Oman: Plastic Closure Market 2024

Plastic Closure Market Size in Oman

After two years of decline, the Omani plastic closure market increased by 1.4% to $X in 2022. Over the period under review, consumption showed strong growth. Plastic closure consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from Oman

Plastic closure exports from Oman was estimated at X tons in 2022, increasing by 11% on 2021 figures. Over the period under review, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 157%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports amounted to $X in 2022. In general, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 97%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) was the main destination for plastic closure exports from Oman, with a 86% share of total exports. Moreover, plastic closure exports to the United Arab Emirates exceeded the volume sent to the second major destination, Yemen (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (+23.2% per year) and Qatar (+10.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Oman, comprising 77% of total exports. The second position in the ranking was held by Qatar ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+12.9% per year) and Yemen (+51.6% per year).

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, which is down by -9.4% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The pace of growth was the most pronounced in 2014 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to the United Arab Emirates ($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 Yemen (+23.0%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Oman

In 2022, purchases abroad of plastic stoppers, caps and closures was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by 91%. 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 fell to $X in 2022. Overall, imports enjoyed resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by 69% against the previous year. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of plastic closure to Oman, with a 64% share of total imports. Moreover, plastic closure imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), fourfold. Turkey (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates amounted to +20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+8.2% per year) and Turkey (+5.4% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of plastic stoppers, caps and closures to Oman, comprising 59% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total imports. It was followed by Turkey, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled +19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+5.8% per year) and Turkey (+6.7% per year).

Import Prices by Country

In 2022, the average plastic closure import price amounted to $X per ton, which is down by -13.9% against the previous year. In general, the import price recorded a slight decline. The pace of growth appeared the most rapid in 2021 when the average import price increased by 32%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 India ($X per ton), while the price for Saudi Arabia ($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 (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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