Singapore: Plastic Closure Market 2024

Plastic Closure Market Size in Singapore

In 2022, the Singaporean plastic closure market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Plastic Closure Exports

Exports from Singapore

In 2022, shipments abroad of plastic stoppers, caps and closures decreased by -11.4% to X tons, falling for the third year in a row after three years of growth. Overall, exports saw a slight setback. The most prominent rate of growth was recorded in 2014 with an increase of 26%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports totaled $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 23% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and India (X tons) were the main destinations of plastic closure exports from Singapore, together comprising 58% of total exports. China, South Korea, Japan, the United States, Sri Lanka, Thailand, the Philippines, Australia and Vietnam lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +32.4%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and India ($X) appeared to be the largest markets for plastic closure exported from Singapore worldwide, together accounting for 59% of total exports. China, South Korea, Japan, Sri Lanka, the United States, Thailand, Australia, Vietnam and the Philippines lagged somewhat behind, together comprising a further 34%.

South Korea, with a CAGR of +33.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average plastic closure export price amounted to $X per ton, growing by 14% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Australia ($X per ton), while the average price for exports to Thailand ($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 Australia (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Closure Imports

Imports into Singapore

In 2022, approx. X tons of plastic stoppers, caps and closures were imported into Singapore; shrinking by -4.5% compared with the previous year. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 35% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports expanded sharply to $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 37% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of plastic closure imports to Singapore, together accounting for 48% of total imports. The United States, the UK, Thailand, Japan, Germany, Taiwan (Chinese), Vietnam, Spain, France and Sweden lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +48.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and Malaysia ($X) were the largest plastic closure suppliers to Singapore, together accounting for 50% of total imports. The United States, the UK, Germany, Thailand, Japan, France, Taiwan (Chinese), Spain, Vietnam and Sweden lagged somewhat behind, together comprising a further 42%.

Vietnam, with a CAGR of +44.8%, saw 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

In 2022, the average plastic closure import price amounted to $X per ton, picking up by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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