Hollow Drill Bar Market

The article discusses the rising demand for hollow drill bar worldwide, projecting a positive consumption trend over the next eight years. The market is forecast to grow at a CAGR of +4.3% in volume and +5.8% in value from 2022 to 2030. Consumption patterns, production volumes, imports, and exports are analyzed, with key countries like Germany, Sweden, and China playing significant roles in the market. The average import and export prices are also discussed, highlighting notable trends in the global hollow drill bar market.

Market Forecast

Driven by rising demand for hollow drill bar worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market volume to 136K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.8% for the period from 2022 to 2030, which is projected to bring the market value to $513M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hollow Drill Bars And Rods

In 2022, the amount of hollow drill bars and rods consumed worldwide reduced to 97K tons, shrinking by -7.2% against the previous year. Overall, consumption showed a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 108K tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global hollow drill bar market size dropped to $327M in 2022, waning by -6.1% 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). In general, consumption continues to indicate a mild contraction. As a result, consumption reached the peak level of $374M. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Germany (13K tons), Sweden (7.2K tons) and Indonesia (5.1K tons), with a combined 26% share of global consumption. India, Canada, China, Italy, France, Thailand, the UK, South Korea, Australia and Saudi Arabia lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +27.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($56M), Australia ($33M) and Sweden ($26M) constituted the countries with the highest levels of market value in 2022, with a combined 35% share of the global market. Canada, Italy, the UK, South Korea, Thailand, India, Indonesia, China and France lagged somewhat behind, together accounting for a further 31%.

China, with a CAGR of +26.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of hollow drill bar per capita consumption was registered in Sweden (689 kg per 1000 persons), followed by Germany (161 kg per 1000 persons), Australia (134 kg per 1000 persons) and Canada (124 kg per 1000 persons), while the world average per capita consumption of hollow drill bar was estimated at 12 kg per 1000 persons.

In Sweden, hollow drill bar per capita consumption increased at an average annual rate of +4.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+15.2% per year) and Australia (+6.4% per year).

Production

World Production of Hollow Drill Bars And Rods

In 2022, production of hollow drill bars and rods decreased by -0.7% to 71K tons for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 10%. As a result, production attained the peak volume of 71K tons, leveling off in the following year.

In value terms, hollow drill bar production amounted to $214M in 2022 estimated in export price. Overall, production continues to indicate a mild slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by 16% against the previous year. Global production peaked at $239M in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Sweden (13K tons), Germany (12K tons) and China (7.2K tons), together accounting for 46% of global production. Italy, the UK, Japan, Thailand, Saudi Arabia and Chile lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +21.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Hollow Drill Bars And Rods

Global hollow drill bar imports contracted dramatically to 57K tons in 2022, dropping by -16.8% against the previous year's figure. Overall, imports saw a perceptible decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 18% against the previous year. Global imports peaked at 86K tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, hollow drill bar imports reached $211M in 2022. In general, imports saw a noticeable decrease. The pace of growth was the most pronounced in 2017 when imports increased by 35%. Over the period under review, global imports reached the maximum at $314M in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, India (5.1K tons), Indonesia (5.1K tons), Canada (5.1K tons), France (4.3K tons), Australia (3.9K tons), South Korea (3.7K tons) and the United States (3.4K tons) was the key importer of hollow drill bars and rods in the world, constituting 54% of total import. The following importers - South Africa (1.6K tons), Brazil (1.6K tons), Austria (1.6K tons), Peru (1.4K tons), Germany (1.4K tons) and Myanmar (1.3K tons) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +14.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($36M) constitutes the largest market for imported hollow drill bars and rods worldwide, comprising 17% of global imports. The second position in the ranking was taken by Canada ($18M), with an 8.6% share of global imports. It was followed by South Korea, with a 6.5% share.

In Australia, hollow drill bar imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+0.8% per year) and South Korea (+11.9% per year).

Import Prices By Country

In 2022, the average hollow drill bar import price amounted to $3,723 per ton, jumping by 22% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($9,244 per ton), while Myanmar ($423 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+6.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hollow Drill Bars And Rods

In 2022, after two years of growth, there was significant decline in overseas shipments of hollow drill bars and rods, when their volume decreased by -12.7% to 30K tons. Over the period under review, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 36%. Over the period under review, the global exports reached the peak figure at 49K tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, hollow drill bar exports fell modestly to $122M in 2022. In general, exports continue to indicate a perceptible setback. The most prominent rate of growth was recorded in 2021 with an increase of 42% against the previous year. The global exports peaked at $173M in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Sweden (7.1K tons), distantly followed by Japan (3.8K tons), Chile (3.8K tons), China (2.6K tons), the UK (2.2K tons), Italy (1.9K tons) and the United States (1.4K tons) were the largest exporters of hollow drill bars and rods, together generating 76% of total exports. South Africa (1,199 tons), Hong Kong SAR (866 tons) and Thailand (491 tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +20.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Sweden ($28M), Chile ($18M) and Japan ($12M) were the countries with the highest levels of exports in 2022, together accounting for 47% of global exports. The UK, the United States, Hong Kong SAR, Italy, China, South Africa and Thailand lagged somewhat behind, together comprising a further 34%.

Hong Kong SAR, with a CAGR of +28.3%, recorded the highest rates of growth with regard to 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 hollow drill bar export price stood at $4,082 per ton in 2022, with an increase of 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2021 an increase of 15% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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 Hong Kong SAR ($6,940 per ton), while China ($1,802 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+16.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform