Eastern Asia: Lock And Key Market 2024

Lock And Key Market Size in Eastern Asia

After three years of growth, the East Asian lock and key market decreased by -22.1% to $X in 2021. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Lock And Key Production in Eastern Asia

In value terms, lock and key production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 when the production volume increased by 10%. The level of production peaked at $X in 2020, and then declined slightly in the following year.

Lock And Key Exports

Exports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded growth in shipments abroad of padlocks, locks and keys of base metal, which increased by 23% to X tons in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.3% 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 +156.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 88%. The volume of export peaked in 2021 and is expected to retain growth in the near future.

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 +7.8% 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 +63.1% 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, recording X tons, which was near 90% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), creating a 5.1% share of total exports. South Korea (X tons) took a minor share of total exports.

China was also the fastest-growing in terms of the padlocks, locks and keys of base metal exports, with a CAGR of +5.9% from 2012 to 2021. At the same time, South Korea (+2.9%) and Taiwan (Chinese) (+1.7%) displayed positive paces of growth. China (+4.9 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -1.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest lock and key supplier in Eastern Asia, comprising 84% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 7.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled +9.2%. 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 Eastern Asia stood at $X per ton in 2021, surging by 5.8% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% 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 +10.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 51% 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 remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.6%), while the other leaders experienced more modest paces of growth.

Lock And Key Imports

Imports in Eastern Asia

Lock and key imports surged to X tons in 2021, increasing by 17% against 2020. The total import volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained 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 China (X tons), Japan (X tons) and South Korea (X tons), together finishing at 75% of total import. Hong Kong SAR (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (9.3%).

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +10.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lock and key importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together comprising 83% of total imports.

South Korea, with a CAGR of +13.0%, saw the highest growth rate of the value of imports, among 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 Eastern Asia stood at $X per ton in 2021, picking up by 4.1% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 4.6%. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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