MENA: Plastic Closure Market 2024

Plastic Closure Market Size in MENA

The MENA's plastic closure market stood at $X in 2022, rising by 3.8% against the previous year. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Production in MENA

In value terms, plastic closure production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Plastic Closure Exports

Exports in MENA

Plastic closure exports reached X tons in 2022, therefore, remained relatively stable against 2021. The total export volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when exports increased by 19% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic closure exports stood at $X in 2022. The total export value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 15%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Turkey represented the key exporter of plastic stoppers, caps and closures in MENA, with the volume of exports accounting for X tons, which was approx. 54% of total exports in 2022. Saudi Arabia (X tons) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (12%) and Israel (6.8%). Egypt (X tons) and Bahrain (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the plastic stoppers, caps and closures exports, with a CAGR of +6.8% from 2012 to 2022. At the same time, Israel (+6.7%), Saudi Arabia (+5.0%) and the United Arab Emirates (+2.2%) displayed positive paces of growth. By contrast, Bahrain (-5.6%) and Egypt (-6.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest plastic closure supplier in MENA, comprising 54% of total exports. The second position in the ranking was held by Israel ($X), with a 12% share of total exports. It was followed by the United Arab Emirates, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +8.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+7.9% per year) and the United Arab Emirates (+0.4% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, with an increase of 4% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the export price increased by 12%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Saudi Arabia ($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 (+5.4%), while the other leaders experienced more modest paces of growth.

Plastic Closure Imports

Imports in MENA

Plastic closure imports expanded modestly to X tons in 2022, surging by 2.4% compared with 2021 figures. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 14%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports expanded slightly to $X in 2022. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 12% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons), Turkey (X tons), Algeria (X tons), Morocco (X tons), Israel (X tons), Iraq (X tons), Yemen (X tons), Oman (X tons), Tunisia (X tons), Egypt (X tons) and Libya (X tons) represented roughly 89% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Oman (with a CAGR of +10.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) were the countries with the highest levels of imports in 2022, together accounting for 44% of total imports. Israel, Algeria, Morocco, Iraq, Egypt, Tunisia, Libya, Oman and Yemen lagged somewhat behind, together accounting for a further 46%.

In terms of the main importing countries, Oman, with a CAGR of +8.6%, 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

In 2022, the import price in MENA amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 6.6% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Yemen ($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 (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform