United Arab Emirates: Lock And Key Market 2024

Lock And Key Market Size in the United Arab Emirates

The lock and key market in the United Arab Emirates surged to $X in 2021, with an increase of 45% 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). Overall, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lock And Key Exports

Exports from the United Arab Emirates

In 2021, overseas shipments of padlocks, locks and keys of base metal decreased by -13.5% to X tons, falling for the fourth year in a row after two years of growth. In general, exports, however, enjoyed a modest increase. The pace of growth was the most pronounced in 2017 with an increase of 93%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lock and key exports reduced to $X in 2021. Overall, exports, however, saw buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 109%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X tons) was the main destination for lock and key exports from the United Arab Emirates, accounting for a 49% share of total exports. Moreover, lock and key exports to Oman exceeded the volume sent to the second major destination, Rwanda (X tons), fourfold. Tanzania (X tons) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Oman totaled +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+15.8% per year) and Tanzania (-8.2% per year).

In value terms, Oman ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from the United Arab Emirates, comprising 48% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 14% share of total exports. It was followed by Saudi Arabia, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Oman stood at +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+3.3% per year) and Saudi Arabia (+20.2% per year).

Export Prices by Country

The average lock and key export price stood at $X per ton in 2021, flattening at the previous year. In general, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. 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 +108.3% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 25% against the previous year. The export price peaked at $X per ton in 2020, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Tanzania ($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 Qatar (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into the United Arab Emirates

After two years of decline, supplies from abroad of padlocks, locks and keys of base metal increased by 39% to X tons in 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 65%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a 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 +5.6% over the period 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 when imports increased by 29%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of lock and key to the United Arab Emirates, with a 67% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), ninefold. The third position in this ranking was held by Italy (X tons), with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.3% per year) and Italy (-7.7% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to the United Arab Emirates, comprising 48% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.1% share of total imports. It was followed by the United States, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.8% per year) and the United States (+3.0% per year).

Import Prices by Country

In 2021, the average lock and key import price amounted to $X per ton, shrinking by -8.6% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2016 an increase of 30% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained 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 China (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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