India: Lock And Key Market 2025

Lock And Key Market Size in India

In 2021, the Indian lock and key market decreased by -0.1% to $X, falling for the third consecutive year after seven years of growth. Over the period under review, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.0% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Lock And Key Production in India

In value terms, lock and key production contracted to $X in 2021 estimated in export price. Overall, production, however, showed a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then dropped in the following year.

Lock And Key Exports

Exports from India

In 2021, after two years of decline, there was significant growth in shipments abroad of padlocks, locks and keys of base metal, when their volume increased by 64% to X tons. In general, total exports indicated strong growth from 2012 to 2021: its volume 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, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, lock and key exports soared to $X in 2021. Over the period under review, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X tons), the United States (X tons) and Nepal (X tons) were the main destinations of lock and key exports from India, together comprising 45% of total exports. These countries were followed by the Netherlands, the United Arab Emirates, Saudi Arabia, South Africa, Germany, Bangladesh and Belgium, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +24.2%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the United States ($X) and Germany ($X) appeared to be the largest markets for lock and key exported from India worldwide, together comprising 49% of total exports. The Netherlands, Nepal, South Africa, the United Arab Emirates, Saudi Arabia, Bangladesh and Belgium lagged somewhat behind, together comprising a further 21%.

Nepal, with a CAGR of +24.6%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2021, the average lock and key export price amounted to $X per ton, waning by -3.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.3%. The growth pace was the most rapid in 2019 when the average export price increased by 17%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then shrank modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Saudi Arabia ($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 Nepal (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into India

Lock and key imports into India surged to X tons in 2021, rising by 77% on 2020. In general, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports surged to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained 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 India, with a 80% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. Germany (X tons) ranked third in terms of total imports with a 4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+45.4% per year) and Germany (+3.5% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to India, comprising 53% of total imports. The second position in the ranking was held by Germany ($X), with an 11% share of total imports. It was followed by South Korea, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.1% per year) and South Korea (+9.3% per year).

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, waning by -12.5% against the previous year. Overall, the import price saw a abrupt slump. The most prominent rate of growth was recorded in 2017 when the average import price increased by 8.1%. The import price peaked 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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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