Asia-Pacific: Glass Closure Market 2024

Glass Closure Market Size in Asia-Pacific

The Asia-Pacific glass closure market totaled $X in 2022, rising by 2.1% against the previous year. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Glass Closure Production in Asia-Pacific

In value terms, glass closure production amounted to $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -2.1% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 29% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Glass Closure Exports

Exports in Asia-Pacific

After five years of growth, shipments abroad of glass stoppers, lids and other closures decreased by -35.9% to X tons in 2022. Total exports indicated a slight expansion 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 most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped notably in the following year.

In value terms, glass closure exports contracted markedly to $X in 2022. Total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 reached the peak of $X, and then shrank dramatically in the following year.

Exports by Country

China dominates exports structure, recording X tons, which was approx. 96% of total exports in 2022. Vietnam (X tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Vietnam (+15.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.6% from 2012-2022. From 2012 to 2022, the share of Vietnam increased by +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glass closure supplier in Asia-Pacific, comprising 92% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 3.9% share of total exports.

In China, glass closure exports increased at an average annual rate of +4.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, surging by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. As a result, the export price reached 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 China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%).

Glass Closure Imports

Imports in Asia-Pacific

In 2022, purchases abroad of glass stoppers, lids and other closures decreased by -11.9% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 32%. Over the period under review, imports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, glass closure imports declined to $X in 2022. Over the period under review, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2020 when imports increased by 28%. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Vietnam (X tons) and South Korea (X tons) were the major importers of glass stoppers, lids and other closures in Asia-Pacific, together making up 51% of total imports. India (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (9.6%), Japan (6.5%) and Indonesia (4.9%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +33.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Vietnam ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, together comprising 53% of total imports. India, Indonesia, Bangladesh and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 26%.

Among the main importing countries, Indonesia, with a CAGR of +25.0%, saw the highest rates of growth with regard to 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 Asia-Pacific stood at $X per ton in 2022, rising by 4.5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 8.7% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 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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