.7 Rest of Middle East & Africa: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
9.1.1.8 Rest of Middle East & Africa: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.8.1 Rest of Middle East & Africa: Bearing Steel Market, by Type
9.1.1.8.2 Rest of Middle East & Africa: Bearing Steel Market, by Type
9.1.1.8.3 Rest of Middle East & Africa: Bearing Steel Market, by End Use
10. Company Profiles
10.1 EZM Edelstahlzieherei Mark GmbH
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 HBIS Group Co Ltd
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 Kobe Steel Ltd
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Baosteel Group Corp
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
10.5 Sanyo Special Steel Co Ltd
10.5.1 Key Facts
10.5.2 Business Description
10.5.3 Products and Services
10.5.4 Financial Overview
10.5.5 SWOT Analysis
10.5.6 Key Developments
11. Appendix
11.1 About The Insight Partners
11.2 Glossary of Terms
LIST OF TABLES
Table 1. Middle East & Africa Bearing Steel Market Revenue Forecast to 2028 (US$ Mn)
Table 2. South Africa Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 3. South Africa Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. South Africa Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 6. Saudi Arabia Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Saudi Arabia Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 8. UAE Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 9. UAE Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. UAE Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 11. Rest of Middle East & Africa Bearing Steel Market, by Type – Volume and Forecast to 2028 (Kilo Tons)
Table 12. Rest of Middle East & Africa Bearing Steel Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Middle East & Africa Bearing Steel Market, by End Use – Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, Middle East & Africa Bearing Steel Market
LIST OF FIGURES
Figure 1. Middle East & Africa Bearing Steel Market Segmentation
Figure 2. Middle East & Africa Bearing Steel Market Segmentation – By Country
Figure 3. Middle East & Africa Bearing Steel Market Overview
Figure 4. Carbon Steel segment holds the largest share
Figure 5. Rest of Middle East & Africa Held Largest Share of Bearing Steel Market in 2021
Figure 6. Porter's Five Forces Analysis
Figure 7. Ecosystem: Middle East & Africa Bearing Steel Market
Figure 8. Expert Opinion
Figure 9. Middle East & Africa Bearing Steel Market Impact Analysis of Drivers and Restraints
Figure 10. Middle East & Africa Bearing Steel Market Forecast and Analysis, 2020–2028 (US$ Mn)
Figure 11. Middle East & Africa Bearing Steel Market Revenue Share, By Type (2021 and 2028)
Figure 12. Carbon Steel: Middle East & Africa Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 13. Carbon Steel: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 14. Stainless Steel: Middle East & Africa Bearing Steel Market – Volume and Forecast To 2028 (Kilo Tons)
Figure 15. Stainless Steel: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 16. Others: Middle East & Africa Bearing Steel Market – Volume and Forecast To 2028 (Tons)
Figure 17. Others: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Mn)
Figure 18. Middle East & Africa Bearing Steel Market Revenue Share, By End Use (2021 and 2028)
Figure 19. Energy and Power: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 20. Industrial Machinery: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. Industrial End Uses: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. Electrical and Electronics: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. Aerospace: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Others: Middle East & Africa Bearing Steel Market – Revenue and Forecast To 2028 (US$ Million)
Figure 25. Middle East & Africa: Bearing Steel Market, by Key Country - Revenue (2021) (US$ Million)
Figure 26. Middle East & Africa: Bearing Steel Market Revenue Share, by Key Country (2021 and 2028)
Figure 27. South Africa: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 28. South Africa: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 29. Saudi Arabia: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 30. Saudi Arabia: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 31. UAE: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 32. UAE: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
Figure 33. Rest of Middle East & Africa: Bearing Steel Market –Volume and Forecast to 2028 (Kilo Tons)
Figure 34. Rest of Middle East & Africa: Bearing Steel Market –Revenue and Forecast to 2028 (US$ Million)
- Baosteel Group Corp
- EZM Edelstahlzieherei Mark GmbH
- HBIS Group Co Ltd
- Kobe Steel Ltd
- Sanyo Special Steel Co Ltd
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Middle East & Africa bearing steel market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa bearing steel market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the bearing steel market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution