Asia-Pacific: Tungsten Market 2024

Tungsten Market Size in Asia-Pacific

In 2022, the Asia-Pacific tungsten market decreased by -0.1% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Tungsten Production in Asia-Pacific

In value terms, tungsten production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt descent. The growth pace was the most rapid in 2016 with an increase of 502%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Tungsten Exports

Exports in Asia-Pacific

In 2022, the amount of tungsten exported in Asia-Pacific expanded notably to X tons, picking up by 7.7% against the previous year. Over the period under review, exports continue to indicate a significant increase. The growth pace was the most rapid in 2017 when exports increased by 256% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, tungsten exports surged to $X in 2022. Overall, exports showed a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 217%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

China prevails in exports structure, accounting for X tons, which was near 76% of total exports in 2022. Singapore (X tons) held a 9.2% share (based on physical terms) of total exports, which put it in second place, followed by India (7.9%). The following exporters - the Philippines (X tons), Japan (X tons) and Vietnam (X tons) - each amounted to a 5% share of total exports.

Exports from China increased at an average annual rate of +52.6% from 2012 to 2022. At the same time, the Philippines (+69.2%), Singapore (+41.3%), India (+17.4%) and Vietnam (+15.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +69.2% from 2012-2022. By contrast, Japan (-3.5%) illustrated a downward trend over the same period. China (+66 p.p.), Singapore (+6.5 p.p.) and the Philippines (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam, India and Japan saw its share reduced by -2.2%, -7% and -20.7% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest tungsten supplier in Asia-Pacific, comprising 78% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.2% share of total exports. It was followed by India, with a 4.9% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +45.5%. In the other countries, the average annual rates were as follows: Singapore (+21.6% per year) and India (-1.9% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, jumping by 18% against the previous year. In general, the export price, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2013 when the export price increased by 30% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.1%), while the other leaders experienced mixed trends in the export price figures.

Tungsten Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of tungsten decreased by -13.3% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 75%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, tungsten imports surged to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +9.6% 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 +41.7% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of 52%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Taiwan (Chinese) (X tons) and Japan (X tons) prevails in imports structure, together constituting 85% of total imports. It was distantly followed by South Korea (X tons), generating a 6% share of total imports. The following importers - India (X tons) and Australia (X tons) - each reached a 6.1% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +46.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tungsten importing markets in Asia-Pacific were Japan ($X), Taiwan (Chinese) ($X) and South Korea ($X), with a combined 88% share of total imports.

Taiwan (Chinese), with a CAGR of +22.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, rising by 33% against the previous year. Overall, the import price, however, continues to indicate a deep contraction. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a 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 ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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