Mexico: Plastic Closure Market 2024

Plastic Closure Market Size in Mexico

The Mexican plastic closure market stood at $X in 2022, increasing by 4.7% against the previous year. Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 -8.5% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Plastic Closure Production in Mexico

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 50% against the previous year. Plastic closure production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports from Mexico

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 10% to X tons, rising for the fifth consecutive year after three years of decline. Over the period under review, exports recorded strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 96% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, plastic closure exports rose sharply to $X in 2022. Overall, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 32% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for plastic closure exports from Mexico, accounting for a 87% share of total exports. It was followed by Canada (X tons), with a 2.3% share of total exports. Guatemala (X tons) ranked third in terms of total exports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+10.9% per year) and Guatemala (+7.5% per year).

In value terms, the United States ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Mexico, comprising 81% of total exports. The second position in the ranking was held by Colombia ($X), with a 2.1% share of total exports. It was followed by Canada, with a 2% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+7.4% per year) and Canada (+16.7% per year).

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, falling by -1.7% against the previous year. In general, the export price, however, posted tangible growth. The pace of growth appeared the most rapid in 2016 an increase of 53%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 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 Colombia ($X per ton), while the average price for exports to Canada ($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 Canada (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Mexico

In 2022, supplies from abroad of plastic stoppers, caps and closures increased by 18% to X tons, rising for the sixth consecutive year after two years of decline. Overall, imports enjoyed a pronounced increase. The pace of growth appeared the most rapid in 2019 when imports increased by 146%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic closure imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest plastic closure supplier to Mexico, with a 78% share of total imports. Moreover, plastic closure imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.1% per year) and Germany (+1.6% per year).

In value terms, the United States ($X) constituted the largest supplier of plastic stoppers, caps and closures to Mexico, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.5% per year) and Germany (+7.2% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, falling by -2.5% against the previous year. Overall, the import price, however, continues to indicate a modest increase. The most prominent rate of growth was recorded in 2015 an increase of 495%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 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 Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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