Eastern Asia: Plastic Closure Market 2024

Plastic Closure Market Size in Eastern Asia

The East Asian plastic closure market rose modestly to $X in 2022, with an increase of 1.6% against the previous year. The market value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Plastic Closure Production in Eastern Asia

In value terms, plastic closure production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% 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 2017 when the production volume increased by 24%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Plastic Closure Exports

Exports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded growth in shipments abroad of plastic stoppers, caps and closures, which increased by 1.9% to X tons in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +7.0% 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 +34.4% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of 28% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, plastic closure exports reached $X in 2022. Overall, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 86% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), constituting a 7.8% share of total exports. South Korea (X tons) and Hong Kong SAR (X tons) held a little share 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%) and South Korea (+9.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +10.8% from 2012-2022. By contrast, Hong Kong SAR (-8.6%) illustrated a downward trend over the same period. China (+4.2 p.p.) and Taiwan (Chinese) (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by -6.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic closure supplier in Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 5.4% share of total exports. It was followed by South Korea, with a 4.6% 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: Taiwan (Chinese) (+8.5% per year) and South Korea (+8.4% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 2.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2017 when the export price increased by 24%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.1%), while the other leaders experienced mixed trends in the export price figures.

Plastic Closure Imports

Imports in Eastern Asia

Plastic closure imports contracted to X tons in 2022, with a decrease of -10% compared with 2021. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 15%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, plastic closure imports shrank to $X in 2022. The total import value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 13%. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

Japan represented the largest importing country with an import of about X tons, which finished at 49% of total imports. It was distantly followed by China (X tons), South Korea (X tons), Hong Kong SAR (X tons) and Taiwan (Chinese) (X tons), together committing a 51% share of total imports.

Imports into Japan increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, South Korea (+7.5%) and Taiwan (Chinese) (+1.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +7.5% from 2012-2022. China experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-4.1%) illustrated a downward trend over the same period. Japan (+12 p.p.) and South Korea (+5.5 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR and China saw its share reduced by -8% and -8.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 87% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +9.8%, 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

The import price in Eastern Asia stood at $X per ton in 2022, increasing by 2.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 7.2%. The level of import peaked in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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