Singapore: Lock And Key Market 2024

Lock And Key Market Size in Singapore

The Singaporean lock and key market amounted to $X in 2022, rising by X% against the previous year. Overall, consumption, however, recorded a prominent increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Lock And Key Production in Singapore

In value terms, lock and key production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

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Lock And Key Exports

Exports from Singapore

In 2022, approx. X tons of padlocks, locks and keys of base metal were exported from Singapore; with a decrease of X% compared with 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, lock and key exports fell modestly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then fell slightly in the following year.

Exports by Country

Malaysia (X tons), the Netherlands (X tons) and the United States (X tons) were the main destinations of lock and key exports from Singapore, together comprising X% of total exports. Indonesia, Vietnam, Australia, the Philippines, India, Taiwan (Chinese), Japan, Hong Kong SAR, Thailand and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lock and key exported from Singapore were the Netherlands ($X), Malaysia ($X) and the United States ($X), together accounting for X% of total exports. Indonesia, China, Australia, Japan, India, the Philippines, Taiwan (Chinese), Vietnam, Hong Kong SAR and Thailand lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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

In 2022, the average lock and key export price amounted to $X per ton, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Singapore

In 2022, lock and key imports into Singapore shrank to X tons, falling by X% compared with the previous year's figure. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, lock and key imports contracted modestly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then fell modestly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest lock and key supplier to Singapore, with a X% 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), twofold. Austria (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Austria (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Malaysia (X% per year).

Import Prices by Country

In 2022, the average lock and key import price amounted to $X per ton, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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