ASEAN: Lock And Key Market 2024

Lock And Key Market Size in ASEAN

In 2021, the ASEAN lock and key market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Lock And Key Production in ASEAN

In value terms, lock and key production reached $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 22%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Lock And Key Exports

Exports in ASEAN

In 2021, approx. X tons of padlocks, locks and keys of base metal were exported in ASEAN; picking up by 20% against 2020 figures. The total export volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 23% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, lock and key exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +5.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons) and Thailand (X tons) represented the main exporters of padlocks, locks and keys of base metal in 2021, recording approx. 37% and 32% of total exports, respectively. Malaysia (X tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (8.5%), the Philippines (5.1%) and Indonesia (4.8%).

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +25.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest lock and key supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and Singapore ($X), together accounting for 79% of total exports.

Vietnam, with a CAGR of +26.8%, 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 leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, picking up by 3.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 when the export price increased by 9.4% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.4%), while the other leaders experienced more modest paces of growth.

Lock And Key Imports

Imports in ASEAN

In 2021, overseas purchases of padlocks, locks and keys of base metal increased by 18% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports soared to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.5% against 2014 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the four major importers of padlocks, locks and keys of base metal, namely Indonesia, Vietnam, Thailand and Malaysia, represented more than two-thirds of total import. Singapore (X tons) ranks next in terms of the total imports with a 5.9% share, followed by the Philippines (4.6%). Cambodia (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cambodia (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lock and key importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Indonesia ($X), with a combined 66% share of total imports. These countries were followed by Singapore, Malaysia, the Philippines and Cambodia, which together accounted for a further 31%.

Cambodia, with a CAGR of +30.2%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, growing by 7.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2018 when the import price increased by 18%. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+20.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform