Global Tungsten Market: Anticipated Growth to Reach 107K Tons by 2030, Valued at $5.6B

IndexBox has just published a new report: World - Tungsten - Market Analysis, Forecast, Size, Trends And Insights.

Driven by growing demand for tungsten, the market is expected to expand over the next seven years with a projected increase in both volume and value. By 2030, the market is forecasted to reach significant milestones in terms of production and market worth.

Market Forecast

Driven by increasing demand for tungsten worldwide, the market is expected to continue an upward consumption trend over the next seven years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.2% for the period from 2023 to 2030, which is projected to bring the market volume to 107K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2023 to 2030, which is projected to bring the market value to $5.6B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Tungsten

In 2023, consumption of tungsten decreased by -1.1% to 92K tons for the first time since 2018, thus ending a four-year rising trend. Overall, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 4.9%. Over the period under review, global consumption hit record highs at 93K tons in 2022, and then fell in the following year.

The global tungsten market size declined to $4.2B in 2023, remaining constant 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). In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $4.3B. From 2017 to 2023, the growth of the global market remained at a lower figure.

Consumption By Country

China (77K tons) remains the largest tungsten consuming country worldwide, accounting for 84% of total volume. It was followed by Russia (1.8K tons), with a 2% share of total consumption.

From 2013 to 2023, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: Russia (-4.7% per year) and Taiwan (Chinese) (+53.5% per year).

In value terms, China ($3.5B) led the market, alone. The second position in the ranking was taken by Taiwan (Chinese) ($92M).

In China, the tungsten market remained relatively stable over the period from 2013-2023. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+42.6% per year) and Russia (-2.5% per year).

The countries with the highest levels of tungsten per capita consumption in 2023 were Taiwan (Chinese) (62 kg per 1000 persons), China (54 kg per 1000 persons) and Russia (13 kg per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +53.5%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Tungsten

In 2023, after four years of growth, there was decline in production of tungsten, when its volume decreased by -1.7% to 89K tons. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 4.3%. Over the period under review, global production reached the maximum volume at 91K tons in 2022, and then shrank slightly in the following year.

In value terms, tungsten production fell slightly to $4.1B in 2023 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 15% against the previous year. As a result, production attained the peak level of $4.3B. From 2017 to 2023, global production growth failed to regain momentum.

Production By Country

China (78K tons) constituted the country with the largest volume of tungsten production, comprising approx. 88% of total volume. It was followed by Russia (1.8K tons), with a 2% share of total production.

From 2013 to 2023, the average annual growth rate of volume in China was relatively modest.

Imports

World Imports of Tungsten

In 2023, the amount of tungsten imported worldwide stood at 4.2K tons, with an increase of 14% on the year before. Over the period under review, imports enjoyed strong growth. The growth pace was the most rapid in 2021 when imports increased by 48%. Over the period under review, global imports reached the peak figure in 2023 and are expected to retain growth in the near future.

In value terms, tungsten imports expanded rapidly to $126M in 2023. Overall, total imports indicated a strong expansion from 2013 to 2023: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +51.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 28%. Global imports peaked in 2023 and are likely to continue growth in the immediate term.

Imports By Country

In 2023, Taiwan (Chinese) (1.5K tons), distantly followed by Malaysia (947 tons), Japan (661 tons) and the United States (376 tons) were the major importers of tungsten, together comprising 81% of total imports. India (178 tons), the UK (126 tons) and South Korea (103 tons) followed a long way behind the leaders.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Taiwan (Chinese) (with a CAGR of +51.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($31M), Taiwan (Chinese) ($27M) and the United States ($17M) constituted the countries with the highest levels of imports in 2023, with a combined 60% share of global imports.

Taiwan (Chinese), with a CAGR of +19.9%, saw the highest growth rate of the value of imports, in terms of 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 $29,764 per ton in 2023, shrinking by -5.5% against the previous year. Overall, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2018 when the average import price increased by 26%. Global import price peaked at $61,461 per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($62,156 per ton), while Malaysia ($5,336 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+0.1%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Tungsten

Global tungsten exports expanded slightly to 2.1K tons in 2023, picking up by 1.5% compared with the year before. The total export volume increased at an average annual rate of +1.5% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 30%. Over the period under review, the global exports reached the peak figure in 2023 and are expected to retain growth in the near future.

In value terms, tungsten exports dropped to $79M in 2023. Overall, exports saw a prominent expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 55%. The global exports peaked at $90M in 2022, and then dropped in the following year.

Exports By Country

China was the major exporter of tungsten in the world, with the volume of exports finishing at 968 tons, which was near 46% of total exports in 2023. The United States (263 tons) ranks second in terms of the total exports with a 12% share, followed by Germany (9.7%), South Korea (8%) and the UK (7.2%). The following exporters - Canada (83 tons) and Singapore (41 tons) - together made up 5.9% of total exports.

China was also the fastest-growing in terms of the tungsten exports, with a CAGR of +62.0% from 2013 to 2023. At the same time, Singapore (+15.4%), the UK (+14.0%), Canada (+13.3%), Germany (+12.8%) and South Korea (+10.4%) displayed positive paces of growth. By contrast, the United States (-15.8%) illustrated a downward trend over the same period. China (+45 p.p.), Germany (+6.3 p.p.), the UK (+4.9 p.p.), South Korea (+4.5 p.p.) and Canada (+2.6 p.p.) significantly strengthened its position in terms of the global exports, while the United States saw its share reduced by -68.7% from 2013 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($38M) remains the largest tungsten supplier worldwide, comprising 49% of global exports. The second position in the ranking was taken by the UK ($9.6M), with a 12% share of global exports. It was followed by the United States, with a 9.6% share.

From 2013 to 2023, the average annual rate of growth in terms of value in China stood at +54.3%. In the other countries, the average annual rates were as follows: the UK (-0.8% per year) and the United States (+2.0% per year).

Export Prices By Country

The average tungsten export price stood at $37,335 per ton in 2023, falling by -13.7% against the previous year. Over the period under review, the export price, however, showed resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 74% against the previous year. Over the period under review, the average export prices reached the peak figure at $46,933 per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the UK ($63,783 per ton), while South Korea ($18,860 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+21.1%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform