Singapore: Lock And Key Market 2025

Lock And Key Market Size in Singapore

The Singaporean lock and key market expanded sharply to $X in 2021, with an increase of 14% against the previous year. Over the period under review, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 increased by +9.8% against 2016 indices. Lock and key consumption peaked in 2021 and is expected to retain growth in the near future.

Lock And Key Production in Singapore

In value terms, lock and key production reduced to $X in 2021 estimated in export price. Overall, production, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 110% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Lock And Key Exports

Exports from Singapore

After two years of decline, overseas shipments of padlocks, locks and keys of base metal increased by 32% to X tons in 2021. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, lock and key exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 25%. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the near future.

Exports by Country

Malaysia (X tons), Germany (X tons) and the United States (X tons) were the main destinations of lock and key exports from Singapore, together comprising 39% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +13.1%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Malaysia ($X) and the United States ($X) constituted the largest markets for lock and key exported from Singapore worldwide, together accounting for 39% of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +14.3%, saw the highest rates of growth with regard to the value of exports, 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, shrinking by -7.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 11%. The export price peaked at $X per ton in 2019; however, from 2020 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 Japan ($X per ton), while the average price for exports to Vietnam ($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 Japan (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Singapore

In 2021, purchases abroad of padlocks, locks and keys of base metal was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, lock and key imports surged to $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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 lock and key supplier to Singapore, accounting for a 38% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Malaysia (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.2% per year) and Malaysia (+0.1% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Singapore, comprising 35% of total imports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.1% per year) and the United States (+5.9% per year).

Import Prices by Country

In 2021, the average lock and key import price amounted to $X per ton, surging by 4.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11%. The import price peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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