Asia: Plastic Closure Market 2024

Plastic Closure Market Size in Asia

The Asian plastic closure market amounted to $X in 2022, growing by 2.3% against the previous year. The total consumption indicated strong growth 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

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. The total production indicated a remarkable 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 -2.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 20% 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.

Plastic Closure Exports

Exports in Asia

In 2022, approx. X tons of plastic stoppers, caps and closures were exported in Asia; approximately mirroring the previous year's figure. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.1% 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 +81.2% against 2012 indices. The growth pace was the most rapid in 2019 with an increase of 16% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, plastic closure exports stood at $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +108.6% against 2012 indices. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

China was the largest exporting country with an export of around X tons, which resulted at 51% of total exports. It was distantly followed by Turkey (X tons), Thailand (X tons), India (X tons) and Taiwan (Chinese) (X tons), together constituting a 27% share of total exports. The following exporters - Malaysia (X tons), Saudi Arabia (X tons), the United Arab Emirates (X tons) and South Korea (X tons) - together made up 12% of total exports.

From 2012 to 2022, average annual rates of growth with regard to plastic closure exports from China stood at +7.5%. At the same time, Taiwan (Chinese) (+10.8%), South Korea (+9.4%), Malaysia (+7.0%), Thailand (+6.9%), Turkey (+6.8%), Saudi Arabia (+5.0%), India (+4.3%) and the United Arab Emirates (+2.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia, with a CAGR of +10.8% from 2012-2022. While the share of China (+6.3 p.p.) and Taiwan (Chinese) (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic closure supplier in Asia, comprising 64% of total exports. The second position in the ranking was taken by Turkey ($X), with a 6.8% share of total exports. It was followed by Thailand, with a 4.1% share.

In China, plastic closure exports expanded at an average annual rate of +9.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+8.1% per year) and Thailand (+6.3% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, picking up by 3.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2017 an increase of 14%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

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 South Korea ($X per ton), while Saudi Arabia ($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

In 2022, imports of plastic stoppers, caps and closures in Asia expanded modestly to X tons, surging by 3.3% against the previous year. The total import volume increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 18% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic closure imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when imports increased by 11% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Japan (X tons), Indonesia (X tons), Saudi Arabia (X tons), Thailand (X tons), the United Arab Emirates (X tons), Turkey (X tons), Vietnam (X tons), Malaysia (X tons), China (X tons), the Philippines (X tons), Israel (X tons) and India (X tons) represented roughly 65% of total imports in 2022. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +14.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure importing markets in Asia were Japan ($X), China ($X) and Turkey ($X), together accounting for 30% of total imports. Thailand, Indonesia, the United Arab Emirates, Vietnam, South Korea, Saudi Arabia, India, Israel, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 46%.

Among the main importing countries, Vietnam, with a CAGR of +13.4%, 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

In 2022, the import price in Asia amounted to $X per ton, approximately mirroring the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 4.4%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 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 China ($X per ton), while Saudi Arabia ($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

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