Iraq: Plastic Closure Market 2024

Plastic Closure Market Size in Iraq

The Iraqi plastic closure market stood at $X in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a perceptible expansion 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 -1.0% against 2020 indices. Plastic closure consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Plastic Closure Exports

Exports from Iraq

In 2022, the amount of plastic stoppers, caps and closures exported from Iraq was estimated at X tons, with an increase of 11% compared with the previous year. In general, exports showed a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by 772% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic closure exports reached $X in 2022. Over the period under review, exports saw a remarkable increase. The pace of growth was the most pronounced in 2013 when exports increased by 780% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for plastic closure exports from Iraq, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Turkey amounted to +16.2%.

In value terms, Turkey ($X) also remains the key foreign market for plastic stoppers, caps and closures exports from Iraq.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey amounted to +14.8%.

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, with a decrease of -8.4% against the previous year. Over the period under review, the export price showed a perceptible setback. The pace of growth was the most pronounced in 2015 when the average export price increased by 56% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to -1.3% per year.

Plastic Closure Imports

Imports into Iraq

In 2022, imports of plastic stoppers, caps and closures into Iraq amounted to X tons, with an increase of 2.8% against 2021 figures. Overall, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 38% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic closure imports amounted to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -0.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 43%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest plastic closure supplier to Iraq, accounting for a 76% share of total imports. Moreover, plastic closure imports from Turkey exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), tenfold. The third position in this ranking was held by China (X tons), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey totaled +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+24.9% per year) and China (+4.2% per year).

In value terms, Turkey ($X) constituted the largest supplier of plastic stoppers, caps and closures to Iraq, comprising 71% of total imports. The second position in the ranking was held by China ($X), with a 10% share of total imports. It was followed by Saudi Arabia, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+10.6% per year) and Saudi Arabia (+33.2% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, reducing by -2.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2020 an increase of 12%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then shrank modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Jordan ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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