Middle East: Plastic Closure Market 2024

Plastic Closure Market Size in the Middle East

The Middle Eastern plastic closure market was estimated at $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2017; afterwards, it flattened through to 2022.

Plastic Closure Production in the Middle East

In value terms, plastic closure production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.2% 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 2013 with an increase of 28%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports in the Middle East

In 2022, the amount of plastic stoppers, caps and closures exported in the Middle East was estimated at X tons, almost unchanged from 2021 figures. The total export volume increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 19%. As a result, the exports reached 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 expanded notably to $X in 2022. The total export value increased at an average annual rate of +5.0% 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 continue growth in the immediate term.

Exports by Country

In 2022, Turkey (X tons) was the key exporter of plastic stoppers, caps and closures, comprising 57% of total exports. It was distantly followed by Saudi Arabia (X tons), the United Arab Emirates (X tons) and Israel (X tons), together making up a 37% share of total exports. Bahrain (X tons) held a relatively small share of total exports.

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%) illustrated a downward trend over the same period. While the share of Turkey (+9.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-4.1 p.p.) and Bahrain (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest plastic closure supplier in the Middle East, comprising 59% of total exports. The second position in the ranking was held by Israel ($X), with a 13% share of total exports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +8.1%. In the other countries, the average annual rates were as follows: Israel (+7.9% per year) and the United Arab Emirates (+0.4% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, increasing by 5.6% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 9.3% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.2%), while the other leaders experienced mixed trends in the export price figures.

Plastic Closure Imports

Imports in the Middle East

In 2022, the amount of plastic stoppers, caps and closures imported in the Middle East reached X tons, standing approx. at the previous year. The total import volume 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 pace of growth appeared the most rapid in 2015 when imports increased by 12% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic closure imports totaled $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 pace of growth was the most pronounced in 2018 when imports increased by 11%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

The purchases of the three major importers of plastic stoppers, caps and closures, namely Saudi Arabia, the United Arab Emirates and Turkey, represented more than half of total import. Israel (X tons) took the next position in the ranking, followed by Iraq (X tons), Yemen (X tons) and Oman (X tons). All these countries together took approx. 31% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main 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, the largest plastic closure importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 60% share of total imports. Israel, Iraq, Oman and Yemen lagged somewhat behind, together accounting for a further 26%.

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

In 2022, the import price in the Middle East amounted to $X per ton, approximately reflecting the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 6.1%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: 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 Israel (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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