India: Plastic Closure Market 2024

Plastic Closure Market Size in India

The Indian plastic closure market expanded to $X in 2022, increasing by 2.6% against the previous year. In general, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 -2.6% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in India

In value terms, plastic closure production rose to $X in 2022 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +8.3% 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 -2.5% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 29%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Plastic Closure Exports

Exports from India

Plastic closure exports from India was estimated at X tons in 2022, remaining constant against 2021. Overall, total exports indicated a tangible increase 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. Based on 2022 figures, exports increased by +79.4% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, plastic closure exports expanded significantly to $X in 2022. Over the period under review, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 27%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United Arab Emirates (X tons), the United States (X tons) and Sri Lanka (X tons) were the main destinations of plastic closure exports from India, with a combined 30% share of total exports. Zimbabwe, Nepal, Nigeria, Saudi Arabia, Indonesia, Qatar, Kenya, Bangladesh, Tanzania and China lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Zimbabwe (with a CAGR of +103.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the United Arab Emirates ($X) and Sri Lanka ($X) were the largest markets for plastic closure exported from India worldwide, together accounting for 35% of total exports. Nepal, Nigeria, Indonesia, Zimbabwe, Saudi Arabia, China, Bangladesh, Qatar, Kenya and Tanzania lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, Zimbabwe, with a CAGR of +108.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, surging by 7.5% against the previous year. Over the last decade, it increased at an average annual rate of +5.0%. The growth pace was the most rapid in 2013 an increase of 24% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Zimbabwe ($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 Nepal (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into India

In 2022, approx. X tons of plastic stoppers, caps and closures were imported into India; which is down by -12.5% compared with the previous year. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 47% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, plastic closure imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 16%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

China (X tons), Nepal (X tons) and the United States (X tons) were the main suppliers of plastic closure imports to India, with a combined 46% share of total imports. France, Germany, the Netherlands, the UK, Singapore, Spain, Indonesia, Taiwan (Chinese), Thailand and Malaysia lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +34.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of plastic stoppers, caps and closures to India, comprising 31% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.7% per year) and Germany (+10.6% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, growing by 28% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2013 when the average import price increased by 35%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Nepal ($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 (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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