China: Lock And Key Market 2025

Lock And Key Market Size in China

In 2021, the Chinese lock and key market decreased by -26.9% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption continues to indicate 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 China

In value terms, lock and key production shrank slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.7% 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 2014 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Lock And Key Exports

Exports from China

In 2021, exports of padlocks, locks and keys of base metal from China soared to X tons, rising by 23% against 2020 figures. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +207.3% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 118% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, lock and key exports surged to $X in 2021. Overall, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +76.1% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for lock and key exports from China, with a 2% share of total exports. Moreover, lock and key exports to the United States exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. Nigeria (X tons) ranked third in terms of total exports with a 0.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.5% per year) and Nigeria (+2.0% per year).

In value terms, the United States ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from China, comprising 3.8% of total exports. The second position in the ranking was held by Vietnam ($X), with a 0.7% share of total exports. It was followed by Mexico, with a 0.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-2.3% per year) and Mexico (+6.5% per year).

Export Prices by Country

In 2021, the average lock and key export price amounted to $X per ton, with an increase of 6.3% against the previous year. Overall, the export price showed a temperate increase. The growth pace was the most rapid in 2016 when the average export price increased by 65%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Pakistan ($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 the Philippines (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into China

In 2021, the amount of padlocks, locks and keys of base metal imported into China soared to X tons, increasing by 24% on the previous year's figure. Overall, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.9% 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 +26.1% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 32%. Imports peaked 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, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, 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 Czech Republic (X tons), Germany (X tons) and Mexico (X tons) were the main suppliers of lock and key imports to China, with a combined 4% share of total imports. These countries were followed by Italy, Japan, Thailand, South Korea, Portugal, Taiwan (Chinese), Vietnam, Canada, the Philippines and India, which together accounted for a further 3.6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +72.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lock and key suppliers to China were the Czech Republic ($X), Germany ($X) and Mexico ($X), together accounting for 9.1% of total imports. These countries were followed by Japan, Italy, Vietnam, Taiwan (Chinese), Portugal, Canada, South Korea, India, the Philippines and Thailand, which together accounted for a further 9.4%.

The Philippines, with a CAGR of +64.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, surging by 4.7% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 18% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($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 (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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