Sri Lanka: Plastic Reservoir Market 2024

Plastic Reservoir Market Size in Sri Lanka

In 2022, the Sri Lankan plastic reservoir market decreased by -1% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 attained the maximum level at $X in 2021, and then declined in the following year.

Plastic Reservoir Production in Sri Lanka

In value terms, plastic reservoir production reduced modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value 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, production decreased by -0.4% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 50%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Plastic Reservoir Exports

Exports from Sri Lanka

In 2022, overseas shipments of plastic reservoirs, tanks and vats were finally on the rise to reach X tons after three years of decline. In general, exports saw strong growth. The growth pace was the most rapid in 2018 with an increase of 396%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic reservoir exports soared to $X in 2022. Over the period under review, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by 213% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for plastic reservoir exports from Sri Lanka, accounting for a 62% share of total exports. Moreover, plastic reservoir exports to Maldives exceeded the volume sent to the second major destination, Myanmar (X kg), twofold. The third position in this ranking was held by Indonesia (X kg), with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives totaled +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-4.8% per year) and Indonesia (+109.1% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for plastic reservoirs, tanks and vats exports from Sri Lanka, comprising 60% of total exports. The second position in the ranking was taken by Maldives ($X), with a 22% share of total exports. It was followed by Canada, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar amounted to +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+15.5% per year) and Canada (0.0% per year).

Export Prices by Country

In 2022, the average plastic reservoir export price amounted to $X per ton, picking up by 48% against the previous year. Over the period under review, the export price, however, showed a perceptible reduction. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Maldives ($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 Fiji (+143.8%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Reservoir Imports

Imports into Sri Lanka

In 2022, the amount of plastic reservoirs, tanks and vats imported into Sri Lanka dropped dramatically to X tons, waning by -63.2% on the previous year. Over the period under review, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2013 when imports increased by 454% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic reservoir imports declined sharply to $X in 2022. Overall, imports, however, saw a strong increase. The pace of growth appeared the most rapid in 2013 when imports increased by 412% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined dramatically in the following year.

Imports by Country

South Korea (X tons), India (X tons) and China (X tons) were the main suppliers of plastic reservoir imports to Sri Lanka, together comprising 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +31.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), India ($X) and China ($X) were the largest plastic reservoir suppliers to Sri Lanka, with a combined 100% share of total imports.

South Korea, with a CAGR of +19.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic reservoir import price stood at $X per ton in 2022, with a decrease of -11.9% against the previous year. Overall, the import price recorded a pronounced slump. The most prominent rate of growth was recorded in 2014 when the average import price increased by 45% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+6.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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