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.
Governments of various countries in South & Central America are focusing on developing infrastructure projects, which is expected to boost the demand for bearing steel in the construction industry. Moreover, the significant presence of automotive companies in Brazil and Argentina and the rise in sales of vehicles are propelling the sales of bearing steel in the region. According to the report by the Brazilian Association of Automotive Vehicle Manufacturers, automotive production in Brazil grew by 11.4%, and sales boosted by 10.9% during February–March 2022. Further, major players operating in the automotive sector are adopting various strategies for the development of their operational capacities in South & Central America. In 2022, Audi AG invested US$ 19.2 million to restart production at its plant in Parana, Brazil and registered a capacity of 4,000 vehicles per year. Thus, the increasing presence of the automotive industry is driving the industrial components market, which, in turn, is projected to boost the South & Central America bearing steel market in South & Central America during the forecast period.
The South & Central America bearing steel market is segmented into type, end use, and country.
Based on type, the South & Central America bearing steel market is segmented into carbon steel, stainless steel, and others. In 2022, the carbon steel segment registered a largest share in the South & Central America bearing steel market.
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. In 2022, the automotive segment registered a largest share in the South & Central America bearing steel market.
Based on country, the South & Central America bearing steel market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2022, the Rest of South & Central America segment registered a largest share in the South & Central America bearing steel market.
Baosteel Group Corp; HBIS Group Co Ltd; Kobe Steel Ltd; and Sanyo Special Steel Co Ltd are the leading companies operating in the South & Central America bearing steel market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 448.61 Million |
| Market Size by 2028 | US$ 514.68 Million |
| CAGR (2022 - 2028) | 2.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
The South & Central America Bearing Steel Market is valued at US$ 448.61 Million in 2022, it is projected to reach US$ 514.68 Million by 2028.
As per our report South & Central America Bearing Steel Market, the market size is valued at US$ 448.61 Million in 2022, projecting it to reach US$ 514.68 Million by 2028. This translates to a CAGR of approximately 2.3% during the forecast period.
The South & Central America Bearing Steel 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 South & Central America Bearing Steel Market report:
The South & Central America Bearing Steel Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Bearing Steel Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Bearing Steel Market value chain can benefit from the information contained in a comprehensive market report.
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