ECOWAS: Polyethylene Binder Market 2023

Polyethylene Binder Market Size in ECOWAS

The ECOWAS polyethylene binder market fell modestly to $X in 2022, remaining relatively unchanged against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Polyethylene Binder Production in ECOWAS

In value terms, polyethylene binder production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 22%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Polyethylene Binder Exports

Exports in ECOWAS

In 2022, overseas shipments of polyethylene or polypropylene binder or baler (agricultural) twines decreased by -8.7% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 603%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, polyethylene binder exports contracted to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 1,268% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Senegal (X tons) was the key exporter of polyethylene or polypropylene binder or baler (agricultural) twines in ECOWAS, achieving 99% of total export.

Senegal was also the fastest-growing in terms of the polyethylene or polypropylene binder or baler (agricultural) twines exports, with a CAGR of +77.4% from 2012 to 2022. While the share of Senegal (+58 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) also remains the largest polyethylene binder supplier in ECOWAS.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to +76.9%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the export price, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when the export price increased by 97% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Senegal.

From 2012 to 2022, the rate of growth in terms of prices for Senegal amounted to -0.3% per year.

Polyethylene Binder Imports

Imports in ECOWAS

In 2022, approx. X tons of polyethylene or polypropylene binder or baler (agricultural) twines were imported in ECOWAS; growing by 34% compared with 2021. In general, imports saw a temperate expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 232% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, polyethylene binder imports expanded modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a mild curtailment. The growth pace was the most rapid in 2020 with an increase of 139%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria (X tons) and Mali (X tons) were the key importers of polyethylene or polypropylene binder or baler (agricultural) twines in 2022, accounting for near 33% and 23% of total imports, respectively. Ghana (X tons) held the next position in the ranking, followed by Benin (X tons) and Senegal (X tons). All these countries together took near 33% share of total imports. The following importers - Togo (X tons) and Cote d'Ivoire (X tons) - together made up 7.2% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +65.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Mali ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, together comprising 70% of total imports.

Among the main importing countries, Mali, with a CAGR of +65.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by -21.8% against the previous year. Over the period under review, the import price recorded a perceptible slump. The most prominent rate of growth was recorded in 2015 when the import price increased by 27% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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