EU: Tungsten Market 2024

Tungsten Market Size in the EU

In 2022, the EU tungsten market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Tungsten Production in the EU

In value terms, tungsten production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 53% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Tungsten Exports

Exports in the EU

In 2022, approx. X tons of tungsten were exported in the European Union; waning by -42.5% against the previous year's figure. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 401% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, tungsten exports dropped rapidly to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 160% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, the Netherlands (X tons) and Luxembourg (X tons) were the major exporters of tungsten in the European Union, together resulting at approx. 64% of total exports. It was distantly followed by Austria (X tons) and the Czech Republic (X tons), together creating a 23% share of total exports. The following exporters - Italy (X tons), Sweden (X tons) and Romania (X tons) - together made up 9.7% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Romania (with a CAGR of +125.8%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Austria ($X) and Luxembourg ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 80% of total exports.

Luxembourg, with a CAGR of +123.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, waning by -12.7% against the previous year. Over the period under review, the export price, however, saw a modest increase. The most prominent rate of growth was recorded in 2021 an increase of 247%. As a result, the export price attained the peak level of $X per ton, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+25.3%), while the other leaders experienced more modest paces of growth.

Tungsten Imports

Imports in the EU

In 2022, supplies from abroad of tungsten decreased by -22.7% to X tons, falling for the fourth year in a row after three years of growth. Over the period under review, imports recorded a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 31%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, tungsten imports reduced to $X in 2022. Overall, imports continue to indicate a noticeable descent. The growth pace was the most rapid in 2018 with an increase of 39% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Germany represented the major importing country with an import of around X tons, which finished at 47% of total imports. It was distantly followed by France (X tons), Spain (X tons), Italy (X tons) and the Netherlands (X tons), together making up a 39% share of total imports. The following importers - Poland (X tons) and Ireland (X tons) - together made up 6.2% of total imports.

From 2012 to 2022, average annual rates of growth with regard to tungsten imports into Germany stood at -7.9%. At the same time, Ireland (+44.6%), Spain (+18.6%), Poland (+6.7%), France (+5.5%) and the Netherlands (+3.2%) displayed positive paces of growth. Moreover, Ireland emerged as the fastest-growing importer imported in the European Union, with a CAGR of +44.6% from 2012-2022. By contrast, Italy (-13.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of France, Spain, the Netherlands, Poland and Ireland increased by +10, +8.8, +4.5, +2.7 and +2.5 percentage points, respectively.

In value terms, Germany ($X) constitutes the largest market for imported tungsten in the European Union, comprising 41% of total imports. The second position in the ranking was taken by France ($X), with a 19% share of total imports. It was followed by Spain, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Germany stood at -5.5%. In the other countries, the average annual rates were as follows: France (+9.4% per year) and Spain (+26.3% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, surging by 27% against the previous year. In general, the import price enjoyed a notable increase. The pace of growth appeared the most rapid in 2021 when the import price increased by 32%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X per ton), while Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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