Latin America and the Caribbean: Lock And Key Market 2024

Lock And Key Market Size in Latin America and the Caribbean

In 2021, the Latin American lock and key market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The level of consumption peaked at $X in 2014; afterwards, it flattened through to 2021.

Lock And Key Production in Latin America and the Caribbean

In value terms, lock and key production dropped to $X in 2021 estimated in export price. In general, production recorded a perceptible contraction. The pace of growth appeared the most rapid in 2016 when the production volume increased by 2.4% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Lock And Key Exports

Exports in Latin America and the Caribbean

After three years of decline, shipments abroad of padlocks, locks and keys of base metal increased by 11% to X tons in 2021. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 35%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, lock and key exports amounted to $X in 2021. The total export value increased at an average annual rate of +2.4% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico dominates exports structure, reaching X tons, which was near 89% of total exports in 2021. Brazil (X tons) and Colombia (X tons) held a minor share of total exports.

Exports from Mexico increased at an average annual rate of +1.3% from 2012 to 2021. At the same time, Colombia (+8.7%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +8.7% from 2012-2021. By contrast, Brazil (-3.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico increased by +6.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest lock and key supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was held by Brazil ($X), with a 2.9% share of total exports.

In Mexico, lock and key exports increased at an average annual rate of +3.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-7.1% per year) and Colombia (+3.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, approximately equating the previous year. Export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. 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 +66.9% against 2014 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 27% against the previous year. The level of export peaked at $X per ton in 2020, and then contracted modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.9%), while the other leaders experienced a decline in the export price figures.

Lock And Key Imports

Imports in Latin America and the Caribbean

In 2021, after two years of decline, there was significant growth in supplies from abroad of padlocks, locks and keys of base metal, when their volume increased by 29% to X tons. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 45% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lock and key imports soared to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico was the major importer of padlocks, locks and keys of base metal in Latin America and the Caribbean, with the volume of imports amounting to X tons, which was near 49% of total imports in 2021. Brazil (X tons) ranks second in terms of the total imports with a 17% share, followed by Chile (6.3%) and Colombia (6.2%). The following importers - Argentina (X tons), Peru (X tons), Ecuador (X tons), the Dominican Republic (X tons) and Guatemala (X tons) - together made up 14% of total imports.

From 2012 to 2021, average annual rates of growth with regard to lock and key imports into Mexico stood at +4.3%. At the same time, Chile (+14.6%), Peru (+10.1%), the Dominican Republic (+9.6%), Colombia (+8.9%), Guatemala (+7.9%), Ecuador (+7.7%), Brazil (+3.0%) and Argentina (+2.4%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +14.6% from 2012-2021. From 2012 to 2021, the share of Chile and Colombia increased by +3.6 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported padlocks, locks and keys of base metal in Latin America and the Caribbean, comprising 53% of total imports. The second position in the ranking was taken by Brazil ($X), with a 15% share of total imports. It was followed by Argentina, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value in Mexico stood at +3.8%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+2.8% per year) and Argentina (-1.3% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, increasing by 4.2% against the previous year. Overall, the import price, however, recorded a mild descent. The pace of growth was the most pronounced in 2017 when the import price increased by 10%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Argentina ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :