Asia: Glass Closure Market 2024

Glass Closure Market Size in Asia

The Asian glass closure market expanded modestly to $X in 2022, with an increase of 1.8% against the previous year. The market value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Glass Closure Production in Asia

In value terms, glass closure production expanded modestly to $X in 2022 estimated in export price. The total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -1.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 28% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Glass Closure Exports

Exports in Asia

After five years of growth, overseas shipments of glass stoppers, lids and other closures decreased by -35.2% to X tons in 2022. Total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when exports increased by 20%. The volume of export peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, glass closure exports fell sharply to $X in 2022. Total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. As a result, the exports attained the peak of $X, and then shrank sharply in the following year.

Exports by Country

China dominates exports structure, reaching X tons, which was near 94% of total exports in 2022. The following exporters - Vietnam (X tons) and Turkey (X tons) - each finished at a 3.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to glass closure exports from China stood at +1.8%. At the same time, Vietnam (+15.6%) and Turkey (+14.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +15.6% from 2012-2022. While the share of Vietnam (+1.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glass closure supplier in Asia, comprising 91% of total exports. The second position in the ranking was held by Vietnam ($X), with a 3.9% share of total exports.

In China, glass closure exports expanded at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+17.5% per year) and Turkey (+13.0% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, increasing by 16% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Vietnam ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Glass Closure Imports

Imports in Asia

After two years of growth, supplies from abroad of glass stoppers, lids and other closures decreased by -11.9% to X tons in 2022. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 34%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, glass closure imports declined to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +38.7% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 28% against the previous year. The level of import peaked at $X in 2021, and then declined in the following year.

Imports by Country

Vietnam (X tons) and South Korea (X tons) represented roughly 49% of total imports in 2022. It was distantly followed by India (X tons), Bangladesh (X tons), Japan (X tons) and Indonesia (X tons), together constituting a 34% share of total imports. Taiwan (Chinese) (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Taiwan (Chinese) (with a CAGR of +33.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest glass closure importing markets in Asia were South Korea ($X), Vietnam ($X) and Japan ($X), together accounting for 51% of total imports. India, Indonesia, Bangladesh and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 25%.

Indonesia, with a CAGR of +25.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries 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 Asia stood at $X per ton in 2022, with an increase of 1.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 13% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 Japan ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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