ASEAN: Glass Closure Market 2024

Glass Closure Market Size in ASEAN

The ASEAN glass closure market was estimated at $X in 2022, approximately equating the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.2% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Glass Closure Production in ASEAN

In value terms, glass closure production reached $X in 2022 estimated in export price. The total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.3% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 21% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Glass Closure Exports

Exports in ASEAN

After two years of decline, shipments abroad of glass stoppers, lids and other closures increased by 56% to X tons in 2022. Overall, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 94% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, glass closure exports surged to $X in 2022. Over the period under review, exports showed strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 112%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam prevails in exports structure, recording X tons, which was approx. 92% of total exports in 2022. Singapore (X tons) and Thailand (X tons) held a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the glass stoppers, lids and other closures exports, with a CAGR of +15.6% from 2012 to 2022. At the same time, Thailand (+6.3%) and Singapore (+2.1%) displayed positive paces of growth. From 2012 to 2022, the share of Vietnam increased by +44 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest glass closure supplier in ASEAN, comprising 85% of total exports. The second position in the ranking was taken by Singapore ($X), with an 11% share of total exports.

In Vietnam, glass closure exports increased at an average annual rate of +17.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+11.9% per year) and Thailand (+8.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, picking up by 14% against the previous year. Over the period under review, the export price saw a tangible expansion. The most prominent rate of growth was recorded in 2018 an increase of 58%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+9.7%), while the other leaders experienced more modest paces of growth.

Glass Closure Imports

Imports in ASEAN

In 2022, supplies from abroad of glass stoppers, lids and other closures decreased by -1.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 77%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, glass closure imports reduced to $X in 2022. Overall, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of 47%. Over the period under review, imports hit record highs at $X in 2021, and then reduced slightly in the following year.

Imports by Country

Vietnam represented the main importing country with an import of about X tons, which finished at 75% of total imports. Indonesia (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (5.3%). Malaysia (X tons) held a little share of total imports.

Imports into Vietnam increased at an average annual rate of +17.8% from 2012 to 2022. At the same time, Indonesia (+20.6%) and Thailand (+7.7%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +20.6% from 2012-2022. By contrast, Malaysia (-1.5%) illustrated a downward trend over the same period. While the share of Vietnam (+15 p.p.) and Indonesia (+5.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-5.2 p.p.) and Malaysia (-12 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) constitutes the largest market for imported glass stoppers, lids and other closures in ASEAN, comprising 53% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total imports. It was followed by Thailand, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam amounted to +14.8%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+25.0% per year) and Thailand (+15.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price continues to indicate a mild setback. The pace of growth was the most pronounced in 2015 when the import price increased by 18%. As a result, import price reached 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 Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform