Norway: Plastic Closure Market 2024

Plastic Closure Market Size in Norway

The Norwegian plastic closure market soared to $X in 2022, with an increase of 49% 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). Overall, consumption, however, continues to indicate a relatively flat trend pattern. Plastic closure consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from Norway

In 2022, overseas shipments of plastic stoppers, caps and closures decreased by -65.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 743%. As a result, the exports reached the peak of X tons, and then fell notably in the following year.

In value terms, plastic closure exports contracted markedly to $X in 2022. Overall, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 647% against the previous year. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

The UK (X tons) was the main destination for plastic closure exports from Norway, accounting for a 73% share of total exports. Moreover, plastic closure exports to the UK exceeded the volume sent to the second major destination, Sweden (X tons), fourfold. Germany (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK totaled +74.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+4.3% per year) and Germany (+16.3% per year).

In value terms, the UK ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Norway, comprising 64% of total exports. The second position in the ranking was held by Sweden ($X), with an 18% share of total exports. It was followed by Germany, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value to the UK totaled +55.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+5.3% per year) and Germany (+11.5% per year).

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, increasing by 19% against the previous year. In general, the export price, however, continues to indicate a perceptible decrease. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to the Netherlands ($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 Finland (+6.6%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Norway

After two years of growth, supplies from abroad of plastic stoppers, caps and closures decreased by -7.4% to X tons in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 10%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports reduced to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 15%. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Sweden (X tons) constituted the largest supplier of plastic closure to Norway, with a 33% share of total imports. Moreover, plastic closure imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Denmark (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-4.8% per year) and Denmark (+4.4% per year).

In value terms, Sweden ($X), Germany ($X) and Denmark ($X) constituted the largest plastic closure suppliers to Norway, together accounting for 57% of total imports. The Netherlands, Spain, China, Lithuania, the UK, Poland, France, Italy, Hungary and the Czech Republic lagged somewhat behind, together comprising a further 35%.

Lithuania, with a CAGR of +32.6%, recorded the highest growth rate of the value of imports, among the main suppliers 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, with an increase of 3.5% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 9.4% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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