Eastern Asia: Plastic Closure Market 2024

Plastic Closure Market Size in Eastern Asia

In 2023, the East Asian plastic closure market decreased by X% to $X for the first time since 2016, thus ending a six-year rising trend. The total consumption indicated a moderate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. 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 2022, and then fell in the following year.

Plastic Closure Production in Eastern Asia

In value terms, plastic closure production contracted to $X in 2023 estimated in export price. The total production indicated temperate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2022, and then contracted in the following year.

Plastic Closure Exports

Exports in Eastern Asia

Plastic closure exports expanded rapidly to X tons in 2023, picking up by X% against 2022 figures. Total exports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, plastic closure exports declined slightly to $X in 2023. In general, exports showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of export peaked at $X in 2022, and then shrank modestly in the following year.

Exports by Country

China dominates exports structure, recording X tons, which was near X% of total exports in 2023. It was distantly followed by Taiwan (Chinese) (X tons), constituting a X% share of total exports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to plastic closure exports from China stood at X%. At the same time, Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of X% from 2012-2023. South Korea experienced a relatively flat trend pattern. While the share of China (X p.p.) and Taiwan (Chinese) (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Korea (X p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest plastic closure supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total exports.

In China, plastic closure exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the export price figures.

Plastic Closure Imports

Imports in Eastern Asia

In 2023, approx. X tons of plastic stoppers, caps and closures were imported in Eastern Asia; with a decrease of X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, plastic closure imports shrank to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Japan represented the largest importing country with an import of around X tons, which accounted for X% of total imports. It was distantly followed by South Korea (X tons), China (X tons), Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons), together creating a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure importing markets in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), together comprising X% of total imports.

In terms of the main importing countries, South Korea, with a CAGR of X%, 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

The import price in Eastern Asia stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform