Hot-Rolled High Speed Steel Bar Market

The article discusses the increasing demand for hot-rolled bars of high speed steel worldwide, with the market expected to see growth in both volume and value terms over the period from 2022 to 2030. Consumption trends show a relatively flat pattern, with notable increases in 2018. The article also highlights the top consuming and producing countries, as well as import and export trends, including average prices and growth rates. Overall, the global market for hot-rolled high speed steel bars is forecasted to continue on an upward trajectory in the coming years.

Market Forecast

Driven by increasing demand for hot-rolled bars of high speed steel worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 40M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $358.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hot-Rolled Bars Of High Speed Steel

Global hot-rolled high speed steel bar consumption declined modestly to 36M tons in 2022, stabilizing at 2021. Over the period under review, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 3.8%. As a result, consumption reached the peak volume of 38M tons. From 2019 to 2022, the growth of the global consumption remained at a lower figure.

The revenue of the market for hot-rolled bars of high speed steel worldwide reduced modestly to $274.9B in 2022, waning by -1.5% 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. The growth pace was the most rapid in 2018 with an increase of 9.8%. Over the period under review, the global market reached the peak level at $298.3B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (7M tons), the United States (4.2M tons) and India (2.9M tons), with a combined 39% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled high speed steel bar markets worldwide were China ($55.9B), the United States ($38.6B) and Japan ($17.1B), with a combined 41% share of the global market. Brazil, Russia, Pakistan, Germany, France, Vietnam, Canada, India and Iran lagged somewhat behind, together accounting for a further 34%.

India, with a CAGR of +2.9%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of hot-rolled high speed steel bar per capita consumption in 2022 were Russia (18 kg per person), Canada (17 kg per person) and the United States (12 kg per person).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +1.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hot-Rolled Bars Of High Speed Steel

In 2022, approx. 36M tons of hot-rolled bars of high speed steel were produced worldwide; approximately reflecting 2021. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 3.8% against the previous year. As a result, production reached the peak volume of 38M tons. From 2019 to 2022, global production growth remained at a somewhat lower figure.

In value terms, hot-rolled high speed steel bar production shrank slightly to $271B in 2022 estimated in export price. Over the period under review, production continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2018 with an increase of 10% against the previous year. Global production peaked at $305.8B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (7M tons), the United States (4.2M tons) and India (2.9M tons), with a combined 39% share of global production.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +2.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Hot-Rolled Bars Of High Speed Steel

In 2022, purchases abroad of hot-rolled bars of high speed steel increased by 25% to 96K tons, rising for the second consecutive year after four years of decline. Over the period under review, imports, however, continue to indicate a slight reduction. The pace of growth appeared the most rapid in 2021 with an increase of 27%. Global imports peaked at 111K tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, hot-rolled high speed steel bar imports soared to $762M in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 30% against the previous year. Global imports peaked at $792M in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports By Country

Brunei Darussalam (9.3K tons), the United States (9K tons), Italy (8.3K tons), Germany (7.3K tons), Slovenia (5.5K tons), Spain (5K tons), Brazil (4.1K tons), Malaysia (3.6K tons), Romania (3.5K tons), Taiwan (Chinese) (3.1K tons), Belgium (2.8K tons) and France (2.7K tons) represented roughly 67% of total imports in 2022. China (2.6K tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +31.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled high speed steel bar importing markets worldwide were the United States ($118M), Germany ($109M) and China ($53M), together comprising 37% of global imports. Taiwan (Chinese), Italy, Brazil, France, Spain, Belgium, Slovenia, Romania, Brunei Darussalam and Malaysia lagged somewhat behind, together comprising a further 30%.

Romania, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for hot-rolled bars of high speed steel amounted to $7,941 per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2018 an increase of 33%. Over the period under review, average import prices attained the peak figure at $8,034 per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($20,334 per ton), while Brunei Darussalam ($665 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hot-Rolled Bars Of High Speed Steel

In 2022, overseas shipments of hot-rolled bars of high speed steel increased by 5.9% to 66K tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. Over the period under review, the global exports hit record highs at 80K tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled high speed steel bar exports skyrocketed to $704M in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 40%. The global exports peaked at $723M in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

China (12K tons), Austria (9.5K tons), France (6.5K tons), Sweden (4.7K tons), Germany (4K tons), Spain (4K tons), the United States (3.5K tons), Japan (3.4K tons), the Czech Republic (2.5K tons), Taiwan (Chinese) (2.5K tons), Thailand (2K tons) and India (2K tons) represented roughly 86% of total exports in 2022.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +56.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Austria ($149M), France ($128M) and China ($106M) were the countries with the highest levels of exports in 2022, together accounting for 54% of global exports. Sweden, Japan, Germany, the United States, Taiwan (Chinese), Spain, the Czech Republic, India and Thailand lagged somewhat behind, together accounting for a further 36%.

Spain, with a CAGR of +44.4%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for hot-rolled bars of high speed steel stood at $10,662 per ton in 2022, rising by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2018 when the average export price increased by 15%. The global export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sweden ($20,853 per ton), while Thailand ($1,158 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform