Did Sauron really need the ring?

[Balrog_of_Morgoth]

Sometimes I like to wonder what it may have been like if Sauron had never made the One Ring. If he had never deceived the elves of Hollin and allowed Celebrimbor to become skilled enough to fashion the three.

It is hard to imagine Middle-Earth standing up to Sauron and obtaining victory even with him not having the rings and the nazgul, etc. In fact, his goal of victory may have been even easier to obtain. There would be no great power in Rivendell or Lothlorien, and Gandalf's power would have remained un-enhanced. Who would have stood in his way?

Obviously, he would never have been vanqished during the Last Alliance, for no ring could have been cut from him. His power would remain his.

Saruman may not have become corrupt with no ring lore to lust after, and no One Ring itself to covet. Gandalf and a true of heart Saruman may have been able to pose somewhat of a threat to Sauron, but it probably would have been a non-issue, because I think Sauron would have conquered all by early in the third age if not sooner.

Any thoughts?