Mechanical Locks Market to Undertake Strapping Growth During 2022

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XploreMR forecasts the global mechanical locks market to grow at a moderate pace during the assessment period, 2017-2022. The market is poised to reach US$ 7,160 Mn value towards the end of 2022, and register a subpar CAGR. The report has considered a range of factors influencing the dynamics of mechanical locks market, the impact of which has been gauged in deriving market size estimations and forecast.

As high-tech guarding systems, smart locks and biometric access platforms continue to proliferate in physical security applications, mechanical locks face a challenge in gaining buyers’ interests in the ever-changing landscape of consumer retail.

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Surge in Demand for Interconnected and Tubular Locks

Standard duty interconnected locks are designed for commercial applications, particularly for securing residential facilities such as apartments, buildings, and military housing. Solid feel, precise lever action, multiple architectural grade finishes, easy installation & construction, and compatibility with handicapped requirements are a few features of interconnected mechanical locks that give them the competitive advantage over other product-types. Manufacturing of interconnected mechanical locks is also valued considering all offerings in this product segment are durable, convenient and multi-functional. In 2017, around one-fourth share of revenues procured in the global mechanical locks market are anticipated to be accounted by sales of interconnected locks.

The demand for tubular locks is also expected to gain traction in the foreseeable future. Over the forecast period, tubular locks will be observed as fastest-selling products in the global mechanical locks market, and are pegged to register an above-average CAGR of 5.6%. While tubular locks are considered light duty compared to their cylindrical counterparts, mechanical lock manufacturers continue to extend their capacity for producing the former product-type. With distinctive latch bolts, tubular locks offer convenience in engagement of user while locking and unlocking. Cylindrical locks, on the other hand, are anticipated to witness a declining demand towards the end of the forecast period.

Stainless Steel Materials to Remain Sought-After

Between 2017 and 2022, stainless steel materials are anticipated to create an incremental opportunity of over half a billion dollars. By 2022-end, mechanical locks made of stainless steel are likely to net revenues worth US$ 2,430 Mn. Higher resistance of stainless steel locks against fire or heat, corrosion, and abrasive impact continues to influence their sales in the global market. Moreover, the strength-to-weight advantage of stainless steel materials contributes to reducing the manufacturing costs of such locks.

External Facility Security Applications to Procure close to US$ 1,400 Mn Revenues by 2022

The report also identifies lucrative applications for mechanical locks, wherein external facility security is expected to record steady revenue growth. By the end of 2017, door locking applications will contribute one-fifth of global revenues, while external facility applications will account for a 17.1% share. Europe is predicted to become the largest market for mechanical locks used in external security applications. With the lock-picking know-how on a rise, manufacturers are likely to shift their focus towards production of custom mechanical locks that uniquely offer simultaneous unlocking through multiple-key control deadbolts.

Mechanical Locks Market: Supply & Manufacturing Overview

Manufacturing mechanical locks is potentially subjected to intrinsic engineering. Suppliers play a key role in enhancing the production of mechanical locks wherein the quality of raw material paves way for new lock designs and cost-effective manufacturing. Going forward, engineering a high-quality mechanical lock will require an extensive knowledge on metallurgy, and on the locksmithing profession. Companies such as Serrature Meroni Spa, ECO Schulte GMBH & Co. KG, ASSA ABLOY AB (key subsidiary – Mul-T-Locks), The Eastern Company, Dormakaba Holdings AG, Yale Security Inc., Winkhaus Austria Gmbh, Allegion Plc, Picard-Serrures, and Dom Ronis are observed to remain key players in the expansion of global mechanical locks market through 2022.

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