Northern America: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Northern America

The North American hot-rolled bearing steel bar market rose notably to $X in 2021, with an increase of 8% against the previous year. Overall, consumption enjoyed a moderate increase. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Production of Hot-Rolled Bars In Bearing Steels in Northern America

In value terms, hot-rolled bearing steel bar production reached $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 8.9%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports in Northern America

In 2021, after two years of decline, there was significant growth in shipments abroad of hot-rolled bars in bearing steels, when their volume increased by 37% to X tons. Overall, exports, however, saw a abrupt shrinkage. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports surged to $X in 2021. In general, exports, however, continue to indicate a noticeable descent. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada was the major exporting country with an export of around X tons, which accounted for 86% of total exports. It was distantly followed by the United States (X tons), comprising a 14% share of total exports.

Canada experienced a relatively flat trend pattern with regard to volume of exports of hot-rolled bars in bearing steels. The United States (-20.6%) illustrated a downward trend over the same period. While the share of Canada (+42 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United States (-42 p.p.) displayed negative dynamics.

In value terms, the largest hot-rolled bearing steel bar supplying countries in Northern America were Canada ($X) and the United States ($X).

Among the main exporting countries, Canada, with a CAGR of +0.4%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, jumping by 29% against the previous year. Export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled bearing steel bar export price increased by +114.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 40%. Over the period under review, the export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+19.0%).

Imports of Hot-Rolled Bars In Bearing Steels

Imports in Northern America

In 2021, after three years of decline, there was significant growth in purchases abroad of hot-rolled bars in bearing steels, when their volume increased by 37% to X tons. Overall, imports, however, saw a noticeable shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 38%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports soared to $X in 2021. In general, imports, however, recorded a drastic downturn. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the two major importers of hot-rolled bars in bearing steels, namely Canada and the United States, represented more than two-thirds of total import.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Canada (with a CAGR of +2.5%).

In value terms, the United States ($X) and Canada ($X) were the countries with the highest levels of imports in 2021.

Among the main importing countries, Canada, with a CAGR of -4.2%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2021, the import price in Northern America amounted to $X per ton, picking up by 4.8% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2018 an increase of 23% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-1.6%).

Source: IndexBox Market Intelligence Platform

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