Saudi Arabia: Lock And Key Market 2024

Lock And Key Market Size in Saudi Arabia

The Saudi lock and key market expanded remarkably to $X in 2021, rising by 10% 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). Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lock And Key Exports

Exports from Saudi Arabia

In 2021, shipments abroad of padlocks, locks and keys of base metal increased by 148% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 217%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, lock and key exports soared to $X in 2021. In general, exports, however, continue to indicate a deep setback. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons), Yemen (X tons) and Bahrain (X tons) were the main destinations of lock and key exports from Saudi Arabia, together accounting for 64% of total exports. These countries were followed by Sudan, Canada, Oman, Guinea and Egypt, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +228.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bahrain ($X), Yemen ($X) and the United Arab Emirates ($X) constituted the largest markets for lock and key exported from Saudi Arabia worldwide, with a combined 62% share of total exports. These countries were followed by Sudan, Guinea, Oman, Canada and Egypt, which together accounted for a further 22%.

Canada, with a CAGR of +158.9%, 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

The average lock and key export price stood at $X per ton in 2021, falling by -18.3% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 33% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Canada ($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 Egypt (+23.9%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Saudi Arabia

In 2021, overseas purchases of padlocks, locks and keys of base metal increased by 1.4% to X tons, rising for the third year in a row after three years of decline. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 29%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, lock and key imports expanded sharply to $X in 2021. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 16% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest lock and key supplier to Saudi Arabia, with a 65% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sixfold. The third position in this ranking was taken by India (X tons), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.1% per year) and India (+1.8% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Saudi Arabia, comprising 42% of total imports. The second position in the ranking was held by Italy ($X), with a 15% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+0.9% per year) and Germany (+3.7% 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. Overall, the import price, however, saw a slight downturn. The pace of growth appeared the most rapid in 2018 an increase of 17% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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