U.S.: Boring Machinery Market 2024

Boring Machinery Market Size in the U.S.

The U.S. boring machinery market expanded slightly to $X in 2022, with an increase of 4% against the previous year. Over the period under review, consumption continues to indicate a strong expansion. Boring machinery consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Boring Machinery Production in the U.S.

In value terms, boring machinery production totaled $X in 2022. Overall, production enjoyed a moderate increase. The growth pace was the most rapid in 2019 with an increase of 45% against the previous year. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Boring Machinery Exports

Exports from the U.S.

In 2022, after two years of decline, there was significant growth in shipments abroad of boring or sinking machinery, when their volume increased by 6.7% to X units. Over the period under review, exports, however, continue to indicate a sharp decrease. The growth pace was the most rapid in 2019 with an increase of 519% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, boring machinery exports skyrocketed to $X in 2022. Overall, exports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 368%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X units) was the main destination for boring machinery exports from the United States, accounting for a 29% share of total exports. Moreover, boring machinery exports to Canada exceeded the volume sent to the second major destination, Guyana (X units), twofold. The third position in this ranking was held by the United Arab Emirates (X units), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to -18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (+34.1% per year) and the United Arab Emirates (-20.0% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for boring or sinking machinery exports from the United States, comprising 44% of total exports. The second position in the ranking was held by Canada ($X), with a 16% share of total exports. It was followed by Mexico, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-8.8% per year) and Mexico (-23.3% per year).

Export Prices by Country

The average boring machinery export price stood at $X per unit in 2022, jumping by 50% against the previous year. In general, the export price saw resilient growth. The most prominent rate of growth was recorded in 2021 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Cameroon ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+41.9%), while the prices for the other major destinations experienced more modest paces of growth.

Boring Machinery Imports

Imports into the U.S.

In 2022, supplies from abroad of boring or sinking machinery increased by 162% to X units, rising for the second year in a row after two years of decline. Overall, imports, however, continue to indicate a pronounced shrinkage. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, boring machinery imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a deep downturn. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Trinidad and Tobago (X units), Canada (X units) and Thailand (X units) were the main suppliers of boring machinery imports to the United States, with a combined 64% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +24,300.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Japan ($X) and the UK ($X) were the largest boring machinery suppliers to the United States, with a combined 54% share of total imports. China, Italy, Germany, Thailand, Switzerland, Sweden and Trinidad and Tobago lagged somewhat behind, together accounting for a further 37%.

Among the main suppliers, Thailand, with a CAGR of +536.5%, 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

In 2022, the average boring machinery import price amounted to $X per unit, reducing by -45% against the previous year. Over the period under review, the import price continues to indicate a perceptible descent. The pace of growth appeared the most rapid in 2016 when the average import price increased by 74%. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Trinidad and Tobago ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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