Latin America and the Caribbean: Hollow Drill Bar Market 2024

Hollow Drill Bar Market Size in Latin America and the Caribbean

The Latin American hollow drill bar market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Hollow Drill Bar Production in Latin America and the Caribbean

In value terms, hollow drill bar production shrank significantly to $X in 2021 estimated in export price. In general, production saw significant growth. The growth pace was the most rapid in 2018 when the production volume increased by 2,557%. Over the period under review, production reached the maximum level at $X in 2020, and then declined markedly in the following year.

Hollow Drill Bar Exports

Exports in Latin America and the Caribbean

In 2021, the amount of hollow drill bars and rods exported in Latin America and the Caribbean surged to X tons, growing by 110% compared with the previous year's figure. Over the period under review, exports posted buoyant growth. The growth pace was the most rapid in 2018 with an increase of 313% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, hollow drill bar exports skyrocketed to $X in 2021. Overall, exports enjoyed a resilient increase. The growth pace was the most rapid in 2018 when exports increased by 174% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Chile dominates exports structure, finishing at X tons, which was near 94% of total exports in 2021. The following exporters - Peru (X tons) and Mexico (X tons) - each recorded a 4.1% share of total exports.

Chile was also the fastest-growing in terms of the hollow drill bars and rods exports, with a CAGR of +19.6% from 2012 to 2021. At the same time, Peru (+14.3%) displayed positive paces of growth. By contrast, Mexico (-11.0%) illustrated a downward trend over the same period. Chile (+32 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -15.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest hollow drill bar supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was held by Peru ($X), with a 5.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Chile totaled +15.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+14.6% per year) and Mexico (-12.3% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, which is down by -13.8% against the previous year. Overall, the export price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2013 an increase of 50% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Peru ($X per ton), while Mexico ($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 (+0.3%), while the other leaders experienced a decline in the export price figures.

Hollow Drill Bar Imports

Imports in Latin America and the Caribbean

In 2021, hollow drill bar imports in Latin America and the Caribbean rose significantly to X tons, surging by 8.6% against 2020. Over the period under review, imports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2017 when imports increased by 25%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, hollow drill bar imports rose remarkably to $X in 2021. Overall, imports, however, saw a deep contraction. The pace of growth appeared the most rapid in 2016 when imports increased by 15%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Peru (X tons) and Brazil (X tons) represented roughly 52% of total imports in 2021. Argentina (X tons) held the next position in the ranking, followed by Mexico (X tons), Chile (X tons) and Colombia (X tons). All these countries together held near 35% share of total imports. Guyana (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Peru (with a CAGR of -0.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Peru ($X) constitutes the largest market for imported hollow drill bars and rods in Latin America and the Caribbean, comprising 45% of total imports. The second position in the ranking was taken by Brazil ($X), with a 15% share of total imports. It was followed by Argentina, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Peru amounted to +2.0%. In the other countries, the average annual rates were as follows: Brazil (-8.6% per year) and Argentina (-6.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the import price increased by 14% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Peru ($X per ton), while Guyana ($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 (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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