Serbia: Plastic Closure Market 2024

Plastic Closure Market Size in Serbia

In 2022, after five years of growth, there was significant decline in the Serbian plastic closure market, when its value decreased by -19.8% to $X. Overall, consumption, however, enjoyed a perceptible expansion. Plastic closure consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from Serbia

In 2022, shipments abroad of plastic stoppers, caps and closures increased by 14% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 41% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; afterwards, it flattened through to 2022.

In value terms, plastic closure exports expanded remarkably to $X in 2022. In general, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2014 when exports increased by 45% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons), Hungary (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of plastic closure exports from Serbia, with a combined 29% share of total exports. Croatia, Romania, Slovenia, Bulgaria, Austria, North Macedonia, Greece, Poland, Kazakhstan and Ukraine lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +411.4%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Romania ($X) and Bosnia and Herzegovina ($X) constituted the largest markets for plastic closure exported from Serbia worldwide, together comprising 27% of total exports. Croatia, Hungary, Austria, Slovenia, Poland, North Macedonia, Greece, Bulgaria, Kazakhstan and Ukraine lagged somewhat behind, together accounting for a further 48%.

Among the main countries of destination, Kazakhstan, with a CAGR of +274.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 9.1% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 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 Poland ($X per ton), while the average price for exports to Hungary ($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 North Macedonia (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Serbia

After five years of growth, overseas purchases of plastic stoppers, caps and closures decreased by -8.8% to X tons in 2022. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 34%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, plastic closure imports shrank modestly to $X in 2022. In general, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by 50%. As a result, imports reached the peak of $X, and then shrank slightly in the following year.

Imports by Country

In 2022, Hungary (X tons) constituted the largest plastic closure supplier to Serbia, with a 46% share of total imports. Moreover, plastic closure imports from Hungary exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by Turkey (X tons), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hungary stood at +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.5% per year) and Turkey (+22.6% per year).

In value terms, Hungary ($X) constituted the largest supplier of plastic stoppers, caps and closures to Serbia, comprising 40% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by Turkey, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Hungary amounted to +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+9.4% per year) and Turkey (+20.5% per year).

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, with an increase of 6.3% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 12% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform