Base Metal Keys Market

The article highlights the projected growth in the base metal keys market from 2022 to 2030, with an anticipated CAGR of +3.7% in consumption and +5.9% in value. It discusses the changing trends in consumption, production, imports, and exports of base metal keys across key countries such as China, the United States, and India. The analysis also includes insights on average import and export prices, as well as the notable growth rates in production and consumption amongst the major players in the global market.

Market Forecast

Driven by increasing demand for base metal keys worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 90K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $2.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Base Metal Keys

In 2022, consumption of base metal keys decreased by -1.1% to 68K tons, falling for the third consecutive year after three years of growth. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 84K tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global base metal keys market size reduced to $1.6B in 2022, with a decrease of -9.8% 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, consumption, however, recorded a relatively flat trend pattern. Global consumption peaked at $2.1B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The country with the largest volume of base metal keys consumption was China (20K tons), accounting for 29% of total volume. Moreover, base metal keys consumption in China exceeded the figures recorded by the second-largest consumer, the United States (9.8K tons), twofold. India (8.7K tons) ranked third in terms of total consumption with a 13% share.

In China, base metal keys consumption increased at an average annual rate of +2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+3.2% per year) and India (+3.4% per year).

In value terms, the United States ($247M), Japan ($209M) and China ($198M) were the countries with the highest levels of market value in 2022, together comprising 41% of the global market. India, South Korea, Canada, Thailand, Australia, Mexico, France and Turkey lagged somewhat behind, together comprising a further 35%.

Australia, with a CAGR of +7.7%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of base metal keys per capita consumption in 2022 were Australia (39 kg per 1000 persons), Canada (36 kg per 1000 persons) and Japan (31 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Australia (with a CAGR of +4.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Base Metal Keys

In 2022, production of base metal keys decreased by -1.3% to 67K tons, falling for the third consecutive year after three years of growth. The total output volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 15% against the previous year. Global production peaked at 81K tons in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, base metal keys production reached $1.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% 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 2016 with an increase of 16%. Over the period under review, global production attained the maximum level at $2B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of base metal keys production was China (26K tons), accounting for 39% of total volume. Moreover, base metal keys production in China exceeded the figures recorded by the second-largest producer, the United States (8.5K tons), threefold. The third position in this ranking was taken by India (7.9K tons), with a 12% share.

In China, base metal keys production increased at an average annual rate of +2.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+2.8% per year) and India (+3.4% per year).

Imports

World Imports of Base Metal Keys

In 2022, purchases abroad of base metal keys increased by 5.4% to 21K tons, rising for the second consecutive year after two years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, global imports reached the maximum at 21K tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, base metal keys imports reached $508M in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. Global imports peaked at $526M in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (2.7K tons), followed by Mexico (1.7K tons), Germany (1.3K tons), India (1K tons), France (0.9K tons) and the UK (0.9K tons) represented the major importers of base metal keys, together comprising 41% of total imports. Italy (643 tons), Brazil (639 tons), Poland (557 tons), Hungary (478 tons), Malaysia (457 tons), Canada (423 tons) and the Netherlands (413 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 Malaysia (with a CAGR of +16.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($72M), Germany ($42M) and Mexico ($34M) were the countries with the highest levels of imports in 2022, with a combined 29% share of global imports. France, the UK, Canada, Hungary, Italy, the Netherlands, Poland, India, Brazil and Malaysia lagged somewhat behind, together accounting for a further 30%.

Hungary, with a CAGR of +11.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average base metal keys import price amounted to $24,570 per ton, leveling off at the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 8.3% against the previous year. Global import price peaked at $25,688 per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($43,974 per ton), while Malaysia ($3,842 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Base Metal Keys

In 2022, the amount of base metal keys exported worldwide amounted to 20K tons, increasing by 5% compared with 2021 figures. The total export volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 28% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, base metal keys exports rose slightly to $489M in 2022. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 18% against the previous year. Over the period under review, the global exports reached the maximum at $492M in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (6.6K tons) was the main exporter of base metal keys, constituting 33% of total exports. Italy (2.9K tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (10%), Spain (9.6%) and the United States (7%). Germany (669 tons) and Taiwan (Chinese) (428 tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to base metal keys exports from China stood at +2.1%. At the same time, Mexico (+8.0%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +8.0% from 2012-2022. Spain and Germany experienced a relatively flat trend pattern. By contrast, the United States (-4.5%) and Taiwan (Chinese) (-4.9%) illustrated a downward trend over the same period. Mexico (+5 p.p.) and China (+3 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) and the United States saw its share reduced by -1.8% and -5.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($76M), Italy ($71M) and Germany ($67M) appeared to be the countries with the highest levels of exports in 2022, with a combined 44% share of global exports.

China, with a CAGR of +8.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average base metal keys export price amounted to $24,528 per ton, which is down by -2.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 7.9% against the previous year. Over the period under review, the average export prices reached the peak figure at $28,403 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($100,166 per ton), while China ($11,465 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform