Padlocks, locks and keys market in Finland

Earlier Report Observations

The Finnish market for padlocks, locks and keys contracted sharply from 73.0 million US dollars in 2018 to 9.4 million in 2024. This decline occurred alongside strong growth in export value, which rose from 111.9 million to 177.5 million over the period, while production and import values showed more moderate and variable movements.

By 2024, Finland had established itself as a significant exporter within the European base metal padlock market, with its products commanding the highest price per ton among major suppliers. This focus on higher-value exports coincided with a reduced domestic market size, reflecting the industry's strategic orientation toward external trade.

Production padlocks, locks and keys in Finland

In value, 2017-2020, M $ US

Finland's production of padlocks, locks, and keys declined for the third year in a row. In 2020, output was valued at 102.1 million US dollars, marking a modest decrease of 9.0% compared to the previous year. From 2017 to 2020, production fell by 15.5%, which translates to an average annual decline of 5.5%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

Exports padlocks, locks and keys from Finland

Exports in kind, t

The market showed significant volatility during this period. From 2017 to 2019, exports varied widely, with a peak-to-trough difference of 9 times. In 2019, volumes hit their lowest point at 129 tonnes, representing an 88.0% drop. However, in 2020, exports surged to 900 tonnes, a dramatic increase of 595.7% over the previous year.

Annual dynamics of product's exports from Finland in kind, 2017-2020, t

Between 2017 and 2020, Sweden, Estonia, and the United States were key destinations for Finland's padlocks, locks, and keys exports in volume terms, accounting for 14.3%, 10.1%, and 7.0% of total exports, respectively. Together, they made up 31.4% of the total, while the remaining 68.6% was distributed among numerous other trading partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

After two years of growth, Finland's exports of padlocks, locks, and keys in value terms declined. In 2020, exports totaled 117.5 million US dollars, a slight decrease of 0.8% from the previous year. The peak was reached in 2019 at 118.4 million US dollars, following a notable increase of 16.2% in 2018. Overall, from 2017 to 2020, exports rose by 22.1%, averaging an annual growth rate of 6.9%.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

From 2017 to 2020, Finland's exports of padlocks, locks, and keys in value terms were relatively diversified. Sweden led with 22.7% of total exports, followed by Germany at 10.2% and France at 7.1%. Combined, these three countries accounted for 40.0% of the total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports padlocks, locks and keys to Finland

Imports in kind, t

Import volumes were highly volatile during these years. In 2018, imports peaked at 1 921 tonnes, but dropped sharply to 102 tonnes in 2019, a decline of 94.7% and a 19-fold difference between the two years. In 2020, imports rebounded to 1 843 tonnes, a massive increase of 1,710.7% compared to 2019.

Annual dynamics of product's imports to Finland in kind, 2017-2020, t

During 2017–2020, China dominated Finland's imports of padlocks, locks, and keys in volume terms, accounting for 46.7% of the total. Germany and Estonia followed with shares of 12.7% and 11.3%, respectively. Together, these three countries represented 70.8% of all imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

Following two years of growth, Finland's imports of padlocks, locks, and keys in value terms saw a slight downturn. In 2020, imports amounted to 66.4 million US dollars, down 1.8% year-over-year. The highest value was recorded in 2019 at 67.6 million US dollars, after a significant increase of 14.7% in 2018. Over the 2017–2020 period, imports grew by 14.3%, with an average annual rate of 4.6%.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

From 2017 to 2020, China, Romania, and Germany were the top contributors to Finland's imports of padlocks, locks, and keys in value terms. China accounted for 25.9% of imports, Romania for 21.8%, and Germany for 14.8%. Collectively, they made up 62.5% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020