Polyethylene Binder Market

The global market for polyethylene or polypropylene binder or baler (agricultural) twines is projected to exhibit growth in consumption volume, market size, production, imports, and exports over the next eight years. Forecasts suggest an increase in market value as well, driven by rising demand worldwide. The market has shown relatively stable trends, with fluctuations in consumption and production volumes, as well as import and export values. Countries such as China, the United States, Portugal, and Hungary play significant roles in production, imports, and exports. Import and export prices have also shown some fluctuations over the years, with certain countries experiencing notable growth in value terms. Overall, the global market for polyethylene or polypropylene binder or baler twines is expected to see gradual growth and steady trends in the immediate future.

Market Forecast

Driven by increasing demand for polyethylene or polypropylene binder or baler (agricultural) twines worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 650K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $2.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polyethylene Or Polypropylene Binder Or Baler (Agricultural) Twines

Global polyethylene binder consumption stood at 551K tons in 2022, therefore, remained relatively stable against 2021 figures. The total consumption volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2016 when the consumption volume increased by 10% against the previous year. As a result, consumption attained the peak volume of 562K tons. From 2017 to 2022, the growth of the global consumption failed to regain momentum.

The global polyethylene binder market size rose to $1.7B in 2022, picking up by 4.2% 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 showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the market value increased by 5.1% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (80K tons), the United States (47K tons) and India (33K tons), with a combined 29% share of global consumption. Japan, Indonesia, Brazil, France, Germany, Russia, Nigeria, Pakistan, Mexico and Bangladesh lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +7.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Brazil ($263M), China ($210M) and the United States ($133M) constituted the countries with the highest levels of market value in 2022, with a combined 37% share of the global market. Japan, India, Indonesia, France, Russia, Germany, Nigeria, Pakistan, Bangladesh and Mexico lagged somewhat behind, together accounting for a further 26%.

Among the main consuming countries, Nigeria, with a CAGR of +6.3%, saw the highest rates of growth with regard to market size 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 polyethylene binder per capita consumption in 2022 were France (197 kg per 1000 persons), Germany (155 kg per 1000 persons) and Japan (151 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Nigeria (with a CAGR of +4.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Polyethylene Or Polypropylene Binder Or Baler (Agricultural) Twines

In 2022, the amount of polyethylene or polypropylene binder or baler (agricultural) twines produced worldwide declined slightly to 565K tons, almost unchanged from the year before. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 10%. As a result, production reached the peak volume of 579K tons. From 2017 to 2022, global production growth remained at a lower figure.

In value terms, polyethylene binder production totaled $1.6B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 6.4% against the previous year. Over the period under review, global production reached the peak level at $1.8B in 2016; however, from 2017 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (91K tons), Portugal (65K tons) and India (33K tons), together accounting for 33% of global production. The United States, Hungary, Vietnam, Japan, Russia, Indonesia, Brazil, Nigeria, Pakistan and Bangladesh lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +10.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Polyethylene Or Polypropylene Binder Or Baler (Agricultural) Twines

In 2022, approx. 139K tons of polyethylene or polypropylene binder or baler (agricultural) twines were imported worldwide; remaining relatively unchanged against the previous year's figure. The total import volume increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 14%. Global imports peaked at 147K tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, polyethylene binder imports rose markedly to $363M in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 15% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, the United States (28K tons), distantly followed by France (14K tons), Germany (11K tons), the UK (7.6K tons) and Canada (7.4K tons) represented the main importers of polyethylene or polypropylene binder or baler (agricultural) twines, together constituting 48% of total imports. Spain (4.4K tons), Romania (3.9K tons), Italy (3.9K tons), Japan (3.8K tons), Australia (2.8K tons), Afghanistan (2.6K tons), Belgium (2.4K tons) and Russia (2.4K tons) took a little share of total imports.

Imports into the United States increased at an average annual rate of +7.1% from 2012 to 2022. At the same time, Afghanistan (+32.1%), Spain (+15.0%), Romania (+8.3%), Australia (+7.6%), Russia (+3.9%), Canada (+2.9%), Germany (+2.2%) and the UK (+1.5%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing importer imported in the world, with a CAGR of +32.1% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, Italy (-1.2%), Japan (-2.7%) and Belgium (-3.6%) illustrated a downward trend over the same period. While the share of the United States (+6.5 p.p.), Spain (+2.1 p.p.) and Afghanistan (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Belgium (-1.6 p.p.), Japan (-2.1 p.p.) and France (-2.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($80M) constitutes the largest market for imported polyethylene or polypropylene binder or baler (agricultural) twines worldwide, comprising 22% of global imports. The second position in the ranking was held by France ($36M), with a 9.8% share of global imports. It was followed by Germany, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +8.3%. The remaining importing countries recorded the following average annual rates of imports growth: France (+2.3% per year) and Germany (+3.0% per year).

Import Prices By Country

The average polyethylene binder import price stood at $2,604 per ton in 2022, rising by 13% against the previous year. Over the period under review, 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.

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 Canada ($3,014 per ton), while Afghanistan ($1,279 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+2.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polyethylene Or Polypropylene Binder Or Baler (Agricultural) Twines

In 2022, overseas shipments of polyethylene or polypropylene binder or baler (agricultural) twines decreased by -4.5% to 153K tons, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 15%. As a result, the exports reached the peak of 169K tons. From 2021 to 2022, the growth of the global exports remained at a lower figure.

In value terms, polyethylene binder exports rose modestly to $382M in 2022. The total export value increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 12%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

In 2022, Portugal (58K tons) was the main exporter of polyethylene or polypropylene binder or baler (agricultural) twines, constituting 38% of total exports. It was distantly followed by Hungary (21K tons), China (11K tons), Vietnam (9.4K tons) and Turkey (7.8K tons), together creating a 32% share of total exports. The following exporters - Poland (4.9K tons), the Czech Republic (4.8K tons), Russia (4.7K tons), Serbia (4.6K tons) and Germany (3.5K tons) - together made up 15% of total exports.

From 2012 to 2022, average annual rates of growth with regard to polyethylene binder exports from Portugal stood at +2.9%. At the same time, Turkey (+34.9%), Vietnam (+21.5%), Hungary (+12.6%), Germany (+2.3%), Serbia (+2.2%) and Russia (+2.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +34.9% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, the Czech Republic (-3.5%) and China (-3.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hungary, Vietnam, Turkey and Portugal increased by +8.4, +5, +4.8 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Portugal ($137M) remains the largest polyethylene binder supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by Hungary ($54M), with a 14% share of global exports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value in Portugal amounted to +4.0%. In the other countries, the average annual rates were as follows: Hungary (+14.4% per year) and China (-2.9% per year).

Export Prices By Country

The average polyethylene binder export price stood at $2,496 per ton in 2022, increasing by 9.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 15% against the previous year. Over the period under review, the average export prices reached the maximum at $2,539 per ton in 2014; afterwards, it flattened through to 2022.

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 China ($3,059 per ton), while Russia ($2,009 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform