Hong Kong SAR, China: Glass Closure Market 2024

Glass Closure Market Size in Hong Kong SAR, China

The Hong Kong glass closure market stood at $X in 2022, leveling off at the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2022: its value 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. Based on 2022 figures, consumption decreased by -0.6% against 2020 indices. Glass closure consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Glass Closure Production in Hong Kong SAR, China

In value terms, glass closure production stood at $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -0.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 29%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Glass Closure Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of glass stoppers, lids and other closures was finally on the rise to reach X tons after three years of decline. Overall, exports, however, saw a sharp contraction. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, glass closure exports skyrocketed to $X in 2022. In general, exports, however, faced a sharp descent. The growth pace was the most rapid in 2016 when exports increased by 79%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for glass closure exports from Hong Kong SAR, accounting for a 84% share of total exports. Moreover, glass closure exports to South Korea exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. The third position in this ranking was taken by the UK (X tons), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea amounted to +53.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+19.6% per year) and the UK (-4.6% per year).

In value terms, the largest markets for glass closure exported from Hong Kong SAR were the United States ($X), the UK ($X) and China ($X), together comprising 62% of total exports.

Among the main countries of destination, the United States, with a CAGR of +23.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average glass closure export price stood at $X per ton in 2022, shrinking by -77.1% against the previous year. Over the period under review, the export price continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2017 an increase of 152% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to South Korea ($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 China (+24.1%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Closure Imports

Imports into Hong Kong SAR, China

In 2022, after three years of growth, there was significant decline in overseas purchases of glass stoppers, lids and other closures, when their volume decreased by -38.7% to X tons. Overall, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 166%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, glass closure imports dropped markedly to $X in 2022. In general, imports saw a deep reduction. The growth pace was the most rapid in 2016 with an increase of 116% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of glass closure to Hong Kong SAR, accounting for a 93% share of total imports. Moreover, glass closure imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -15.8%.

In value terms, China ($X) constituted the largest supplier of glass stoppers, lids and other closures to Hong Kong SAR, comprising 80% of total imports. The second position in the ranking was taken by France ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled -10.8%.

Import Prices by Country

The average glass closure import price stood at $X per ton in 2022, growing by 33% against the previous year. Over the period under review, the import price saw resilient growth. The pace of growth appeared the most rapid in 2017 when the average import price increased by 98% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 France ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :