Saudi Arabia: Plastic Closure Market 2024

Plastic Closure Market Size in Saudi Arabia

The Saudi plastic closure market amounted to $X in 2022, with an increase of 5% against the previous year. Over the period under review, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.2% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Saudi Arabia

In value terms, plastic closure production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +15.5% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 64%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Plastic Closure Exports

Exports from Saudi Arabia

In 2022, after three years of growth, there was decline in overseas shipments of plastic stoppers, caps and closures, when their volume decreased by -1.4% to X tons. In general, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +38.9% against 2018 indices. The pace of growth appeared the most rapid in 2015 with an increase of 52%. The exports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, plastic closure exports rose sharply to $X in 2022. The total export value increased at an average annual rate of +2.0% 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 2015 when exports increased by 39% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Yemen (X tons), Sudan (X tons) and the United Arab Emirates (X tons) were the main destinations of plastic closure exports from Saudi Arabia, together comprising 61% of total exports. Spain, Kuwait, Somalia, Egypt, Bahrain, Oman, Iraq, Algeria, Jordan and Tunisia lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +129.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Yemen ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Saudi Arabia, comprising 28% of total exports. The second position in the ranking was held by Sudan ($X), with a 14% share of total exports. It was followed by the United Arab Emirates, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Yemen amounted to +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (-0.2% per year) and the United Arab Emirates (+15.3% per year).

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, picking up by 9.2% against the previous year. Over the period under review, the export price, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2018 an increase of 16%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Algeria ($X per ton), while the average price for exports to Spain ($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 Iraq (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Saudi Arabia

In 2022, supplies from abroad of plastic stoppers, caps and closures increased by 10% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 18% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, plastic closure imports rose notably to $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 20%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Bahrain (X tons) were the main suppliers of plastic closure imports to Saudi Arabia, together comprising 64% of total imports. Spain, Germany, Turkey, Egypt, Italy, Taiwan (Chinese), India, Jordan and the United States lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +22.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure suppliers to Saudi Arabia were China ($X), the United Arab Emirates ($X) and Bahrain ($X), with a combined 52% share of total imports. Germany, Spain, Turkey, Italy, Egypt, the United States, Jordan, Taiwan (Chinese) and India lagged somewhat behind, together comprising a further 35%.

In terms of the main suppliers, Spain, with a CAGR of +21.0%, recorded 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

The average plastic closure import price stood at $X per ton in 2022, declining by -2.7% against the previous year. In general, the import price showed a mild shrinkage. The pace of growth appeared the most rapid in 2018 when the average import price increased by 10%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+9.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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