GCC: Plastic Closure Market 2024

Plastic Closure Market Size in GCC

The GCC plastic closure market expanded modestly to $X in 2022, growing by 2.7% against the previous year. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.6% against 2019 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in GCC

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 44% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Plastic Closure Exports

Exports in GCC

In 2022, overseas shipments of plastic stoppers, caps and closures were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when exports increased by 32% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, plastic closure exports stood at $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 21% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) dominates exports structure, together constituting 84% of total exports. It was distantly followed by Bahrain (X tons), constituting a 9.9% share of total exports. The following exporters - Kuwait (X tons) and Oman (X tons) - together made up 5.6% of total exports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +20.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure supplying countries in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Bahrain ($X), together accounting for 96% of total exports. Kuwait and Oman lagged somewhat behind, together comprising a further 4%.

Kuwait, with a CAGR of +19.7%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, approximately reflecting the previous year. In general, the export price, however, saw a perceptible slump. The pace of growth appeared the most rapid in 2020 an increase of 20%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-0.6%), while the other leaders experienced a decline in the export price figures.

Plastic Closure Imports

Imports in GCC

In 2022, purchases abroad of plastic stoppers, caps and closures increased by 2.7% to X tons for the first time since 2019, thus ending a two-year declining trend. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% 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 2015 with an increase of 17%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports fell to $X in 2022. The total import value increased at an average annual rate of +3.5% 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 2014 with an increase of 17%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons) and the United Arab Emirates (X tons) represented the key importers of plastic stoppers, caps and closures in GCC, together mixing up 75% of total imports. Oman (X tons) ranks next in terms of the total imports with a 10% share, followed by Qatar (6.2%) and Kuwait (5.2%). Bahrain (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +10.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 85% share of total imports. Qatar, Kuwait and Bahrain lagged somewhat behind, together comprising a further 15%.

In terms of the main importing countries, Qatar, with a CAGR of +8.6%, saw the highest growth rate of 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 GCC stood at $X per ton in 2022, with a decrease of -3.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 9% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform