Base Metal Closure Market

The article discusses the increasing demand for base metal closures, stoppers, caps, and lids globally, projecting a significant growth trend over the next eight years. Italy leads in both consumption and production, with the United States and China following closely. The global market is expected to see a steady rise in exports and imports, with China being a key player in export volumes. Overall, the market is forecasted to expand rapidly, driven by various consumption patterns and production trends worldwide.

Market Forecast

Driven by increasing demand for base metal closures, stoppers, caps and lids worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +30.1% for the period from 2022 to 2030, which is projected to bring the market volume to 166M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +22.8% for the period from 2022 to 2030, which is projected to bring the market value to $226.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Base Metal Closures, Stoppers, Caps And Lids

After two years of growth, consumption of base metal closures, stoppers, caps and lids decreased by -95.4% to 20M tons in 2022. Over the period under review, consumption, however, saw a resilient increase. As a result, consumption attained the peak volume of 437M tons, and then contracted significantly in the following year.

The global base metal closure market size contracted remarkably to $43.8B in 2022, falling by -90.1% 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). Overall, consumption, however, enjoyed a strong increase. As a result, consumption attained the peak level of $443.3B, and then fell rapidly in the following year.

Consumption By Country

Italy (15M tons) remains the largest base metal closure consuming country worldwide, accounting for 74% of total volume. Moreover, base metal closure consumption in Italy exceeded the figures recorded by the second-largest consumer, China (1.2M tons), more than tenfold. The United States (554K tons) ranked third in terms of total consumption with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Italy stood at +22.6%. In the other countries, the average annual rates were as follows: China (+5.4% per year) and the United States (+4.1% per year).

In value terms, Italy ($14.3B) led the market, alone. The second position in the ranking was held by China ($5B). It was followed by the United States.

In Italy, the base metal closure market increased at an average annual rate of +22.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (+4.7% per year) and the United States (+4.3% per year).

In 2022, the highest levels of base metal closure per capita consumption was registered in Italy (252 kg per person), followed by the United States (1.7 kg per person), China (0.8 kg per person) and India (0.4 kg per person), while the world average per capita consumption of base metal closure was estimated at 2.6 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the base metal closure per capita consumption in Italy stood at +22.7%. In the other countries, the average annual rates were as follows: the United States (+3.4% per year) and China (+5.2% per year).

Production

World Production of Base Metal Closures, Stoppers, Caps And Lids

After two years of growth, production of base metal closures, stoppers, caps and lids decreased by -95.4% to 20M tons in 2022. Over the period under review, production, however, posted a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of 7,622%. As a result, production reached the peak volume of 437M tons, and then contracted markedly in the following year.

In value terms, base metal closure production stood at $29.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 17% against the previous year. Over the period under review, global production hit record highs at $29.8B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

Italy (15M tons) remains the largest base metal closure producing country worldwide, accounting for 74% of total volume. Moreover, base metal closure production in Italy exceeded the figures recorded by the second-largest producer, China (1.4M tons), tenfold. India (525K tons) ranked third in terms of total production with a 2.6% share.

In Italy, base metal closure production expanded at an average annual rate of +22.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+6.9% per year) and India (+5.6% per year).

Imports

World Imports of Base Metal Closures, Stoppers, Caps And Lids

In 2022, purchases abroad of base metal closures, stoppers, caps and lids decreased by -1% to 1.7M tons for the first time since 2015, thus ending a six-year rising trend. In general, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +49.3% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 9.2%. As a result, imports attained the peak of 1.7M tons, and then shrank slightly in the following year.

In value terms, base metal closure imports expanded remarkably to $9.5B in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +70.7% against 2015 indices. The growth pace was the most rapid in 2021 when imports increased by 19%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the United States (134K tons), France (129K tons), Germany (96K tons), Canada (90K tons), Belgium (87K tons), the UK (80K tons), the Netherlands (79K tons), Spain (53K tons), Poland (51K tons), Russia (38K tons), Italy (37K tons) and Austria (37K tons) represented the main importer of base metal closures, stoppers, caps and lids in the world, generating 54% of total import. Greece (30K tons) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +12.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.1B), France ($771M) and Germany ($524M) appeared to be the countries with the highest levels of imports in 2022, with a combined 25% share of global imports. The UK, the Netherlands, Canada, Spain, Italy, Austria, Poland, Belgium, Russia and Greece lagged somewhat behind, together accounting for a further 31%.

Greece, with a CAGR of +9.8%, recorded the highest growth rate of the value of imports, in terms of 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 base metal closure import price stood at $5,591 per ton in 2022, growing by 14% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($7,910 per ton), while Belgium ($2,525 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Base Metal Closures, Stoppers, Caps And Lids

In 2022, shipments abroad of base metal closures, stoppers, caps and lids increased by 4.2% to 1.7M tons, rising for the sixth consecutive year after two years of decline. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +49.4% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 14%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, base metal closure exports rose sharply to $9.8B in 2022. In general, total exports indicated strong growth from 2012 to 2022: its value 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, exports increased by +71.8% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 22%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (271K tons), followed by Mexico (154K tons), Poland (132K tons), Italy (126K tons), Spain (114K tons), France (102K tons) and Germany (89K tons) were the key exporters of base metal closures, stoppers, caps and lids, together making up 58% of total exports. The Czech Republic (72K tons), the United States (70K tons), the Netherlands (50K tons), Turkey (43K tons), the United Arab Emirates (41K tons) and Canada (30K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +17.1%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest base metal closure supplying countries worldwide were China ($1.4B), Poland ($951M) and Spain ($735M), with a combined 31% share of global exports.

China, with a CAGR of +18.1%, recorded the highest growth rate of 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 base metal closure export price amounted to $5,691 per ton, rising by 7.8% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained 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 ($8,645 per ton), while Mexico ($2,207 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform