North America High Heat Bearing Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 124 | Report Code: BMIRE00032099 | Category: Manufacturing and Construction
No. of Pages: 124 | Report Code: BMIRE00032099 | Category: Manufacturing and Construction
The North America high heat bearing market size is expected to reach US$ 2,483.98 million by 2031 from US$ 1,620.78 million in 2023. The market is estimated to record a CAGR of 5.5% from 2023 to 2031.
The high heat bearing market growth in North America is attributed to the increasing demand for advanced materials and systems that are capable of withstanding extreme temperatures in various applications in industries such as aerospace, automotive, manufacturing, and energy. North America, with its highly developed industrial infrastructure, is generating a substantial demand for high heat bearings. Aerospace and defense industries are significant enablers of the high heat bearing market growth in countries such as the US, Canada, and Mexico. According to the Aerospace Industries Association (AIA), the US aerospace and defense industry achieved a significant milestone in 2023, generating over US$ 955 billion in sales and marking a 7.1% growth compared to the previous year. High heat bearings are essential for supporting the performance and reliability of aerospace systems operating in extreme temperature conditions.
Key segments that contributed to the derivation of the North America high heat bearing market analysis are type and industry.
Automotive is a continuously thriving sector, with improvements in engine economy and performance being constant areas of focus. Components incorporated in engine systems, exhaust systems, turbochargers, and transmissions need to endure high-temperature environments. Thus, growing automotive sales and production ultimately benefit the high heat bearing market. In 2023, some consumers began to make previously postponed purchases, resulting in increasing car sales. According to figures issued by the Federation of Automobile Dealers Associations (FADA), total vehicle retail sales reached 2.8 million units in October 2024, up from 2.14 million units recorded in October 2023. The growth of the automotive sector in various countries can be associated with the increasing popularity of shared mobility, integration of telematics, and consumer demand for individualized transportation alternatives.
Metal processing is a critical component of modern industrial production, as it involves the transformation of raw metals into finished products that are used across a wide range of industries. Governments provide significant support for the metals industry, in turn, favoring the growth of metal processing businesses. Various enterprises also make investments in metal processing plants. For example, in May 2024, BENTELER invested US$ 21 million to build a new metal processing plant in Louisiana. In another example, Nupur Recyclers Limited (NRL) announced plans in November 2024 to expand into the processing of various metal trash and recycle lithium-ion batteries. Thus, this strategic decision to broaden operations demonstrates NRL's commitment to serving changing consumer needs. As part of this expansion project, the company intends to build an innovative factory for the treatment and recycling of metal waste and lithium-ion batteries by 2027. In the metal processing sector, high heat bearing materials are critical for assuring efficiency, durability, and optimal performance in metal forming, heat treatment, casting, and welding operations. Thus, the flourishing automotive and metal processing industries bolster the high heat bearing market.
Based on country, the North America high heat bearing market comprises the US, Canada, and Mexico. The US held the largest share in 2023.
According to the International Energy Agency (IEA), an upsurge in electric vehicle (EV) registrations in the US is a key indicator of the rapidly expanding EV industry in the US; the number of registrations reached 1.4 million in 2023, marking an increase of over 40% compared to 2022. This surge reflects an increasing demand for cleaner, more energy-efficient vehicles. The growing EV adoption is reshaping the automotive landscape alongside influencing other businesses, including high heat bearing materials and technologies employed in the manufacturing of batteries, powertrains, and thermal management systems. Thus, the US high heat bearing market is poised for significant growth with the burgeoning government support and a strong push toward a sustainable transportation system.
North America High Heat Bearing Market Report Highlights
Report Attribute
Details
Market size in 2023
US$ 1,620.78 Million
Market Size by 2031
US$ 2,483.98 Million
CAGR (2023 - 2031) 5.5%
Historical Data
2021-2023
Forecast period
2025-2031
Segments Covered
By Type
By Industry
Regions and Countries Covered
North America
Market leaders and key company profiles
Get more information on this report North America High Heat Bearing Market Company Profiles
Some of the key players operating in the market include NSK Ltd; NTN Corp; RBC Bearings Incorporated; SKF AB; Global Bearing Technologies S.r.L; Dalian Chengfeng Bearing Sales Co., Ltd; Scheerer Bearing Corporation; DURBAL Metallwarenfabrik GmbH; Graphite Metallizing Corporation; and ISK bearings, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America High Heat Bearing Market is valued at US$ 1,620.78 Million in 2023, it is projected to reach US$ 2,483.98 Million by 2031.
As per our report North America High Heat Bearing Market, the market size is valued at US$ 1,620.78 Million in 2023, projecting it to reach US$ 2,483.98 Million by 2031. This translates to a CAGR of approximately 5.5% during the forecast period.
The North America High Heat Bearing Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America High Heat Bearing Market report:
The North America High Heat Bearing Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America High Heat Bearing Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America High Heat Bearing Market value chain can benefit from the information contained in a comprehensive market report.
E 1803, Panchshil Towers, Vagholi, Haveli, Pune- 412207, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For North America High Heat Bearing Market
