Philippines: Plastic Closure Market 2024

Plastic Closure Market Size in the Philippines

The Philippine plastic closure market skyrocketed to $X in 2022, growing by 15% against the previous year. In general, consumption saw a remarkable increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Plastic Closure Production in the Philippines

In value terms, plastic closure production soared to $X in 2022 estimated in export price. Overall, production showed a strong expansion. The growth pace was the most rapid in 2020 with an increase of 90%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Plastic Closure Exports

Exports from the Philippines

In 2022, approx. X tons of plastic stoppers, caps and closures were exported from the Philippines; which is down by -3.9% against the year before. Overall, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 67% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports reduced to $X in 2022. In general, exports continue to indicate a noticeable downturn. The growth pace was the most rapid in 2014 with an increase of 93% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X tons) was the main destination for plastic closure exports from the Philippines, accounting for a 53% share of total exports. Moreover, plastic closure exports to Thailand exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), fourfold. The third position in this ranking was taken by Malaysia (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+7.1% per year) and Malaysia (-10.7% per year).

In value terms, Thailand ($X) remains the key foreign market for plastic stoppers, caps and closures exports from the Philippines, comprising 55% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 15% share of total exports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand totaled -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.5% per year) and Malaysia (-6.4% per year).

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, approximately equating the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure export price decreased by -38.6% against 2018 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Australia ($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 Japan (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into the Philippines

In 2022, approx. X tons of plastic stoppers, caps and closures were imported into the Philippines; picking up by 11% against 2021 figures. Overall, imports showed a buoyant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 136% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic closure imports stood at $X in 2022. Over the period under review, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 171%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of plastic closure imports to the Philippines, together accounting for 80% of total imports. Japan, Malaysia, the United States, Vietnam and Singapore lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +32.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and Japan ($X) appeared to be the largest plastic closure suppliers to the Philippines, with a combined 69% share of total imports.

In terms of the main suppliers, Japan, with a CAGR of +32.8%, saw the highest growth rate of 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 average plastic closure import price amounted to $X per ton, rising by 2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2016 an increase of 15%. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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