Asia-Pacific: Lock And Key Market 2024

Lock And Key Market Size in Asia-Pacific

The Asia-Pacific lock and key market dropped to $X in 2021, declining by -12.8% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Lock And Key Production in Asia-Pacific

In value terms, lock and key production fell to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by 9.2%. The level of production peaked at $X in 2020, and then reduced slightly in the following year.

Lock And Key Exports

Exports in Asia-Pacific

In 2021, shipments abroad of padlocks, locks and keys of base metal increased by 23% to X tons, rising for the fifth consecutive year after two years of decline. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +141.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 77% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, lock and key exports skyrocketed to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +62.6% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X tons, which was approx. 83% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), committing a 4.7% share of total exports. The following exporters - South Korea (X tons), India (X tons), Vietnam (X tons) and Thailand (X tons) - together made up 9.5% of total exports.

From 2012 to 2021, average annual rates of growth with regard to lock and key exports from China stood at +5.9%. At the same time, Vietnam (+25.5%), India (+6.2%), South Korea (+2.9%) and Taiwan (Chinese) (+1.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +25.5% from 2012-2021. Thailand experienced a relatively flat trend pattern. While the share of China (+4.8 p.p.) and Vietnam (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-1.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest lock and key supplier in Asia-Pacific, comprising 75% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.9% share of total exports. It was followed by South Korea, with a 4.7% share.

In China, lock and key exports expanded at an average annual rate of +9.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+5.4% per year) and South Korea (+4.0% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, surging by 5.3% against the previous year. Export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lock and key export price increased by +8.9% against 2019 indices. The pace of growth appeared the most rapid in 2016 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat 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 Taiwan (Chinese) ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+4.3%), while the other leaders experienced more modest paces of growth.

Lock And Key Imports

Imports in Asia-Pacific

In 2021, purchases abroad of padlocks, locks and keys of base metal increased by 25% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports surged to $X in 2021. The total import value increased at an average annual rate of +5.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of lock and key imports in 2021 were India (X tons), Indonesia (X tons), China (X tons), Japan (X tons), South Korea (X tons), Vietnam (X tons), Australia (X tons), Thailand (X tons), Hong Kong SAR (X tons) and Malaysia (X tons), together finishing at 83% of total import.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +16.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Australia ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 40% of total imports. These countries were followed by Vietnam, South Korea, India, Thailand, Indonesia, Hong Kong SAR and Malaysia, which together accounted for a further 44%.

Vietnam, with a CAGR of +13.3%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 Asia-Pacific stood at $X per ton in 2021, approximately mirroring the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 11% against the previous year. The level of import peaked in 2021 and is expected to retain 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 China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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