GCC: Glass Closure Market 2024

Glass Closure Market Size in GCC

The GCC glass closure market expanded significantly to $X in 2022, with an increase of 5.2% against the previous year. In general, consumption continues to indicate a strong increase. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Glass Closure Production in GCC

In value terms, glass closure production reached $X in 2022 estimated in export price. Over the period under review, production showed a strong expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 47% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Glass Closure Exports

Exports in GCC

In 2022, approx. X tons of glass stoppers, lids and other closures were exported in GCC; waning by -42.9% on the previous year's figure. In general, exports faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 284% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, glass closure exports fell significantly to $X in 2022. Over the period under review, exports continue to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 216% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) and Oman (X tons) was the largest exporter of glass stoppers, lids and other closures in GCC, achieving 100% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +14.7%).

In value terms, Oman ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2022.

Oman, with a CAGR of +25.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, increasing by 23% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 136% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+9.8%).

Glass Closure Imports

Imports in GCC

In 2022, overseas purchases of glass stoppers, lids and other closures increased by 11% to X tons, rising for the second consecutive year after three years of decline. Overall, imports, however, saw a deep setback. The growth pace was the most rapid in 2017 when imports increased by 142%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, glass closure imports dropped to $X in 2022. In general, imports, however, saw a perceptible decrease. The pace of growth appeared the most rapid in 2021 when imports increased by 63% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Qatar (X tons) prevails in imports structure, together comprising 91% of total imports. It was distantly followed by Kuwait (X tons), creating a 5% share of total imports. Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Qatar (with a CAGR of +24.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X), Qatar ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, with a combined 95% share of total imports.

Among the main importing countries, Qatar, with a CAGR of +24.0%, 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 GCC amounted to $X per ton, dropping by -18.2% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the import price increased by 34% against the previous year. The level of import peaked at $X per ton in 2021, and then reduced rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform