Latvia: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in Latvia

The Latvian plastic reservoir market declined dramatically to $X in 2022, waning by -28.8% against the previous year. Over the period under review, consumption, however, enjoyed a mild increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Plastic Reservoir Production in Latvia

In value terms, plastic reservoir production soared to $X in 2022 estimated in export price. Over the period under review, production, however, saw a tangible expansion. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Plastic Reservoir Exports

Exports from Latvia

For the fourth consecutive year, Latvia recorded growth in overseas shipments of plastic reservoirs, tanks and vats, which increased by 14% to X tons in 2022. Overall, exports showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 167% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, plastic reservoir exports rose sharply to $X in 2022. In general, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 119%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Lithuania (X tons), Sweden (X tons) and Germany (X tons) were the main destinations of plastic reservoir exports from Latvia, with a combined 87% share of total exports. Estonia, Finland and Poland lagged somewhat behind, together comprising a further 8.9%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +88.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) remains the key foreign market for plastic reservoirs, tanks and vats exports from Latvia, comprising 44% of total exports. The second position in the ranking was held by Germany ($X), with a 16% share of total exports. It was followed by Lithuania, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Sweden amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+44.0% per year) and Lithuania (+3.6% per year).

Export Prices by Country

In 2022, the average plastic reservoir export price amounted to $X per ton, reducing by -7.8% against the previous year. In general, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by 66% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Lithuania ($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 Poland (+11.2%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Reservoir Imports

Imports into Latvia

In 2022, approx. X tons of plastic reservoirs, tanks and vats were imported into Latvia; rising by 17% on the year before. Over the period under review, imports posted a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 72% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, plastic reservoir imports soared to $X in 2022. In general, imports recorded a prominent increase. The growth pace was the most rapid in 2018 when imports increased by 61%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Poland (X tons), Lithuania (X tons) and Germany (X tons) were the main suppliers of plastic reservoir imports to Latvia, together comprising 76% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +49.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic reservoir suppliers to Latvia were Poland ($X), Germany ($X) and Lithuania ($X), together comprising 77% of total imports.

In terms of the main suppliers, Lithuania, with a CAGR of +54.6%, recorded 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 reservoir import price stood at $X per ton in 2022, rising by 8% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2014 an increase of 48% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 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 Poland ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+3.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform