Hong Kong SAR, China: Plastic Closure Market 2024

Plastic Closure Market Size in Hong Kong SAR, China

The Hong Kong plastic closure market shrank to $X in 2022, reducing by -5.7% against the previous year. In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +11.5% 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 +4.8% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Hong Kong SAR, China

In value terms, plastic closure production dropped to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +10.1% 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 +5.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 121%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports from Hong Kong SAR, China

Plastic closure exports from Hong Kong SAR fell rapidly to X tons in 2022, which is down by -34% against 2021. Overall, exports saw a deep downturn. The growth pace was the most rapid in 2021 with an increase of 11%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic closure exports fell significantly to $X in 2022. In general, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2021 when exports increased by 23% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), the United States (X tons) and China (X tons) were the main destinations of plastic closure exports from Hong Kong SAR, together comprising 73% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +21.2%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the United States ($X) and China ($X) were the largest markets for plastic closure exported from Hong Kong SAR worldwide, together comprising 73% of total exports.

Vietnam, with a CAGR of +23.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, with an increase of 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 11% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Japan ($X per ton), while the average price for exports to France ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Hong Kong SAR, China

In 2022, the amount of plastic stoppers, caps and closures imported into Hong Kong SAR dropped markedly to X tons, with a decrease of -36.7% against the year before. Overall, imports showed a noticeable descent. The most prominent rate of growth was recorded in 2015 when imports increased by 13%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic closure imports contracted dramatically to $X in 2022. Over the period under review, imports saw a noticeable setback. The most prominent rate of growth was recorded in 2021 when imports increased by 17%. As a result, imports attained the peak of $X, and then reduced markedly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest plastic closure supplier to Hong Kong SAR, with a 63% share of total imports. Moreover, plastic closure imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. The third position in this ranking was taken by Japan (X tons), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.0% per year) and Japan (-1.4% per year).

In value terms, China ($X) constituted the largest supplier of plastic stoppers, caps and closures to Hong Kong SAR, comprising 63% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 10% share of total imports. It was followed by Japan, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+6.0% per year) and Japan (+0.6% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, rising by 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and China ($X per ton), while the price for Malaysia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :