Asia-Pacific: Plastic Closure Market 2024

Plastic Closure Market Size in Asia-Pacific

The Asia-Pacific plastic closure market rose to $X in 2022, picking up by 2.4% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 -2.4% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in Asia-Pacific

In value terms, plastic closure production totaled $X in 2022 estimated in export price. The total production indicated a strong expansion 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 -2.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 22% 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.

Plastic Closure Exports

Exports in Asia-Pacific

For the fifth year in a row, Asia-Pacific recorded growth in overseas shipments of plastic stoppers, caps and closures, which increased by 0.6% to X tons in 2022. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +84.0% against 2012 indices. The pace of growth was the most pronounced in 2016 when exports increased by 22% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, plastic closure exports totaled $X in 2022. Overall, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2021 when exports increased by 17%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

China dominates exports structure, amounting to X tons, which was approx. 65% of total exports in 2022. It was distantly followed by Thailand (X tons), India (X tons), Taiwan (Chinese) (X tons) and Malaysia (X tons), together mixing up a 24% share of total exports. The following exporters - South Korea (X tons) and Vietnam (X tons) - together made up 4.5% of total exports.

Exports from China increased at an average annual rate of +7.5% from 2012 to 2022. At the same time, Vietnam (+15.9%), Taiwan (Chinese) (+10.8%), South Korea (+9.4%), Malaysia (+7.0%), Thailand (+6.9%) and India (+4.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.9% from 2012-2022. China (+7 p.p.) and Taiwan (Chinese) (+2 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, China ($X) remains the largest plastic closure supplier in Asia-Pacific, comprising 72% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.6% share of total exports. It was followed by Taiwan (Chinese), with a 4.5% share.

In China, plastic closure exports increased at an average annual rate of +9.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+6.3% per year) and Taiwan (Chinese) (+8.5% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by 3.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2017 when the export price increased by 18%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.0%), while the other leaders experienced more modest paces of growth.

Plastic Closure Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of plastic stoppers, caps and closures decreased by -0.2% to X tons for the first time since 2015, thus ending a six-year rising trend. Total imports indicated a measured expansion from 2012 to 2022: its volume 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, imports increased by +59.7% against 2012 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 21%. Over the period under review, imports hit record highs at X tons in 2021, and then fell slightly in the following year.

In value terms, plastic closure imports reached $X in 2022. Total imports 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, imports increased by +52.3% against 2015 indices. The growth pace was the most rapid in 2016 with an increase of 16% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Australia (X tons), Japan (X tons), Indonesia (X tons), Thailand (X tons), Vietnam (X tons), Malaysia (X tons), China (X tons), the Philippines (X tons), India (X tons), South Korea (X tons), Singapore (X tons) and New Zealand (X tons) represented the key importer of plastic stoppers, caps and closures in Asia-Pacific, committing 87% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +14.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure importing markets in Asia-Pacific were Japan ($X), China ($X) and Australia ($X), together comprising 41% of total imports. Thailand, Indonesia, Vietnam, South Korea, India, Singapore, Malaysia, the Philippines and New Zealand lagged somewhat behind, together accounting for a further 48%.

Vietnam, with a CAGR of +13.4%, saw the highest rates of growth with regard to 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-Pacific stood at $X per ton in 2022, growing by 1.7% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 5.2%. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, 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 China ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :