Eastern Asia: Glass Closure Market 2024

Glass Closure Market Size in Eastern Asia

The East Asian glass closure market expanded modestly to $X in 2022, picking up by 2.9% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Glass Closure Production in Eastern Asia

In value terms, glass closure production stood at $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 -2.9% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 45%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Glass Closure Exports

Exports in Eastern Asia

After five years of growth, shipments abroad of glass stoppers, lids and other closures decreased by -37.2% to X tons in 2022. Total exports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 22%. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank remarkably in the following year.

In value terms, glass closure exports dropped dramatically to $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 30%. As a result, the exports reached the peak of $X, and then fell remarkably in the following year.

Exports by Country

In 2022, China (X tons) represented the key exporter of glass stoppers, lids and other closures in Eastern Asia, making up 99% of total export.

China was also the fastest-growing in terms of the glass stoppers, lids and other closures exports, with a CAGR of +1.8% from 2012 to 2022. China (+2.2 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) also remains the largest glass closure supplier in Eastern Asia.

In China, glass closure exports increased at an average annual rate of +4.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2021 when the export price increased by 15%. Over the period under review, the export prices reached the maximum in 2022 and is likely to see steady growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +2.9% per year.

Glass Closure Imports

Imports in Eastern Asia

After three years of growth, purchases abroad of glass stoppers, lids and other closures decreased by -13.1% to X tons in 2022. Total imports indicated a perceptible increase 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. The most prominent rate of growth was recorded in 2020 with an increase of 31%. Over the period under review, imports reached the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, glass closure imports contracted to $X in 2022. Total imports indicated a buoyant expansion 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, imports increased by +78.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 26% against the previous year. As a result, imports reached the peak of $X, and then declined slightly in the following year.

Imports by Country

In 2022, South Korea (X tons) was the main importer of glass stoppers, lids and other closures, generating 68% of total imports. Japan (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (11%). Hong Kong SAR (X tons) followed a long way behind the leaders.

Imports into South Korea increased at an average annual rate of +9.0% from 2012 to 2022. At the same time, Taiwan (Chinese) (+33.8%) and Japan (+6.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +33.8% from 2012-2022. By contrast, Hong Kong SAR (-15.9%) illustrated a downward trend over the same period. While the share of South Korea (+22 p.p.), Taiwan (Chinese) (+9.8 p.p.) and Japan (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-12.3 p.p.) displayed negative dynamics.

In value terms, the largest glass closure importing markets in Eastern Asia were South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 93% share of total imports.

South Korea, with a CAGR of +12.5%, recorded the highest growth rate of the value of imports, among 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 Eastern Asia stood at $X per ton in 2022, surging by 9.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 21%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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