Asia: Tungsten Market 2024

Tungsten Market Size in Asia

In 2022, after four years of growth, there was decline in the Asian tungsten market, when its value decreased by -0.2% to $X. Overall, consumption continues to indicate 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 somewhat lower figure.

Tungsten Production in Asia

In value terms, tungsten production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2016 when the production volume increased by 498% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Tungsten Exports

Exports in Asia

In 2022, exports of tungsten in Asia expanded significantly to X tons, growing by 6.3% on the previous year. Over the period under review, exports posted a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 230% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, tungsten exports skyrocketed to $X in 2022. In general, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 193% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X tons, which was near 76% of total exports in 2022. Singapore (X tons) took the second position in the ranking, followed by India (X tons). All these countries together held near 17% share of total exports. The following exporters - the Philippines (X tons), Japan (X tons) and Vietnam (X tons) - each resulted at a 5% 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, 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, with a CAGR of +69.2% from 2012-2022. By contrast, Japan (-3.5%) illustrated a downward trend over the same period. China (+69 p.p.), Singapore (+7.3 p.p.) and the Philippines (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while India and Japan saw its share reduced by -2.4% and -13.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest tungsten supplier in Asia, comprising 77% of total exports. The second position in the ranking was held by Singapore ($X), with a 6.1% share of total exports. It was followed by India, with a 4.9% share.

In China, tungsten exports increased at an average annual rate of +45.5% over the period from 2012-2022. 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 stood at $X per ton in 2022, increasing by 18% against the previous year. Overall, the export price, however, showed a perceptible contraction. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 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

After four years of growth, supplies from abroad of tungsten decreased by -14.4% to X tons in 2022. In general, imports, however, showed 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 dropped in the following year.

In value terms, tungsten imports rose markedly to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +9.4% 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 +30.5% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 52%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

Taiwan (Chinese) (X tons) and Japan (X tons) prevails in imports structure, together comprising 87% of total imports. It was distantly followed by South Korea (X tons), constituting a 6.2% share of total imports. India (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +46.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tungsten importing markets in Asia were Japan ($X), Taiwan (Chinese) ($X) and South Korea ($X), together comprising 91% of total imports.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +22.1%, saw the highest growth rate of the value of imports, 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 stood at $X per ton in 2022, picking up by 33% against the previous year. Overall, the import price, however, saw a deep reduction. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, 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 ($X per ton), while Taiwan (Chinese) ($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

Frequently Asked Questions (FAQ) :