GCC: Polyethylene Binder Market 2023

Polyethylene Binder Market Size in GCC

The GCC polyethylene binder market skyrocketed to $X in 2022, with an increase of 26% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Polyethylene Binder Production in GCC

In value terms, polyethylene binder production contracted to $X in 2022 estimated in export price. In general, production showed a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 77% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Polyethylene Binder Exports

Exports in GCC

In 2022, overseas shipments of polyethylene or polypropylene binder or baler (agricultural) twines decreased by -67% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, enjoyed a temperate expansion. The pace of growth was the most pronounced in 2017 when exports increased by 174%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, polyethylene binder exports declined significantly to $X in 2022. In general, exports, however, showed pronounced growth. The pace of growth appeared the most rapid in 2017 with an increase of 151% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), together recording 98% of total export.

The United Arab Emirates was also the fastest-growing in terms of the polyethylene or polypropylene binder or baler (agricultural) twines exports, with a CAGR of +5.9% from 2012 to 2022. The United Arab Emirates (+27 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest polyethylene binder supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +7.7%.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by 43% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +1.7% per year.

Polyethylene Binder Imports

Imports in GCC

In 2022, the amount of polyethylene or polypropylene binder or baler (agricultural) twines imported in GCC was estimated at X tons, increasing by 14% against the year before. Over the period under review, imports continue to indicate a mild expansion. The pace of growth appeared the most rapid in 2017 with an increase of 130%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, polyethylene binder imports expanded remarkably to $X in 2022. In general, imports, however, continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 60% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Oman (X tons) and the United Arab Emirates (X tons) dominates imports structure, together achieving 94% of total imports. It was distantly followed by Kuwait (X tons), mixing up a 4.9% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Oman ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, together comprising 98% of total imports.

The United Arab Emirates, with a CAGR of +9.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, approximately equating the previous year. Over the period under review, the import price, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2019 when the import price increased by 15%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-0.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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