U.S.: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in the U.S.

The U.S. hot-rolled bearing steel bar market was estimated at $X in 2022, rising by 6.6% against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Production of Hot-Rolled Bars In Bearing Steels in the U.S.

In value terms, hot-rolled bearing steel bar production rose modestly to $X in 2022. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 36% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from the U.S.

In 2022, shipments abroad of hot-rolled bars in bearing steels increased by 39% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, recorded a abrupt contraction. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled bearing steel bar exports soared to $X in 2022. Overall, exports, however, showed a perceptible decrease. The pace of growth was the most pronounced in 2021 when exports increased by 73%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), Canada (X tons) and China (X tons) were the main destinations of hot-rolled bearing steel bar exports from the United States, together accounting for 96% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of -15.6%), while the other leaders experienced a decline.

In value terms, the largest markets for hot-rolled bearing steel bar exported from the United States were Mexico ($X), Canada ($X) and China ($X), together accounting for 95% of total exports.

Among the main countries of destination, Mexico, with a CAGR of -1.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average hot-rolled bearing steel bar export price stood at $X per ton in 2022, shrinking by -9.2% against the previous year. In general, the export price, however, recorded strong growth. The growth pace was the most rapid in 2020 when the average export price increased by 235%. The export price peaked at $X per ton in 2021, and then dropped in the following year.

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 China ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into the U.S.

In 2022, overseas purchases of hot-rolled bars in bearing steels increased by 26% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, showed a noticeable shrinkage. The growth pace was the most rapid in 2014 when imports increased by 50% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2022. Overall, imports, however, saw a perceptible shrinkage. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of hot-rolled bearing steel bar to the United States, accounting for a 46% share of total imports. Moreover, hot-rolled bearing steel bar imports from Canada exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fivefold. Japan (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from Canada stood at -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-5.7% per year) and Japan (-0.5% per year).

In value terms, Canada ($X) constituted the largest supplier of hot-rolled bars in bearing steels to the United States, comprising 38% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by Japan, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-3.1% per year) and Japan (-1.0% per year).

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2022, picking up by 25% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 26% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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