South America Roller Bearing Market Outlook, 2028

The South America roller bearing market is expected to add USD 602 Million from 2023 to 2028, driven by rise in infratructure development.

The South American roller bearing market is a dynamic and expanding industry that is critical to several industries in the region. Brazil, Argentina, and Colombia are among the countries with diversified economies. Demand for roller bearings is being driven by the region's economic development, expanding manufacturing sectors, and infrastructure developments in industries such as automotive, mining, construction, agriculture, and energy. The rich natural resources of South America, such as minerals, oil, and gas, contribute to the considerable presence of companies that rely significantly on roller bearings for their operations. Furthermore, the region's growing emphasis on renewable energy and environmentally friendly practises creates potential for roller bearings in wind turbines, hydropower plants, and solar energy applications. As the region continues to enjoy economic expansion and invest in industrial and commercial projects, the South American roller bearing market is poised for further expansion and presents attractive prospects for industry players. The increasing demand for electric vehicles is driving demand for roller bearings. Electric vehicles use more roller bearings than traditional gasoline-powered vehicles, as they require bearings that can withstand the higher temperatures and loads generated by electric motors. The growing adoption of Industry 4.0 is also driving demand for roller bearings. Industry 4.0 technologies, such as artificial intelligence and machine learning, are being used to improve the efficiency and performance of roller bearings. There is a growing focus on sustainability in South America, and this is also reflected in the demand for roller bearings. Manufacturers are increasingly using recycled materials and sustainable manufacturing processes to produce roller bearings. For example, some manufacturers are using recycled steel in their bearings, while others are using water-based lubricants. These efforts to reduce the environmental impact of roller bearings are being welcomed by customers in South America. According to the research report, “South America Roller Bearing Market, Outlook, 2028", published by Bonafide Research, the market is expected to add USD 602 Million from 2023 to 2028. Brazil is playing an important role in the development of roller bearing market of South America. Brazil has the largest economy in South America, accounting for a significant portion of the region's GDP. The country's strong economic growth and industrial development have contributed to a substantial demand for roller bearings. Brazil's diverse industrial sectors, including automotive, mining, agriculture, and manufacturing, require a wide range of roller bearings to support their operations. Furthermore, Brazil is known for its abundant mineral resources, making mining a crucial sector in the country's economy. The mining industry relies heavily on roller bearings for equipment such as crushers, conveyors, and mills. Brazil's mining sector is among the largest in South America, driving the demand for robust and reliable roller bearings. Brazil is a major player in the global agriculture and agribusiness sectors, with large-scale production of commodities such as soybeans, sugarcane, coffee, and beef. Roller bearings are extensively used in agricultural machinery and equipment, including tractors, harvesters, and irrigation systems. Brazil's thriving agricultural sector contributes significantly to the demand for roller bearings in the country. In addition, Brazil has been investing in infrastructure development projects, including transportation networks, energy systems, and public facilities. These projects require the use of heavy machinery and construction equipment, which heavily rely on roller bearings for efficient operation. Brazil's infrastructure development initiatives contribute to the demand for roller bearings in the country.

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Based on type, the market is segmented into cylindrical, spherical, needle roller, and tapered. The tapered roller bearings are most used in South America. The automotive sector is one of the major consumers of roller bearings in South America, and tapered roller bearings are extensively used in various automotive applications. These bearings are highly suitable for supporting both radial and axial loads, making them ideal for applications such as wheel hubs, transmissions, and differentials. Given the significant presence of the automotive industry in South America, the demand for tapered roller bearings remains consistently high. Furthermore, Tapered roller bearings are known for their robustness and durability, making them suitable for demanding applications. In industries such as mining, construction, and heavy machinery, where harsh operating conditions and heavy loads are common, tapered roller bearings provide reliable performance and extended service life. South America's mining sector, in particular, relies heavily on these durable bearings to withstand the demanding conditions of mining equipment. Tapered roller bearings are readily available in the South American market, thanks to the presence of both domestic and international manufacturers. Local manufacturing facilities in the region contribute to the availability of a wide range of tapered roller bearings, providing customers with a variety of options to meet their specific requirements. The availability of locally manufactured bearings also helps in minimizing lead times and ensures easy access to replacement parts. Based on application, the market is bifurcated into automotive, industrial, aerospace, other (railways, agriculture etc). Among them the automotive application dominates the market with highest market share in South America roller bearing market. South America has a significant automotive manufacturing presence, with countries like Brazil and Argentina being major producers of vehicles. The demand for roller bearings in the automotive sector is high due to their use in various applications, including engines, transmissions, wheels, and suspension systems. Furthermore, South American countries have been investing in the development of road infrastructure, including highways, bridges, and tunnels. This leads to an increased demand for vehicles, further driving the growth of the automotive sector and subsequently the roller bearing market. With an aging vehicle fleet, there is a continuous need for replacement parts, including roller bearings, in the South American market. As vehicles and machinery require maintenance and repair over time, the demand for roller bearings remains steady. Recent Developments: • SKF: SKF, a Swedish bearing manufacturer, announced on June 1, 2023 that it is opening a new manufacturing plant in Brazil. The plant will produce roller bearings for the automotive and industrial markets. • NSK: NSK, a Japanese bearing manufacturer, announced on May 25, 2023 that it is expanding its manufacturing capacity in Argentina. The expansion will allow NSK to produce more roller bearings for the mining and agricultural markets. • Timken: Timken, an American bearing manufacturer, announced on May 10, 2023 that it is opening a new research and development center in Chile. The center will focus on developing new roller bearing technologies for the mining and energy markets.

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Manmayi Raval

Manmayi Raval

Research Consultant

Considered in this report • Geography: South America • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South America Roller Bearing market with its value and forecast along with its segments • Country-wise Roller Bearing market analysis • On-going trends and developments • Top profiled companies • Strategic recommendation Countries Covered in the report: • Brazil • Argentina • Colombia

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Manmayi Raval

By Type: • Cylindrical • Spherical • Needle roller • Tapered By Application: • Automotive • Industrial • Aerospace • Others (Railway, Agriculture, etc.) By Distribution Channel: • OEM • Aftermarket The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to roller bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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South America Roller Bearing Market Outlook, 2028

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