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World - Base Metal Furniture Locks - Market Analysis, Forecast, Size, Trends And Insights
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The global market for base metal furniture locks is projected to see a positive trend in both volume and value over the next eight years, with China being the dominant player in terms of consumption and production. The market is forecasted to reach 136K tons in volume and $1.5B in value by 2030, with a CAGR of +3.5% and +4.5% respectively. In 2022, China accounted for 27% of global consumption with 28K tons, while India and the United States followed behind. In terms of production, China produced 75K tons in 2022, far exceeding other countries. Import and export data show fluctuations in trends, with China leading in exports and the United States in imports. Overall, the market is expected to see continued growth in the coming years.
Market Forecast
Driven by increasing demand for base metal furniture locks worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market volume to 136K tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $1.5B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Base Metal Furniture Locks
In 2022, approx. 104K tons of base metal furniture locks were consumed worldwide; increasing by 2.1% on 2021 figures. The total consumption volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 110K tons in 2020; however, from 2021 to 2022, consumption remained at a lower figure.
The global metal furniture lock market revenue skyrocketed to $1B in 2022, increasing by 17% 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). In general, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.3% against 2018 indices. Over the period under review, the global market attained the peak level at $1.1B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.
Consumption By Country
China (28K tons) remains the largest metal furniture lock consuming country worldwide, accounting for 27% of total volume. Moreover, metal furniture lock consumption in China exceeded the figures recorded by the second-largest consumer, India (12K tons), twofold. The United States (5.9K tons) ranked third in terms of total consumption with a 5.7% share.
In China, metal furniture lock consumption increased at an average annual rate of +6.4% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+10.8% per year) and the United States (-2.3% per year).
In value terms, the largest metal furniture lock markets worldwide were China ($174M), India ($162M) and the United States ($101M), with a combined 42% share of the global market. Mexico, the UK, South Korea, Poland, Vietnam, Turkey, Saudi Arabia, Russia, Thailand and Indonesia lagged somewhat behind, together accounting for a further 28%.
Among the main consuming countries, Saudi Arabia, with a CAGR of +14.1%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.
In 2022, the highest levels of metal furniture lock per capita consumption was registered in Saudi Arabia (99 kg per 1000 persons), followed by Poland (44 kg per 1000 persons), the UK (43 kg per 1000 persons) and South Korea (33 kg per 1000 persons), while the world average per capita consumption of metal furniture lock was estimated at 13 kg per 1000 persons.
In Saudi Arabia, metal furniture lock per capita consumption increased at an average annual rate of +13.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Poland (+8.8% per year) and the UK (+13.6% per year).
Production
World Production of Base Metal Furniture Locks
In 2022, approx. 113K tons of base metal furniture locks were produced worldwide; increasing by 4.9% compared with 2021 figures. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 13%. Over the period under review, global production hit record highs at 119K tons in 2018; however, from 2019 to 2022, production failed to regain momentum.
In value terms, metal furniture lock production rose modestly to $1.1B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18% against the previous year. Over the period under review, global production reached the maximum level at $1.2B in 2018; however, from 2019 to 2022, production failed to regain momentum.
Production By Country
The country with the largest volume of metal furniture lock production was China (75K tons), comprising approx. 66% of total volume. Moreover, metal furniture lock production in China exceeded the figures recorded by the second-largest producer, India (9K tons), eightfold. The third position in this ranking was held by the United States (3.6K tons), with a 3.2% share.
In China, metal furniture lock production expanded at an average annual rate of +1.1% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+10.4% per year) and the United States (-5.3% per year).
Imports
World Imports of Base Metal Furniture Locks
After five years of growth, purchases abroad of base metal furniture locks decreased by -14.4% to 47K tons in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 14% against the previous year. Over the period under review, global imports hit record highs at 56K tons in 2021, and then declined in the following year.
In value terms, metal furniture lock imports stood at $447M in 2022. The total import value increased at an average annual rate of +4.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 17%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.
Imports By Country
The purchases of the twelve major importers of base metal furniture locks, namely Indonesia, the United States, India, Vietnam, Russia, the United Arab Emirates, Bangladesh, Nigeria, Pakistan, Togo, Canada and Iraq, represented more than third of total import. Mozambique (817 tons) followed a long way behind the leaders.
From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of +12.2%), while imports for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($55M) constitutes the largest market for imported base metal furniture locks worldwide, comprising 12% of global imports. The second position in the ranking was taken by Vietnam ($17M), with a 3.7% share of global imports. It was followed by India, with a 3.6% share.
From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +7.7%. In the other countries, the average annual rates were as follows: Vietnam (+3.0% per year) and India (+12.2% per year).
Import Prices By Country
The average metal furniture lock import price stood at $9,407 per ton in 2022, surging by 18% against the previous year. Over the last decade, it increased at an average annual rate of +4.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($18,274 per ton), while Togo ($520 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+7.2%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Base Metal Furniture Locks
In 2022, after two years of growth, there was significant decline in shipments abroad of base metal furniture locks, when their volume decreased by -7.9% to 57K tons. In general, exports saw a slight decrease. The most prominent rate of growth was recorded in 2013 with an increase of 17%. As a result, the exports reached the peak of 77K tons. From 2014 to 2022, the growth of the global exports failed to regain momentum.
In value terms, metal furniture lock exports amounted to $636M in 2022. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 29%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.
Exports By Country
China prevails in exports structure, recording 47K tons, which was near 82% of total exports in 2022. Thailand (2K tons), Taiwan (Chinese) (1.4K tons) and Germany (1.2K tons) took a minor share of total exports.
China experienced a relatively flat trend pattern with regard to volume of exports of base metal furniture locks. Thailand, Taiwan (Chinese) and Germany experienced a relatively flat trend pattern. China (+2.9 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($374M) remains the largest metal furniture lock supplier worldwide, comprising 59% of global exports. The second position in the ranking was taken by Germany ($42M), with a 6.6% share of global exports. It was followed by Taiwan (Chinese), with a 3.5% share.
From 2012 to 2022, the average annual growth rate of value in China totaled +3.7%. In the other countries, the average annual rates were as follows: Germany (+1.5% per year) and Taiwan (Chinese) (+4.8% per year).
Export Prices By Country
The average metal furniture lock export price stood at $11,082 per ton in 2022, surging by 9.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.2%. The pace of growth appeared the most rapid in 2021 an increase of 15% against the previous year. The global export price peaked in 2022 and is likely to continue growth in the near future.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($35,787 per ton), while China ($7,900 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.8%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global metal furniture lock market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 25721170 - Base metal furniture locks
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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