Australia: Lock And Key Market 2024

Lock And Key Market Size in Australia

In 2021, the Australian lock and key market increased by 27% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lock And Key Exports

Exports from Australia

For the third consecutive year, Australia recorded growth in overseas shipments of padlocks, locks and keys of base metal, which increased by 8.4% to X tons in 2021. Over the period under review, exports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2019 with an increase of 24% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, lock and key exports rose significantly to $X in 2021. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when exports increased by 29%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the near future.

Exports by Country

New Zealand (X tons), the United States (X tons) and Japan (X tons) were the main destinations of lock and key exports from Australia, together accounting for 66% of total exports. Germany, the UK, Thailand, Papua New Guinea, Singapore, China and the United Arab Emirates lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +20.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), New Zealand ($X) and Japan ($X) were the largest markets for lock and key exported from Australia worldwide, with a combined 66% share of total exports. The UK, China, Papua New Guinea, Thailand, Singapore, Germany and the United Arab Emirates lagged somewhat behind, together comprising a further 20%.

Germany, with a CAGR of +20.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average lock and key export price stood at $X per ton in 2021, reducing by -1.6% against the previous year. In general, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.0% 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 decreased by -4.3% against 2019 indices. The pace of growth appeared the most rapid in 2015 an increase of 21% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Australia

In 2021, after three years of decline, there was significant growth in supplies from abroad of padlocks, locks and keys of base metal, when their volume increased by 22% to X tons. In general, imports recorded a relatively flat trend pattern. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, lock and key imports soared to $X in 2021. The total import value increased at an average annual rate of +4.5% 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

In 2021, China (X tons) constituted the largest lock and key supplier to Australia, with a 57% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Austria (X tons), sixfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+11.4% per year) and Taiwan (Chinese) (-3.8% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Australia, comprising 57% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 6.7% share of total imports. It was followed by Austria, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.4% per year) and Austria (+6.5% per year).

Import Prices by Country

In 2021, the average lock and key import price amounted to $X per ton, rising by 4.2% against the previous year. In general, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.3% 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 import price increased by +98.2% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 52% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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