U.S.: Hollow Drill Bar Market 2024

Hollow Drill Bar Market Size in the U.S.

The U.S. hollow drill bar market soared to $X in 2021, jumping by 53% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Hollow Drill Bar Exports

Exports from the U.S.

In 2021, overseas shipments of hollow drill bars and rods increased by 0.2% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, saw a slight reduction. The growth pace was the most rapid in 2017 when exports increased by 155% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, hollow drill bar exports contracted to $X in 2021. Overall, exports, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2017 with an increase of 129%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Canada (X tons) was the main destination for hollow drill bar exports from the United States, with a 76% share of total exports. Moreover, hollow drill bar exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada stood at +26.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-5.2% per year) and Costa Rica (-43.1% per year).

In value terms, Canada ($X) emerged as the key foreign market for hollow drill bars and rods exports from the United States, comprising 60% of total exports. The second position in the ranking was taken by Mexico ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada totaled +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-3.1% per year) and Costa Rica (-38.2% per year).

Export Prices by Country

In 2021, the average hollow drill bar export price amounted to $X per ton, dropping by -12.2% against the previous year. In general, the export price continues to indicate a mild descent. The pace of growth was the most pronounced in 2018 an increase of 16% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+8.7%), while the prices for the other major destinations experienced mixed trend patterns.

Hollow Drill Bar Imports

Imports into the U.S.

In 2021, after two years of decline, there was significant growth in overseas purchases of hollow drill bars and rods, when their volume increased by 21% to X tons. Overall, imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 65%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, hollow drill bar imports skyrocketed to $X in 2021. In general, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -25.3% against 2017 indices. The growth pace was the most rapid in 2017 when imports increased by 60% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Sweden (X tons) and the UK (X tons) were the main suppliers of hollow drill bar imports to the United States, with a combined 81% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +42.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), the UK ($X) and China ($X) were the largest hollow drill bar suppliers to the United States, together comprising 87% of total imports.

In terms of the main suppliers, China, with a CAGR of +26.5%, 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 2021, the average hollow drill bar import price amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 1.7% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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