Tungsten Market

The global tungsten market is forecasted to see steady growth in both volume and value over the next eight years. China continues to dominate as the largest consumer and producer of tungsten, contributing to market trends. The market is expected to see an increase in both production and consumption, with China leading the way in both categories. Exports and imports of tungsten are also on the rise, with various countries showing growth in their export markets. Overall, the tungsten market is anticipated to see continued growth and expansion in the coming years.

Market Forecast

Driven by increasing demand for tungsten 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 +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 104K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.0% for the period from 2022 to 2030, which is projected to bring the market value to $5.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tungsten

In 2022, approx. 84K tons of tungsten were consumed worldwide; rising by 1.9% compared with the previous year's figure. In general, consumption saw a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 85K tons in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

The global tungsten market revenue reached $3.8B in 2022, increasing by 1.6% 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, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $4.7B. From 2017 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (71K tons) remains the largest tungsten consuming country worldwide, accounting for 84% of total volume. It was followed by Russia (2K tons), with a 2.4% share of total consumption.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +1.0%.

In value terms, China ($3.1B) led the market, alone. The second position in the ranking was held by Russia ($79M).

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest.

In China, tungsten per capita consumption remained relatively stable over the period from 2012-2022.

Production

World Production of Tungsten

In 2022, approx. 83K tons of tungsten were produced worldwide; increasing by 1.6% on the previous year. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.9%. Global production peaked at 85K tons in 2015; however, from 2016 to 2022, production failed to regain momentum.

In value terms, tungsten production contracted modestly to $2.8B in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2016 when the production volume increased by 398% against the previous year. As a result, production attained the peak level of $9.4B. From 2017 to 2022, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of tungsten production was China (72K tons), comprising approx. 87% of total volume. It was followed by Russia (1.9K tons), with a 2.3% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +1.2%.

Imports

World Imports of Tungsten

In 2022, approx. 3.2K tons of tungsten were imported worldwide; picking up by 26% compared with the previous year. In general, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 36% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, tungsten imports skyrocketed to $119M in 2022. Overall, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.7% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 44%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports By Country

Japan (843 tons), Malaysia (708 tons) and Taiwan (Chinese) (670 tons) represented roughly 70% of total imports in 2022. It was distantly followed by the United States (244 tons), constituting a 7.7% share of total imports. South Korea (125 tons), the UK (97 tons), Russia (73 tons), India (67 tons) and Australia (60 tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Russia (with a CAGR of +42.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest tungsten importing markets worldwide were Japan ($36M), Taiwan (Chinese) ($20M) and the United States ($12M), with a combined 57% share of global imports. Malaysia, South Korea, the UK, India, Australia and Russia lagged somewhat behind, together accounting for a further 26%.

Malaysia, with a CAGR of +30.5%, saw the highest growth rate of 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

The average tungsten import price stood at $37,800 per ton in 2022, dropping by -4.8% against the previous year. Over the period under review, the import price showed a pronounced setback. The growth pace was the most rapid in 2021 an increase of 12% against the previous year. Global import price peaked at $61,805 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($63,298 per ton), while Malaysia ($12,276 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.2%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Tungsten

In 2022, overseas shipments of tungsten increased by 23% to 2.1K tons, rising for the third consecutive year after two years of decline. Overall, exports, however, showed a relatively flat trend pattern. Over the period under review, the global exports attained the peak figure at 2.2K tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tungsten exports soared to $90M in 2022. In general, exports posted a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 74%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports By Country

China prevails in exports structure, accounting for 1.2K tons, which was near 56% of total exports in 2022. Taiwan (Chinese) (212 tons) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (6.8%), India (5.8%) and Canada (5.1%). The UK (70 tons) and the Netherlands (48 tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tungsten exports from China stood at +52.6%. At the same time, Taiwan (Chinese) (+53.3%), Singapore (+41.2%), Canada (+21.2%), India (+17.3%), the Netherlands (+10.0%) and the UK (+4.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in the world, with a CAGR of +53.3% from 2012-2022. From 2012 to 2022, the share of China, Taiwan (Chinese), Singapore, India and Canada increased by +56, +9.9, +6.6, +4.7 and +4.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($50M) remains the largest tungsten supplier worldwide, comprising 56% of global exports. The second position in the ranking was taken by the UK ($9.3M), with a 10% share of global exports. It was followed by Singapore, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +45.5%. In the other countries, the average annual rates were as follows: the UK (+4.7% per year) and Singapore (+21.6% per year).

Export Prices By Country

In 2022, the average tungsten export price amounted to $42,247 per ton, surging by 7.1% against the previous year. Over the period under review, the export price posted a buoyant expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 71%. The global export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the UK ($133,176 per ton), while Taiwan (Chinese) ($8,480 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 (-0.3%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform