The forecast for the import of clasps and similar items incorporating locks of base metal to India shows a gradual decline from 2024 onwards, with volumes decreasing annually by approximately 2% to 3%. In 2023, the import volume stood at 24.35 thousand kilograms. By 2028, the forecasted volume is projected to fall to 21.68 thousand kilograms, indicating a declining trend over the five-year period. This suggests a compound annual growth rate (CAGR) of around -2.3% from 2024 to 2028.
Future trends to watch include potential shifts in demand due to technological advancements in lock mechanisms and security products, changes in domestic production capabilities, and fluctuating trade policies affecting import tariffs and duties. Additionally, market players should monitor any economic factors or geopolitical developments that may further influence import volumes and industry dynamics.
