Hungary: Lock And Key Market 2024

Lock And Key Market Size in Hungary

In 2021, after four years of growth, there was significant decline in the Hungarian lock and key market, when its value decreased by -9.9% to $X. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Lock And Key Production in Hungary

In value terms, lock and key production expanded markedly to $X in 2021 estimated in export price. Overall, production showed a mild decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lock And Key Exports

Exports from Hungary

In 2021, overseas shipments of padlocks, locks and keys of base metal increased by 11% to X tons, rising for the third consecutive year after three years of decline. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 147%. 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. The total export value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for lock and key exports from Hungary, with a 34% share of total exports. Moreover, lock and key exports to Germany exceeded the volume sent to the second major destination, Romania (X tons), fourfold. Poland (X tons) ranked third in terms of total exports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+5.6% per year) and Poland (-6.7% per year).

In value terms, Germany ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from Hungary, comprising 30% of total exports. The second position in the ranking was held by Romania ($X), with a 9.4% share of total exports. It was followed by Poland, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+6.8% per year) and Poland (-2.0% per year).

Export Prices by Country

In 2021, the average lock and key export price amounted to $X per ton, picking up by 12% against the previous year. Overall, the export price saw perceptible growth. The pace of growth was the most pronounced in 2016 when the average export price increased by 149% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Spain ($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 (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Hungary

In 2021, purchases abroad of padlocks, locks and keys of base metal increased by 6.2% to X tons, rising for the fourth consecutive year after three years of decline. In general, imports saw a temperate expansion. The growth pace was the most rapid in 2020 when imports increased by 249%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, lock and key imports surged to $X in 2021. The total import value increased at an average annual rate of +5.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 23% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Germany (X tons) constituted the largest lock and key supplier to Hungary, with a 49% share of total imports. Moreover, lock and key imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Austria (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from Germany totaled -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.0% per year) and Austria (+6.8% per year).

In value terms, Germany ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Hungary, comprising 43% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 10% share of total imports. It was followed by China, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from Germany totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+24.6% per year) and China (+24.4% per year).

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, with an increase of 11% against the previous year. Over the period under review, the import price showed moderate growth. The growth pace was the most rapid in 2016 when the average import price increased by 323%. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 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 the Czech Republic ($X per ton), while the price for Poland ($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 Czech Republic (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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