Asia: Lock And Key Market 2025

Lock And Key Market Size in Asia

The Asian lock and key market declined to $X in 2021, shrinking by -10.9% against the previous year. Over the period under review, consumption, however, recorded 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 somewhat lower figure.

Lock And Key Production in Asia

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 +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2014 when the production volume increased by 10%. Over the period under review, production hit record highs at $X in 2020, and then dropped slightly in the following year.

Lock And Key Exports

Exports in Asia

In 2021, shipments abroad of padlocks, locks and keys of base metal increased by 22% to X tons, rising for the fifth year in a row after two years of decline. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.3% 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 +134.7% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 73% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, lock and key exports soared to $X in 2021. Total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.6% 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 +61.5% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 79% of total exports in 2021. The following exporters - Taiwan (Chinese) (X tons), Turkey (X tons), South Korea (X tons), India (X tons), Vietnam (X tons) and Thailand (X tons) - together made up 18% of total exports.

Exports from China increased at an average annual rate of +5.9% from 2012 to 2021. At the same time, Vietnam (+25.5%), Turkey (+6.3%), 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, with a CAGR of +25.5% from 2012-2021. Thailand experienced a relatively flat trend pattern. From 2012 to 2021, the share of China increased by +4.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest lock and key supplier in Asia, comprising 73% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6.7% share of total exports. It was followed by South Korea, with a 4.5% share.

In China, lock and key exports increased at an average annual rate of +9.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+5.4% per year) and South Korea (+4.0% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, picking up by 5.5% against the previous year. Export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lock and key export price increased by +8.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 41% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

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

In 2021, supplies from abroad of padlocks, locks and keys of base metal was finally on the rise to reach X tons after three years of decline. The total import volume increased at an average annual rate of +4.6% 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. The total import value increased at an average annual rate of +4.9% 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.

Imports by Country

The purchases of the twelve major importers of padlocks, locks and keys of base metal, namely India, Indonesia, China, Japan, South Korea, Vietnam, Saudi Arabia, Thailand, the United Arab Emirates, Hong Kong SAR, Turkey and Malaysia, represented more than two-thirds of total import. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +16.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 32% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +13.3%, saw the highest rates of growth with regard to 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 Asia stood at $X per ton in 2021, growing by 3.3% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 4.8% against the previous year. The level of import peaked at $X per ton in 2015; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: 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 the United Arab Emirates (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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