Bangladesh: Lock And Key Market 2025

Lock And Key Market Size in Bangladesh

For the third year in a row, the Bangladeshi lock and key market recorded growth in sales value, which increased by 31% to $X in 2021. In general, consumption saw a buoyant expansion. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Lock And Key Exports

Exports from Bangladesh

After three years of growth, shipments abroad of padlocks, locks and keys of base metal decreased by -39.8% to X tons in 2021. Over the period under review, exports, however, continue to indicate temperate growth. The pace of growth was the most pronounced in 2015 with an increase of 524%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, lock and key exports fell notably to $X in 2021. Overall, exports saw a pronounced decline. The pace of growth was the most pronounced in 2015 when exports increased by 463% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then declined notably in the following year.

Exports by Country

Mexico (X tons), Bahrain (X tons) and the UK (X tons) were the main destinations of lock and key exports from Bangladesh, together comprising 69% of total exports. These countries were followed by Singapore, the United States, Saudi Arabia, Costa Rica and Austria, which together accounted for a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of +197.5%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from Bangladesh, comprising 40% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 10% share of total exports. It was followed by the UK, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico stood at +39.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-9.7% per year) and the UK (-14.5% per year).

Export Prices by Country

The average lock and key export price stood at $X per ton in 2021, dropping by -43% against the previous year. Overall, the export price continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2019 when the average export price increased by 67%. The export price peaked at $X per ton in 2020, and then shrank markedly in the following year.

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 Saudi Arabia ($X per ton), while the average price for exports to Costa Rica ($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 Austria (+6.5%), while the prices for the other major destinations experienced a decline.

Lock And Key Imports

Imports into Bangladesh

In 2021, lock and key imports into Bangladesh skyrocketed to X tons, growing by 25% against 2020 figures. Overall, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by 133%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, lock and key imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 245%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest lock and key supplier to Bangladesh, with a 84% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.3% per year) and Thailand (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Bangladesh, comprising 85% of total imports. The second position in the ranking was taken by India ($X), with a 7.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.5% per year) and Thailand (+9.4% per year).

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, increasing by 7% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.8% 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 import price increased by +36.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 48% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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