Kuwait: Plastic Closure Market 2024

Plastic Closure Market Size in Kuwait

The Kuwaiti plastic closure market reduced to $X in 2022, declining by -2.6% against the previous year. Overall, consumption, however, showed buoyant growth. Plastic closure consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in Kuwait

In value terms, plastic closure production contracted slightly to $X in 2022 estimated in export price. In general, production, however, saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 31% against the previous year. Plastic closure production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Plastic Closure Exports

Exports from Kuwait

In 2022, shipments abroad of plastic stoppers, caps and closures decreased by -27.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 744%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports contracted modestly to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 628%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X tons), Qatar (X tons) and Iraq (X tons) were the main destinations of plastic closure exports from Kuwait, with a combined 98% share 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 Iraq (with a CAGR of +9.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic closure exported from Kuwait were Saudi Arabia ($X), Qatar ($X) and Iraq ($X), with a combined 97% share of total exports.

Iraq, with a CAGR of +9.5%, recorded the highest growth rate of the value of exports, among 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

The average plastic closure export price stood at $X per ton in 2022, rising by 32% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Iraq ($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 the United Arab Emirates (+2.2%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Kuwait

In 2022, the amount of plastic stoppers, caps and closures imported into Kuwait declined to X tons, dropping by -11.1% against 2021 figures. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when imports increased by 30% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic closure imports dropped to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +17.4% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 51%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Saudi Arabia (X tons) were the main suppliers of plastic closure imports to Kuwait, with a combined 61% share of total imports. Italy, the United States, France, Bahrain, India and Egypt lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +16.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure suppliers to Kuwait were China ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for 52% of total imports. The United States, Italy, France, India, Bahrain and Egypt lagged somewhat behind, together comprising a further 29%.

In terms of the main suppliers, Italy, with a CAGR of +18.1%, saw the highest rates of growth with regard to 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 average plastic closure import price stood at $X per ton in 2022, reducing by -2.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2013 an increase of 17% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then contracted slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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