Northern America: Plastic Closure Market 2024

Plastic Closure Market Size in Northern America

In 2022, the North American plastic closure market increased by 2% to $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -2.2% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Plastic Closure Production in Northern America

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 21% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Plastic Closure Exports

Exports in Northern America

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 6.4% to X tons, rising for the third consecutive year after two years of decline. Total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +67.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 52%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, plastic closure exports amounted to $X in 2022. The total export value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 15%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

The United States represented the key exporting country with an export of about X tons, which amounted to 86% of total exports. It was distantly followed by Canada (X tons), mixing up a 14% share of total exports.

The United States was also the fastest-growing in terms of the plastic stoppers, caps and closures exports, with a CAGR of +7.8% from 2012 to 2022. At the same time, Canada (+2.3%) displayed positive paces of growth. From 2012 to 2022, the share of the United States increased by +7.7 percentage points.

In value terms, the United States ($X) remains the largest plastic closure supplier in Northern America, comprising 78% of total exports. The second position in the ranking was taken by Canada ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United States amounted to +3.0%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, increasing by 5.9% against the previous year. Overall, the export price, however, continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2018 when the export price increased by 6.8%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.1%).

Plastic Closure Imports

Imports in Northern America

In 2022, plastic closure imports in Northern America soared to X tons, picking up by 32% on the previous year. Total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.2% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, plastic closure imports rose sharply to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

The United States was the key importing country with an import of about X tons, which reached 77% of total imports. It was distantly followed by Canada (X tons), achieving a 23% share of total imports.

The United States was also the fastest-growing in terms of the plastic stoppers, caps and closures imports, with a CAGR of +6.1% from 2012 to 2022. At the same time, Canada (+3.1%) displayed positive paces of growth. From 2012 to 2022, the share of the United States increased by +5.6 percentage points.

In value terms, the United States ($X) constitutes the largest market for imported plastic stoppers, caps and closures in Northern America, comprising 74% of total imports. The second position in the ranking was taken by Canada ($X), with a 26% share of total imports.

In the United States, plastic closure imports increased at an average annual rate of +6.4% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, which is down by -14% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the import price increased by 18% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.8%).

Source: IndexBox Platform

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