Bangladesh: Plastic Closure Market 2024

Plastic Closure Market Size in Bangladesh

The Bangladeshi plastic closure market reduced to $X in 2022, with a decrease of -7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded strong growth. Plastic closure consumption peaked at $X in 2021, and then contracted in the following year.

Plastic Closure Exports

Exports from Bangladesh

In 2022, overseas shipments of plastic stoppers, caps and closures decreased by -5.8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 291%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, plastic closure exports reduced to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2015 with an increase of 346%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Nepal (X tons) and France (X tons) were the main destinations of plastic closure exports from Bangladesh, together accounting for 52% of total exports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +105.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and Saudi Arabia ($X) were the largest markets for plastic closure exported from Bangladesh worldwide, together comprising 62% of total exports. Nepal, Egypt, Kuwait, Belgium, Italy, the United Arab Emirates, China and India lagged somewhat behind, together comprising a further 30%.

Among the main countries of destination, Belgium, with a CAGR of +74.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, with a decrease of -1.9% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2022: its price 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, plastic closure export price increased by +5.3% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 33% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Bangladesh

In 2022, imports of plastic stoppers, caps and closures into Bangladesh fell to X tons, which is down by -4.4% against the previous year's figure. Over the period under review, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 115% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, plastic closure imports declined to $X in 2022. In general, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 118%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

China (X tons), India (X tons) and Thailand (X tons) were the main suppliers of plastic closure imports to Bangladesh, together accounting for 94% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +20.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of plastic stoppers, caps and closures to Bangladesh, comprising 57% of total imports. The second position in the ranking was held by India ($X), with a 27% share of total imports. It was followed by Thailand, with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +21.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.6% per year) and Thailand (-6.9% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, waning by -4.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 10%. As a result, import price attained the peak level of $X per ton, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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