Mexico: Lock And Key Market 2025

Lock And Key Market Size in Mexico

In 2021, after two years of decline, there was significant growth in the Mexican lock and key market, when its value increased by 24% to $X. In general, the total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -14.1% against 2018 indices. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Lock And Key Production in Mexico

In value terms, lock and key production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% 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 11%. Over the period under review, production attained the peak level at $X in 2020, and then dropped slightly in the following year.

Lock And Key Exports

Exports from Mexico

In 2021, exports of padlocks, locks and keys of base metal from Mexico expanded significantly to X tons, increasing by 9.2% compared with 2020. Over the period under review, total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 43% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, lock and key exports stood at $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 somewhat noticeable fluctuations 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

The United States (X tons) was the main destination for lock and key exports from Mexico, with a 95% share of total exports. It was followed by Brazil (X tons), with a 1.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +1.7%.

In value terms, the United States ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from Mexico, comprising 94% of total exports. The second position in the ranking was taken by Brazil ($X), with a 1.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +3.4%.

Export Prices by Country

The average lock and key export price stood at $X per ton in 2021, remaining constant against the previous year. Overall, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lock and key export price increased by +76.3% against 2014 indices. The pace of growth appeared the most rapid in 2016 when the average export price increased by 31%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+4.0%).

Lock And Key Imports

Imports into Mexico

In 2021, overseas purchases of padlocks, locks and keys of base metal increased by 17% to X tons for the first time since 2014, thus ending a six-year declining trend. Overall, imports enjoyed a noticeable increase. The growth pace was the most rapid in 2014 when imports increased by 73%. 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 surged to $X in 2021. The total import value increased at an average annual rate of +3.8% over the period 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

In 2021, the United States (X tons) constituted the largest supplier of lock and key to Mexico, with a 87% share of total imports. Moreover, lock and key imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. The third position in this ranking was taken by Canada (X tons), with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.9% per year) and Canada (-14.5% per year).

In value terms, the largest lock and key suppliers to Mexico were the United States ($X), China ($X) and South Korea ($X), with a combined 75% share of total imports.

Among the main suppliers, China, with a CAGR of +9.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lock and key import price amounted to $X per ton, rising by 5.4% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 15%. 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 South Korea ($X per ton), while the price for the United States ($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 (+25.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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