Kuwait: Lock And Key Market 2025

Lock And Key Market Size in Kuwait

The Kuwaiti lock and key market surged to $X in 2021, picking up by 89% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lock And Key Exports

Exports from Kuwait

In 2021, lock and key exports from Kuwait skyrocketed to X tons, with an increase of 29% on 2020 figures. Overall, exports saw prominent growth. The pace of growth appeared the most rapid in 2017 when exports increased by 347% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, lock and key exports skyrocketed to $X in 2021. In general, exports recorded perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 117% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X tons) was the main destination for lock and key exports from Kuwait, with a 66% share of total exports. Moreover, lock and key exports to Saudi Arabia exceeded the volume sent to the second major destination, Bahrain (X tons), eightfold. The third position in this ranking was taken by Lebanon (X tons), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia amounted to +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+11.9% per year) and Lebanon (+13.9% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for padlocks, locks and keys of base metal exports from Kuwait, comprising 61% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 9.5% share of total exports. It was followed by the United Arab Emirates, with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia amounted to +37.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+13.4% per year) and the United Arab Emirates (-7.7% per year).

Export Prices by Country

In 2021, the average lock and key export price amounted to $X per ton, picking up by 20% against the previous year. Overall, the export price, however, continues to indicate a perceptible setback. The growth pace was the most rapid in 2016 an increase of 59%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

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 Hong Kong SAR ($X per ton), while the average price for exports to Lebanon ($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 Ethiopia (+61.6%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Kuwait

Lock and key imports into Kuwait soared to X tons in 2021, increasing by 76% against the previous year's figure. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. 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.

In value terms, lock and key imports skyrocketed to $X in 2021. Overall, imports enjoyed a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of lock and key to Kuwait, accounting for a 40% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.5% per year) and Taiwan (Chinese) (+6.0% per year).

In value terms, the largest lock and key suppliers to Kuwait were China ($X), Italy ($X) and the United States ($X), with a combined 42% share of total imports. These countries were followed by the United Arab Emirates, Germany, Taiwan (Chinese), Turkey, India and Austria, which together accounted for a further 22%.

Turkey, with a CAGR of +22.8%, recorded the highest growth rate of the value of imports, in terms of 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, with an increase of 6.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. The most prominent rate of growth was recorded in 2013 an increase of 21%. Over the period under review, average import prices attained the maximum 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 United Arab Emirates ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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