Middle East: Lock And Key Market 2024

Lock And Key Market Size in the Middle East

The Middle Eastern lock and key market amounted to $X in 2023, approximately equating the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Lock And Key Production in the Middle East

In value terms, lock and key production amounted to $X in 2023 estimated in export price. The total production indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Lock And Key Exports

Exports in the Middle East

In 2023, overseas shipments of padlocks, locks and keys of base metal decreased by X% to X tons, falling for the second consecutive year after six years of growth. Total exports indicated a noticeable expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, lock and key exports rose markedly to $X in 2023. Total exports indicated a notable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2023 and are likely to see gradual growth in the near future.

Exports by Country

Turkey dominates exports structure, resulting at X tons, which was near X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports.

Turkey was also the fastest-growing in terms of the padlocks, locks and keys of base metal exports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. From 2012 to 2023, the share of Turkey increased by X percentage points.

In value terms, Turkey ($X) remains the largest lock and key supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

In Turkey, lock and key exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, with an increase of X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Lock And Key Imports

Imports in the Middle East

In 2023, approx. X tons of padlocks, locks and keys of base metal were imported in the Middle East; increasing by X% against the year before. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, lock and key imports expanded slightly to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports reached the peak of $X. From 2015 to 2023, the growth of imports remained at a lower figure.

Imports by Country

The countries with the highest levels of lock and key imports in 2023 were the United Arab Emirates (X tons), Turkey (X tons), Saudi Arabia (X tons) and Iraq (X tons), together recording X% of total import. It was distantly followed by Iran (X tons) and Israel (X tons), together achieving a X% share of total imports. The following importers - Kuwait (X tons) and Yemen (X tons) - each reached a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Kuwait (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lock and key importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), with a combined X% share of total imports. Saudi Arabia, Iraq, Iran, Kuwait and Yemen lagged somewhat behind, together accounting for a further X%.

Iraq, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, shrinking by X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2022 an increase of X%. As a result, import price reached the peak level of $X per ton, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Iraq (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform