China: Plastic Closure Market 2024

Plastic Closure Market Size in China

The Chinese plastic closure market stood at $X in 2022, growing by 3% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 -3.7% against 2020 indices. Plastic closure consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in China

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 -3.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. Plastic closure production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Plastic Closure Exports

Exports from China

For the fifth consecutive year, China recorded growth in overseas shipments of plastic stoppers, caps and closures, which increased by 4.3% to X tons in 2022. In general, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.5% 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 +36.7% against 2016 indices. The pace of growth was the most pronounced in 2016 when exports increased by 33% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, plastic closure exports expanded remarkably to $X in 2022. Overall, exports showed a strong expansion. The pace of growth was the most pronounced in 2021 when exports increased by 20%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons) was the main destination for plastic closure exports from China, with a 26% share of total exports. Moreover, plastic closure exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), threefold. The third position in this ranking was held by Australia (X tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.9% per year) and Australia (+15.6% per year).

In value terms, the United States ($X) remains the key foreign market for plastic stoppers, caps and closures exports from China, comprising 25% of total exports. The second position in the ranking was taken by Japan ($X), with a 7.2% share of total exports. It was followed by France, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.7% per year) and France (+10.7% per year).

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, picking up by 2.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2017 an increase of 31%. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Japan ($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 South Korea (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into China

After six years of growth, purchases abroad of plastic stoppers, caps and closures decreased by -33.8% to X tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 11% against the previous year. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, plastic closure imports shrank markedly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. As a result, imports reached the peak of $X, and then shrank notably in the following year.

Imports by Country

Germany (X tons), Thailand (X tons) and South Korea (X tons) were the main suppliers of plastic closure imports to China, together accounting for 35% of total imports. Japan, the United States, Italy, Austria, Switzerland, India, Malaysia, Sweden, Poland and France lagged somewhat behind, together comprising a further 49%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +51.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Japan ($X) appeared to be the largest plastic closure suppliers to China, with a combined 49% share of total imports. South Korea, Thailand, Italy, Switzerland, Austria, France, Sweden, India, Malaysia and Poland lagged somewhat behind, together comprising a further 32%.

Austria, with a CAGR of +38.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average plastic closure import price amounted to $X per ton, jumping by 21% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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