U.S.: Plastic Closure Market 2024

Plastic Closure Market Size in the U.S.

The U.S. plastic closure market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 -1.4% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Plastic Closure Production in the U.S.

In value terms, plastic closure production amounted to $X in 2022. In general, the total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 20%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Plastic Closure Exports

Exports from the U.S.

For the third consecutive year, the United States recorded growth in overseas shipments of plastic stoppers, caps and closures, which increased by 6.5% to X tons in 2022. In general, exports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 65%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, plastic closure exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Canada (X tons), Mexico (X tons) and the UK (X tons) were the main destinations of plastic closure exports from the United States, together accounting for 71% of total exports. The Netherlands, Costa Rica, Germany, Brazil, France and Belgium lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +35.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic closure exported from the United States were Canada ($X), Mexico ($X) and the UK ($X), with a combined 72% share of total exports. Germany, the Netherlands, France, Belgium, Brazil and Costa Rica lagged somewhat behind, together comprising a further 9.8%.

Costa Rica, with a CAGR of +16.7%, recorded the highest growth rate of the value of exports, in terms of 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, picking up by 6.4% against the previous year. In general, the export price, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 6.8% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Germany ($X per ton), while the average price for exports to Costa Rica ($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 Germany (-0.8%), while the prices for the other major destinations experienced a decline.

Plastic Closure Imports

Imports into the U.S.

Plastic closure imports into the United States surged to X tons in 2022, rising by 45% on the previous year's figure. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.5% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, plastic closure imports rose remarkably to $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Mexico (X tons) constituted the largest plastic closure supplier to the United States, with a 46% share of total imports. Moreover, plastic closure imports from Mexico exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Canada (X tons) ranked third in terms of total imports with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico stood at +17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.1% per year) and Canada (-3.5% per year).

In value terms, China ($X), Mexico ($X) and Canada ($X) appeared to be the largest plastic closure suppliers to the United States, together accounting for 67% of total imports. Taiwan (Chinese), Germany, South Korea, Italy, Japan, France and the Dominican Republic lagged somewhat behind, together comprising a further 20%.

In terms of the main suppliers, the Dominican Republic, with a CAGR of +44.8%, saw the highest growth rate of 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

In 2022, the average plastic closure import price amounted to $X per ton, shrinking by -21.6% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 26%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then declined remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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