Southern Asia: Plastic Closure Market 2024

Plastic Closure Market Size in Southern Asia

The South Asian plastic closure market totaled $X in 2022, increasing by 3% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.8% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Southern Asia

In value terms, plastic closure production rose slightly to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 29%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports in Southern Asia

In 2022, the amount of plastic stoppers, caps and closures exported in Southern Asia reduced to X tons, remaining relatively unchanged against the previous year. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 +26.8% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25%. As a result, the exports reached the peak of X tons, and then fell slightly in the following year.

In value terms, plastic closure exports expanded markedly to $X in 2022. Over the period under review, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2021 with an increase of 28% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

India prevails in exports structure, reaching X tons, which was approx. 95% of total exports in 2022. The following exporters - Nepal (X tons) and Pakistan (X tons) - each resulted at a 4% share of total exports.

India was also the fastest-growing in terms of the plastic stoppers, caps and closures exports, with a CAGR of +4.3% from 2012 to 2022. At the same time, Pakistan (+2.5%) displayed positive paces of growth. By contrast, Nepal (-3.0%) illustrated a downward trend over the same period. India (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Nepal saw its share reduced by -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest plastic closure supplier in Southern Asia, comprising 96% of total exports. The second position in the ranking was held by Pakistan ($X), with a 2.2% share of total exports.

In India, plastic closure exports increased at an average annual rate of +9.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Pakistan (+9.2% per year) and Nepal (-3.0% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, growing by 8.8% against the previous year. Over the last decade, it increased at an average annual rate of +4.8%. The growth pace was the most rapid in 2013 when the export price increased by 22%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Plastic Closure Imports

Imports in Southern Asia

In 2022, purchases abroad of plastic stoppers, caps and closures increased by 2.9% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 32%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, plastic closure imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of +4.9% 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 2014 when imports increased by 20% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

India was the major importer of plastic stoppers, caps and closures in Southern Asia, with the volume of imports reaching X tons, which was approx. 46% of total imports in 2022. It was distantly followed by Pakistan (X tons), Sri Lanka (X tons), Nepal (X tons) and Bangladesh (X tons), together constituting a 49% share of total imports. The following importers - Afghanistan (X tons) and Maldives (X tons) - each finished at a 4.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +13.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported plastic stoppers, caps and closures in Southern Asia, comprising 61% of total imports. The second position in the ranking was held by Pakistan ($X), with a 15% share of total imports. It was followed by Sri Lanka, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value in India amounted to +3.0%. In the other countries, the average annual rates were as follows: Pakistan (+7.1% per year) and Sri Lanka (+13.5% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, surging by 6.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2013 an increase of 29%. Over the period under review, import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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