Safes and safe deposit lockers market in Spain

Earlier Report Observations

The Spanish market for armoured safes and safe deposit lockers experienced significant fluctuations in value from 2018 to 2024. Starting at $60.2 million, it grew to $68.2 million in 2019 before contracting sharply to $50.7 million in 2020. A strong recovery followed, driving the market to a peak of $77.7 million in 2022, but this momentum reversed with declines to $70.7 million in 2023 and $66.3 million in 2024.

The post-2020 recovery phase saw the market's value expand by over 50% within two years, significantly exceeding its pre-contraction level. However, this was followed by a contraction of nearly 10% in 2023 and a further 6% in 2024, indicating a period of market adjustment and stabilization after the rapid earlier growth.

By the end of the period, the market operated within a well-defined regulatory and structural context. Mandatory product certifications under standards like UNE EN 1143-1, active public procurement through numerous framework agreements, and ongoing technological investments in anti-drill materials and high-strength steel characterized the industry. Demand remained segmented across domestic, commercial, banking, and institutional segments.

Production safes and safe deposit lockers in Spain

In value, 2017-2020, K $ US

After two years of growth, production of safes and safe deposit lockers in Spain declined. In 2019, output reached its peak at 62 135 K $ US, but by 2020 it had fallen to 41 929 K $ US, representing a 32.5% decrease from the previous year. Over the period from 2017 to 2020, production dropped by 21.2%, which translates to an average annual decline of 7.6%. The most significant increase occurred in 2018, with a rise of 13.7%.

Annual dynamics of production in Spain in value, 2017-2020, K $ US

Exports safes and safe deposit lockers from Spain

Exports in kind, t

In 2020, Spain's exports of safes and safe deposit lockers amounted to 2 768 t, marking a 32.2% decrease compared to 2019. Over the 2017-2020 period, exports fell by 32.8%, with a compound annual growth rate (CAGR) of -12.4%. The largest increase was recorded in 2019, at 2.8%.

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

From 2017 to 2020, Romania, France, and Portugal were the top destinations for Spain's exports of safes and safe deposit lockers in volume terms. Romania accounted for 32.5% of exports, France for 18.3%, and Portugal for 10.0%. Together, these three countries made up 60.8% of total export flows.

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

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

Exports in value, K $ US

Spain's exports of safes and safe deposit lockers in value terms declined for the second consecutive year. In 2018, exports peaked at 19 167 K $ US, but by 2020 they had dropped to 12 322 K $ US, showing a sharp year-over-year decrease of 28.6%. Over the 2017-2020 period, exports decreased by 28.9%, equivalent to an average annual decline of 10.8%. The largest increase was recorded in 2018, at 10.6%.

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

In value terms, Spain's exports of safes and safe deposit lockers from 2017 to 2020 were relatively dispersed. France was the largest destination, accounting for 29.2% of exports, followed by Portugal at 10.5% and Germany at 7.6%. Together, these three countries formed just 47.3% of total flows, with the remaining 52.7% spread across a wide range of other destinations.

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

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

Imports safes and safe deposit lockers to Spain

Imports in kind, t

In 2020, Spain's imports of safes and safe deposit lockers totaled 5 363 t, reflecting a solid year-over-year drop of 12.9%. The lowest volume was recorded in 2018 at 4 196 t, while the highest was in 2019 at 6 160 t. The largest decline occurred in 2018, with a 20.5% decrease, and the largest increase was in 2019, with a 46.8% rise.

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

From 2017 to 2020, China, Romania, and Portugal remained the main suppliers of safes and safe deposit lockers to Spain in volume terms. China accounted for 40.5% of imports, Romania for 22.2%, and Portugal for 17.1%. Together, these three countries formed 79.8% of total import flows.

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

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

Imports in value, K $ US

In 2020, Spain imported safes and safe deposit lockers worth 21 141 K $ US, which is 9.4% less than in the previous year. Over the 2017-2020 period, imports increased by 9.2%, with a compound annual growth rate (CAGR) of 3.0%. The lowest value was recorded in 2018 at 18 890 K $ US, while the highest was in 2019 at 23 336 K $ US. The largest increase occurred in 2019, with a rise of 23.5%.

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

In value terms, from 2017 to 2020, China, Portugal, and Italy consistently remained the main sources for Spain's imports of safes and safe deposit lockers. China accounted for 33.8% of imports, Portugal for 12.5%, and Italy for 10.1%. Together, these three countries made up 56.4% of total import flows.

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

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