Asia-Pacific: Waste Cork Market 2024

Waste Cork Market Size in Asia-Pacific

In 2021, after two years of growth, there was decline in the Asia-Pacific waste cork market, when its value decreased by -1.6% to $X. The total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.8% against 2018 indices. The level of consumption peaked at $X in 2020, and then dropped slightly in the following year.

Waste Cork Production in Asia-Pacific

In value terms, waste cork production shrank to $X in 2021 estimated in export price. The total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +28.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 26%. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Waste Cork Exports

Exports in Asia-Pacific

In 2021, after two years of decline, there was significant growth in overseas shipments of waste cork, crushed, granulated or ground cork, when their volume increased by 7.4% to X tons. Overall, exports, however, continue to indicate a perceptible reduction. The growth pace was the most rapid in 2018 with an increase of 230%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, waste cork exports surged to $X in 2021. In general, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 189% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the key exporter of waste cork, crushed, granulated or ground cork, comprising 73% of total exports. The Philippines (X tons) ranks second in terms of the total exports with a 13% share, followed by Japan (6.3%). The following exporters - Taiwan (Chinese) (X tons) and India (X tons) - each reached a 4.3% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to waste cork exports from China stood at +1.5%. At the same time, Taiwan (Chinese) (+37.5%) and the Philippines (+16.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +37.5% from 2012-2021. By contrast, Japan (-17.2%) and India (-21.9%) illustrated a downward trend over the same period. While the share of China (+23 p.p.), the Philippines (+10 p.p.) and Taiwan (Chinese) (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of India (-12.1 p.p.) and Japan (-20.7 p.p.) displayed negative dynamics.

In value terms, China ($X) emerged as the largest waste cork supplier in Asia-Pacific, comprising 62% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 23% share of total exports. It was followed by Japan, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +19.3%. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+73.5% per year) and Japan (-11.0% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 36% against the previous year. In general, the export price saw a buoyant increase. The growth pace was the most rapid in 2019 an increase of 75%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+49.3%), while the other leaders experienced more modest paces of growth.

Waste Cork Imports

Imports in Asia-Pacific

In 2021, overseas purchases of waste cork, crushed, granulated or ground cork increased by 42% to X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 61% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, waste cork imports surged to $X in 2021. Total imports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -2.5% against 2019 indices. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons) and India (X tons) prevails in imports structure, together creating 76% of total imports. It was distantly followed by Japan (X tons), comprising an 8.1% share of total imports. The following importers - Vietnam (X tons), Taiwan (Chinese) (X tons), South Korea (X tons) and Australia (X tons) - together made up 8.8% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +38.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 79% share of total imports.

In terms of the main importing countries, China, with a CAGR of +26.0%, saw the highest growth rate of 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, which is down by -8.5% against the previous year. Over the period under review, the import price saw a slight descent. The pace of growth was the most pronounced in 2016 when the import price increased by 14% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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