Prepared Binders Market

The global market for prepared binders for foundry moulds or cores is forecasted to experience continued growth, with an anticipated CAGR of +4.8% in volume and +6.7% in value from 2022 to 2030, reaching 10M tons and $19.9B respectively by the end of 2030. Consumption and production of prepared binders have shown resilient expansions over the years, with key consuming and producing countries such as China, the United States, and India playing significant roles. Import and export trends also indicate steady growth, with fluctuations in prices among major exporting and importing countries.

Market Forecast

Driven by increasing demand for prepared binders for foundry moulds or cores worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.8% for the period from 2022 to 2030, which is projected to bring the market volume to 10M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.7% for the period from 2022 to 2030, which is projected to bring the market value to $19.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Prepared Binders For Foundry Moulds Or Cores

In 2022, the amount of prepared binders for foundry moulds or cores consumed worldwide reached 6.8M tons, surging by 2.9% on the previous year. Overall, consumption posted a resilient expansion. Over the period under review, global consumption attained the maximum volume at 7.5M tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The global prepared binders market revenue totaled $11.8B in 2022, flattening at 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 showed buoyant growth. Global consumption peaked at $12.4B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.4M tons), the United States (833K tons) and India (562K tons), with a combined 41% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +15.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest prepared binders markets worldwide were China ($2.1B), the United States ($2.1B) and Japan ($1.1B), with a combined 45% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +15.1%, saw the highest growth rate of 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 prepared binders per capita consumption in 2022 were Canada (3.8 kg per person), Japan (3.4 kg per person) and South Korea (3.2 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +14.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Prepared Binders For Foundry Moulds Or Cores

In 2022, approx. 6.8M tons of prepared binders for foundry moulds or cores were produced worldwide; growing by 2.6% against the year before. Overall, production posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 26% against the previous year. Global production peaked at 7.5M tons in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, prepared binders production expanded to $11.9B in 2022 estimated in export price. In general, production recorded a strong expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 27% against the previous year. Global production peaked at $11.9B in 2020; afterwards, it flattened through to 2022.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.5M tons), the United States (848K tons) and India (560K tons), together comprising 42% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by the United States (with a CAGR of +15.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Prepared Binders For Foundry Moulds Or Cores

In 2022, supplies from abroad of prepared binders for foundry moulds or cores increased by 8.3% to 328K tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 21% against the previous year. Global imports peaked at 329K tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, prepared binders imports soared to $526M in 2022. Over the period under review, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +61.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, India (36K tons), the Czech Republic (26K tons), Austria (21K tons), Poland (15K tons), Egypt (15K tons), France (14K tons), Belgium (12K tons), Vietnam (12K tons), Russia (11K tons), Italy (9.7K tons), Indonesia (9.7K tons) and Mexico (8.3K tons) represented the major importer of prepared binders for foundry moulds or cores in the world, mixing up 58% of total import. The United States (8K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +24.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Egypt ($44M), India ($37M) and the United States ($31M) constituted the countries with the highest levels of imports in 2022, together comprising 21% of global imports.

Among the main importing countries, India, with a CAGR of +17.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average prepared binders import price stood at $1,604 per ton in 2022, increasing by 13% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 18% against the previous year. Over the period under review, average import prices hit record highs at $1,661 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($3,849 per ton), while Belgium ($656 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Prepared Binders For Foundry Moulds Or Cores

In 2022, shipments abroad of prepared binders for foundry moulds or cores increased by 0.3% to 311K tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when exports increased by 24%. The global exports peaked at 316K tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, prepared binders exports rose markedly to $501M in 2022. In general, total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.1% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 42%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, Germany (85K tons) represented the key exporter of prepared binders for foundry moulds or cores, generating 27% of total exports. It was distantly followed by India (35K tons), China (34K tons), Italy (29K tons), the United States (22K tons), Spain (21K tons) and Canada (14K tons), together constituting a 50% share of total exports. The following exporters - the UK (8.9K tons), France (8.5K tons) and Thailand (8.1K tons) - each accounted for an 8.2% share of total exports.

Germany experienced a relatively flat trend pattern with regard to volume of exports of prepared binders for foundry moulds or cores. At the same time, Spain (+17.1%), India (+9.8%), France (+8.6%), Italy (+7.1%), Thailand (+5.2%), China (+2.8%) and the United States (+1.3%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.1% from 2012-2022. Canada experienced a relatively flat trend pattern. By contrast, the UK (-1.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Spain and Italy increased by +5.6, +4.9 and +3.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($101M), the United States ($72M) and China ($61M) were the countries with the highest levels of exports in 2022, with a combined 47% share of global exports. Canada, Italy, the UK, Spain, India, Thailand and France lagged somewhat behind, together accounting for a further 37%.

Thailand, with a CAGR of +9.2%, saw 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

In 2022, the average prepared binders export price amounted to $1,612 per ton, picking up by 8.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 18%. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

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 Canada ($3,443 per ton), while India ($567 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform