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Canada - Tungsten - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Feb 1, 2025

Canada - Tungsten - Market Analysis, Forecast, Size, Trends And Insights

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Sep 20, 2024

Canada's Tungsten Export Drops Sharply to $2.5M in 2023

Canada Tungsten Exports

After two years of growth, shipments abroad of tungsten decreased by -22.2% to 83 tons in 2023. Overall, exports, however, saw a strong expansion. The growth pace was the most rapid in 2017 when exports increased by 217%. Over the period under review, the exports hit record highs at 107 tons in 2022, and then declined rapidly in the following year.

In value terms, tungsten exports reduced dramatically to $2.5M (IndexBox estimates) in 2023. In general, exports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2022 when exports increased by 197%. As a result, the exports reached the peak of $3.7M, and then dropped rapidly in the following year.Canada Tungsten Exports By Country (Thousand USD)

COUNTRYExport Value of Tungsten in Canada (thousand USD)
20132014201520162017201820192020202120222023
Germany9661,31841641763.81,3131,9708791,1483,5961,635
United States83.789.5N/A40.14268.215.536.661.051.1855
China2.9N/AN/AN/A347N/AN/AN/AN/AN/AN/A
Others41.439.125.02.426.217.613.040.343.267.14.4
Total1,0941,4464414608621,3391,9989561,2523,7142,494

Exports by Country

Germany (62 tons) was the main destination for tungsten exports from Canada, with a 74% share of total exports. Moreover, tungsten exports to Germany exceeded the volume sent to the second major destination, the United States (21 tons), threefold.

From 2013 to 2023, the average annual growth rate of volume to Germany totaled +12.5%.

In value terms, the largest markets for tungsten exported from Canada were Germany ($1.6M) and the United States ($855K).

In terms of the main countries of destination, the United States, with a CAGR of +26.2%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2023, the tungsten price amounted to $30,014 per ton (FOB, Canada), waning by -13.7% against the previous year. Over the period under review, the export price continues to indicate a pronounced downturn. The growth pace was the most rapid in 2022 an increase of 73% against the previous year. Over the period under review, the average export prices hit record highs at $45,929 per ton in 2013; however, from 2014 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($40,282 per ton), while the average price for exports to Germany amounted to $26,462 per ton.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.8%), while the prices for the other major destinations experienced a decline.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the tungsten market in Canada. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

    • Canada

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Trade (exports and imports) in Canada
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. MARKET STRUCTURE
      3. TRADE BALANCE
      4. PER CAPITA CONSUMPTION
      5. MARKET FORECAST TO 2030

    4. 4. MOST PROMISING PRODUCT

      Finding New Products to Diversify Your Business

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCT
      4. MOST TRADED PRODUCT
      5. MOST PROFITABLE PRODUCT FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Exports

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE

    8. 8. IMPORTS

      The Largest Import Supplying Countries

      1. IMPORTS FROM 2012–2024
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Destinations for Exports

      1. EXPORTS FROM 2012–2024
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. LIST OF TABLES

      1. Key Findings In 2024
      2. Market Volume, In Physical Terms, 2012–2024
      3. Market Value, 2012–2024
      4. Per Capita Consumption In 2012-2024
      5. Imports, In Physical Terms, By Country, 2012–2024
      6. Imports, In Value Terms, By Country, 2012–2024
      7. Import Prices, By Country Of Origin, 2012–2024
      8. Exports, In Physical Terms, By Country, 2012–2024
      9. Exports, In Value Terms, By Country, 2012–2024
      10. Export Prices, By Country Of Destination, 2012–2024

    12. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2024
      2. Market Value, 2012–2024
      3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
      4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
      5. Trade Balance, In Physical Terms, 2012-2024
      6. Trade Balance, In Value Terms, 2012-2024
      7. Per Capita Consumption, 2012-2024
      8. Market Volume Forecast to 2030
      9. Market Value Forecast to 2030
      10. Products: Market Size And Growth, By Type
      11. Products: Average Per Capita Consumption, By Type
      12. Products: Exports And Growth, By Type
      13. Products: Export Prices And Growth, By Type
      14. Production Volume And Growth
      15. Exports And Growth
      16. Export Prices And Growth
      17. Market Size And Growth
      18. Per Capita Consumption
      19. Imports And Growth
      20. Import Prices
      21. Production, In Physical Terms, 2012–2024
      22. Production, In Value Terms, 2012–2024
      23. Imports, In Physical Terms, 2012–2024
      24. Imports, In Value Terms, 2012–2024
      25. Imports, In Physical Terms, By Country, 2024
      26. Imports, In Physical Terms, By Country, 2012–2024
      27. Imports, In Value Terms, By Country, 2012–2024
      28. Import Prices, By Country Of Origin, 2012–2024
      29. Exports, In Physical Terms, 2012–2024
      30. Exports, In Value Terms, 2012–2024
      31. Exports, In Physical Terms, By Country, 2024
      32. Exports, In Physical Terms, By Country, 2012–2024
      33. Exports, In Value Terms, By Country, 2012–2024
      34. Export Prices, By Country Of Destination, 2012–2024

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