Libya: Plastic Closure Market 2024

Plastic Closure Market Size in Libya

The Libyan plastic closure market reduced markedly to $X in 2022, which is down by -19.4% against 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). In general, consumption saw a perceptible setback. Plastic closure consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from Libya

In 2022, exports of plastic stoppers, caps and closures from Libya totaled X kg, with an increase of 4.1% compared with the year before. Overall, exports, however, faced a sharp slump. The most prominent rate of growth was recorded in 2015 when exports increased by 105% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, plastic closure exports expanded to $X in 2022. Over the period under review, exports, however, showed a dramatic setback. The pace of growth was the most pronounced in 2015 with an increase of 99%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X kg) was the main destination for plastic closure exports from Libya, with a 77% share of total exports. Moreover, plastic closure exports to China exceeded the volume sent to the second major destination, Turkey (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +37.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-52.6% per year) and Bulgaria (0.0% per year).

In value terms, China ($X), Bulgaria ($X) and Turkey ($X) were the largest markets for plastic closure exported from Libya worldwide.

China, with a CAGR of +15.6%, 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 mixed trend patterns.

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, almost unchanged from the previous year. Overall, the export price, however, posted resilient growth. The most prominent rate of growth was recorded in 2019 an increase of 52% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to China ($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 Turkey (+10.5%).

Plastic Closure Imports

Imports into Libya

In 2022, the amount of plastic stoppers, caps and closures imported into Libya reduced dramatically to X tons, which is down by -15.5% compared with the previous year's figure. In general, imports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of 79%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports declined sharply to $X in 2022. Over the period under review, imports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 70% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of plastic closure to Libya, accounting for a 58% share of total imports. Moreover, plastic closure imports from Turkey exceeded the figures recorded by the second-largest supplier, Egypt (X tons), threefold. The third position in this ranking was held by China (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-15.6% per year) and China (+2.1% per year).

In value terms, the largest plastic closure suppliers to Libya were Turkey ($X), Egypt ($X) and China ($X), together comprising 81% of total imports. Luxembourg, Saudi Arabia, Spain, Austria and Switzerland lagged somewhat behind, together accounting for a further 16%.

In terms of the main suppliers, Spain, with a CAGR of +22.4%, saw the highest growth rate of 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, waning by -6.1% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure import price increased by +30.5% against 2019 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by 29% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

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 China ($X per ton), while the price for Turkey ($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 (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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