ASEAN: Tungsten Market 2024

Tungsten Market Size in ASEAN

The ASEAN tungsten market rose slightly to $X in 2022, increasing by 2% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Tungsten Production in ASEAN

In value terms, tungsten production reached $X in 2022 estimated in export price. Overall, production, however, enjoyed a strong increase. The growth pace was the most rapid in 2017 when the production volume increased by 129%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Tungsten Exports

Exports in ASEAN

In 2022, tungsten exports in ASEAN declined significantly to X tons, which is down by -35.4% on the year before. Over the period under review, exports, however, showed significant growth. The growth pace was the most rapid in 2021 with an increase of 828%. As a result, the exports reached the peak of X tons, and then declined notably in the following year.

In value terms, tungsten exports dropped to $X in 2022. Overall, exports, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 348%. Over the period under review, the exports reached the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Singapore was the major exporter of tungsten in ASEAN, with the volume of exports recording X tons, which was approx. 73% of total exports in 2022. The Philippines (X tons) took the second position in the ranking, followed by Vietnam (X tons). All these countries together took near 27% share of total exports.

Exports from Singapore increased at an average annual rate of +41.3% from 2012 to 2022. At the same time, the Philippines (+69.2%) and Vietnam (+15.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +69.2% from 2012-2022. While the share of Singapore (+34 p.p.) and the Philippines (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-42.2 p.p.) displayed negative dynamics.

In value terms, the largest tungsten supplying countries in ASEAN were Singapore ($X), Vietnam ($X) and the Philippines ($X), with a combined 100% share of total exports.

Among the main exporting countries, the Philippines, with a CAGR of +27.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 46% against the previous year. In general, the export price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2016 when the export price increased by 81% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.0%), while the other leaders experienced a decline in the export price figures.

Tungsten Imports

Imports in ASEAN

Tungsten imports surged to X tons in 2022, jumping by 34% against 2021. Over the period under review, imports, however, recorded a noticeable contraction. The growth pace was the most rapid in 2013 when imports increased by 85% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, tungsten imports reached $X in 2022. Overall, imports, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 59% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons) represented the major importer of tungsten, committing 40% of total imports. Malaysia (X tons) took the second position in the ranking, followed by Vietnam (X tons) and Lao People's Democratic Republic (X tons). All these countries together took approx. 52% share of total imports. Singapore (X kg), Thailand (X kg) and the Philippines (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +12.0%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Malaysia ($X), Indonesia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 74% share of total imports.

In terms of the main importing countries, Malaysia, with a CAGR of -2.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, shrinking by -22% against the previous year. In general, the import price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of 45% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained 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 Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform