Latin America and the Caribbean: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Latin America and the Caribbean

In 2021, the Latin American hot-rolled bearing steel bar market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Bars In Bearing Steels in Latin America and the Caribbean

In value terms, hot-rolled bearing steel bar production soared to $X in 2021 estimated in export price. In general, production continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 60,246% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in Latin America and the Caribbean

In 2021, approx. X tons of hot-rolled bars in bearing steels were exported in Latin America and the Caribbean; with an increase of 39% against the previous year's figure. Overall, exports showed a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 92%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, hot-rolled bearing steel bar exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed strong growth. The growth pace was the most rapid in 2018 with an increase of 106% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Chile represented the main exporter of hot-rolled bars in bearing steels in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 70% of total exports in 2021. It was distantly followed by Brazil (X tons), comprising a 21% share of total exports. Argentina (X tons), Mexico (X tons) and Trinidad and Tobago (X tons) followed a long way behind the leaders.

Chile was also the fastest-growing in terms of the hot-rolled bars in bearing steels exports, with a CAGR of +115.6% from 2012 to 2021. At the same time, Trinidad and Tobago (+38.3%), Mexico (+2.6%) and Brazil (+1.7%) displayed positive paces of growth. By contrast, Argentina (-14.5%) illustrated a downward trend over the same period. Chile (+70 p.p.) and Trinidad and Tobago (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Mexico, Argentina and Brazil saw its share reduced by -3.2%, -28.2% and -32.6% from 2012 to 2021, respectively.

In value terms, Chile ($X) remains the largest hot-rolled bearing steel bar supplier in Latin America and the Caribbean, comprising 68% of total exports. The second position in the ranking was taken by Brazil ($X), with a 22% share of total exports. It was followed by Mexico, with a 3.3% share.

In Chile, hot-rolled bearing steel bar exports expanded at an average annual rate of +99.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-2.0% per year) and Mexico (+5.7% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 37% against the previous year. Overall, the export price, however, recorded a noticeable reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Mexico ($X per ton) and Brazil ($X per ton), while Argentina ($X per ton) and Chile ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.0%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Latin America and the Caribbean

In 2021, approx. X tons of hot-rolled bars in bearing steels were imported in Latin America and the Caribbean; rising by 32% compared with the year before. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of import peaked at X tons in 2014; afterwards, it flattened through to 2021.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2018; afterwards, it flattened through to 2021.

Imports by Country

In 2021, Mexico (X tons) and Peru (X tons) were the key importers of hot-rolled bars in bearing steels in Latin America and the Caribbean, together finishing at near 59% of total imports. Chile (X tons) took the next position in the ranking, followed by Jamaica (X tons) and Brazil (X tons). All these countries together took approx. 29% share of total imports. Trinidad and Tobago (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Trinidad and Tobago (with a CAGR of +55.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled bearing steel bar importing markets in Latin America and the Caribbean were Mexico ($X), Peru ($X) and Chile ($X), with a combined 76% share of total imports. These countries were followed by Brazil, Jamaica, Argentina and Trinidad and Tobago, which together accounted for a further 20%.

In terms of the main importing countries, Trinidad and Tobago, with a CAGR of +52.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 24% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 25% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Argentina ($X per ton), while Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+0.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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