Northern America's Hot-Rolled High Speed Steel Bar Market to Witness Slow Growth with +0.6% CAGR - News and Statistics - IndexBox

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IndexBox has just published a new report: Northern America - Hot-Rolled Bars Of High Speed Steel - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand, the hot-rolled high speed steel bar market in Northern America is expected to see growth over the next decade. By 2035, market volume is projected to reach 4.8M tons with a value of $39.6B, reflecting a +0.6% CAGR in volume and +1.7% CAGR in value.

Driven by rising demand for hot-rolled high speed steel bar in Northern America, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 4.8M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.7% for the period from 2024 to 2035, which is projected to bring the market value to $39.6B (in nominal wholesale prices) by the end of 2035.

In 2024, hot-rolled high speed steel bar consumption in Northern America reduced slightly to 4.5M tons, standing approx. at the previous year. In general, consumption recorded a mild curtailment. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by 3.2% against the previous year. Over the period under review, consumption attained the peak volume at 5.2M tons in 2013; however, from 2014 to 2024, consumption failed to regain momentum.

The size of the market for hot-rolled bars of high speed steel in Northern America declined to $32.7B in 2024, therefore, remained relatively stable 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). Over the period under review, consumption saw a slight decline. As a result, consumption reached the peak level of $49.7B. From 2020 to 2024, the growth of the market failed to regain momentum.

The United States (3.7M tons) constituted the country with the largest volume of hot-rolled high speed steel bar consumption, accounting for 82% of total volume. Moreover, hot-rolled high speed steel bar consumption in the United States exceeded the figures recorded by the second-largest consumer, Canada (789K tons), fivefold.

From 2013 to 2024, the average annual growth rate of volume in the United States stood at -1.7%.

In value terms, the United States ($25.6B) led the market, alone. The second position in the ranking was held by Canada ($7.2B).

From 2013 to 2024, the average annual growth rate of value in the United States stood at -1.7%.

The countries with the highest levels of hot-rolled high speed steel bar per capita consumption in 2024 were Canada (20 kg per person) and the United States (11 kg per person).

From 2013 to 2024, the biggest increases were recorded for Canada (with a CAGR of -0.2%).

In 2024, production of hot-rolled bars of high speed steel in Northern America fell modestly to 4.5M tons, approximately mirroring the previous year. Over the period under review, production continues to indicate a mild descent. The growth pace was the most rapid in 2018 with an increase of 3.1% against the previous year. The volume of production peaked at 5.2M tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

In value terms, hot-rolled high speed steel bar production shrank modestly to $30.7B in 2024 estimated in export price. Overall, production saw a pronounced contraction. The most prominent rate of growth was recorded in 2019 when the production volume increased by 22% against the previous year. As a result, production attained the peak level of $51.1B. From 2020 to 2024, production growth remained at a somewhat lower figure.

The United States (3.7M tons) constituted the country with the largest volume of hot-rolled high speed steel bar production, accounting for 82% of total volume. Moreover, hot-rolled high speed steel bar production in the United States exceeded the figures recorded by the second-largest producer, Canada (789K tons), fivefold.

From 2013 to 2024, the average annual growth rate of volume in the United States stood at -1.7%.

In 2024, purchases abroad of hot-rolled bars of high speed steel decreased by -16.6% to 8.1K tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2022 when imports increased by 57% against the previous year. Over the period under review, imports hit record highs at 12K tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.

In value terms, hot-rolled high speed steel bar imports dropped sharply to $90M in 2024. Total imports indicated a tangible increase from 2013 to 2024: its value increased at an average annual rate of +4.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -29.5% against 2022 indices. The most prominent rate of growth was recorded in 2022 when imports increased by 81%. As a result, imports reached the peak of $128M. From 2023 to 2024, the growth of imports failed to regain momentum.

The United States represented the largest importer of hot-rolled bars of high speed steel in Northern America, with the volume of imports finishing at 6.3K tons, which was approx. 78% of total imports in 2024. It was distantly followed by Canada (1.7K tons), generating a 22% share of total imports.

From 2013 to 2024, average annual rates of growth with regard to hot-rolled high speed steel bar imports into the United States stood at +4.3%. At the same time, Canada (+11.2%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +11.2% from 2013-2024. From 2013 to 2024, the share of Canada increased by +9.6 percentage points.

In value terms, the United States ($85M) constitutes the largest market for imported hot-rolled bars of high speed steel in Northern America, comprising 94% of total imports. The second position in the ranking was taken by Canada ($5.1M), with a 5.6% share of total imports.

In the United States, hot-rolled high speed steel bar imports increased at an average annual rate of +5.1% over the period from 2013-2024.

In 2024, the import price in Northern America amounted to $11,193 per ton, which is down by -9.5% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 40% against the previous year. Over the period under review, import prices hit record highs at $12,372 per ton in 2023, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($13,468 per ton), while Canada totaled $2,927 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+0.8%).

In 2024, the amount of hot-rolled bars of high speed steel exported in Northern America declined notably to 3.5K tons, shrinking by -17% against the previous year. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 107%. As a result, the exports reached the peak of 4.7K tons. From 2022 to 2024, the growth of the exports remained at a somewhat lower figure.

In value terms, hot-rolled high speed steel bar exports dropped remarkably to $21M in 2024. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 34%. Over the period under review, the exports hit record highs at $29M in 2019; however, from 2020 to 2024, the exports failed to regain momentum.

The United States represented the largest exporting country with an export of about 2.5K tons, which resulted at 73% of total exports. It was distantly followed by Canada (955 tons), constituting a 27% share of total exports.

Exports from the United States decreased at an average annual rate of -3.2% from 2013 to 2024. At the same time, Canada (+30.4%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +30.4% from 2013-2024. From 2013 to 2024, the share of Canada increased by +26 percentage points.

In value terms, the United States ($17M) remains the largest hot-rolled high speed steel bar supplier in Northern America, comprising 81% of total exports. The second position in the ranking was held by Canada ($4M), with a 19% share of total exports.

From 2013 to 2024, the average annual rate of growth in terms of value in the United States was relatively modest.

The export price in Northern America stood at $6,064 per ton in 2024, reducing by -7.6% against the previous year. Export price indicated a mild expansion from 2013 to 2024: its price increased at an average annual rate of +1.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled high speed steel bar export price increased by +23.4% against 2021 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 44%. The level of export peaked at $8,593 per ton in 2019; however, from 2020 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($6,768 per ton), while Canada amounted to $4,202 per ton.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+2.6%).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled high speed steel bar in Northern America. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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