Plastic Closure Market

The global market for plastic stoppers, caps, and closures is projected to continue growing with a CAGR of +3.5% in volume and +5.3% in value from 2022 to 2030. Consumption rose to 15M tons in 2022, with China, the US, and India being the top consuming countries. Production reached 15M tons, with China leading production volumes. Import and export trends show a stable growth pattern, with China, Germany, the US, and Mexico being the major players in exports. The average export price increased in 2022, with the US having the highest price per ton.

Market Forecast

Driven by increasing demand for plastic stoppers, caps and closures worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market volume to 20M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $136.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plastic Stoppers, Caps and Closures

In 2022, the amount of plastic stoppers, caps and closures consumed worldwide rose modestly to 15M tons, picking up by 4.6% against 2021. Overall, the total consumption indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +72.0% against 2012 indices. Global consumption peaked in 2022 and is likely to continue growth in the near future.

The global plastic closure market value rose to $90B in 2022, increasing by 4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +49.6% against 2016 indices. Over the period under review, the global market attained the peak level in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (3.6M tons), the United States (1.9M tons) and India (1.3M tons), together accounting for 44% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by the United States (with a CAGR of +10.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($26.1B) led the market, alone. The second position in the ranking was held by Japan ($11.9B). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +8.8%. In the other countries, the average annual rates were as follows: Japan (-0.2% per year) and the United States (+9.8% per year).

The countries with the highest levels of plastic closure per capita consumption in 2022 were Italy (7.8 kg per person), the UK (7.7 kg per person) and Spain (6.3 kg per person).

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +9.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Plastic Stoppers, Caps and Closures

In 2022, approx. 15M tons of plastic stoppers, caps and closures were produced worldwide; approximately mirroring the previous year's figure. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its volume 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. Based on 2022 figures, production decreased by -0.6% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 12% against the previous year. As a result, production reached the peak volume of 15M tons. From 2021 to 2022, global production growth remained at a lower figure.

In value terms, plastic closure production contracted modestly to $87.6B in 2022 estimated in export price. In general, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +50.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 17%. Over the period under review, global production attained the peak level at $87.9B in 2021, and then contracted modestly in the following year.

Production By Country

The country with the largest volume of plastic closure production was China (3.8M tons), accounting for 26% of total volume. Moreover, plastic closure production in China exceeded the figures recorded by the second-largest producer, the United States (1.6M tons), twofold. The third position in this ranking was held by India (1.4M tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +7.8%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+8.6% per year) and India (+8.2% per year).

Imports

World Imports of Plastic Stoppers, Caps and Closures

Global plastic closure imports stood at 2.2M tons in 2022, surging by 2.4% compared with the previous year. The total import volume increased at an average annual rate of +4.1% 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 when imports increased by 16%. Global imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, plastic closure imports expanded slightly to $10.9B in 2022. The total import value increased at an average annual rate of +4.0% 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 2021 when imports increased by 16%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (335K tons), distantly followed by Spain (160K tons), Germany (124K tons), Mexico (124K tons), the Netherlands (113K tons) and France (112K tons) were the key importers of plastic stoppers, caps and closures, together creating 45% of total imports. Italy (82K tons), Canada (73K tons), Belgium (63K tons), Poland (57K tons), Chile (57K tons), the UK (56K tons) and Ireland (40K tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to plastic closure imports into the United States stood at +9.6%. At the same time, Chile (+26.8%), Ireland (+11.1%), Italy (+8.7%), Spain (+6.5%), the Netherlands (+4.5%), Poland (+4.5%), Belgium (+3.9%), Mexico (+3.4%), Canada (+3.0%) and Germany (+2.6%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +26.8% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, the UK (-4.2%) illustrated a downward trend over the same period. The United States (+6.2 p.p.) and Chile (+2.2 p.p.) significantly strengthened its position in terms of the global imports, while France and the UK saw its share reduced by -2.2% and -3.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest plastic closure importing markets worldwide were the United States ($1.5B), France ($781M) and Germany ($754M), together comprising 28% of global imports. Canada, Mexico, Italy, the Netherlands, the UK, Spain, Poland, Belgium, Ireland and Chile lagged somewhat behind, together comprising a further 31%.

Chile, with a CAGR of +10.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average plastic closure import price stood at $5,036 per ton in 2022, remaining stable against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 8.7% against the previous year. Over the period under review, average import prices reached the maximum at $5,331 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($7,510 per ton), while Chile ($1,278 per ton) was amongst the lowest.

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

Exports

World Exports of Plastic Stoppers, Caps and Closures

In 2022, after two years of growth, there was significant decline in overseas shipments of plastic stoppers, caps and closures, when their volume decreased by -24.7% to 1.6M tons. Over the period under review, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.7% 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 +31.0% against 2012 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 38% against the previous year. As a result, the exports reached the peak of 2.2M tons, and then contracted remarkably in the following year.

In value terms, plastic closure exports reached $10.6B in 2022. The total export value increased at an average annual rate of +4.2% 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 2021 with an increase of 16%. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

The shipments of the three major exporters of plastic stoppers, caps and closures, namely China, Germany and Mexico, represented more than third of total export. The United States (87K tons) held a 5.4% share (based on physical terms) of total exports, which put it in second place, followed by France (4.7%), Spain (4.6%) and Italy (4.5%). The following exporters - Turkey (53K tons), Poland (52K tons), Canada (48K tons), Hungary (46K tons), the Netherlands (43K tons) and Belgium (37K tons) - together made up 17% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +7.4%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($1.9B), Germany ($1.2B) and the United States ($1B) constituted the countries with the highest levels of exports in 2022, together comprising 39% of global exports.

China, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average plastic closure export price amounted to $6,537 per ton, increasing by 36% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. As a result, the export 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 suppliers, the country with the highest price was the United States ($11,817 per ton), while Mexico ($3,585 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform