Europe: Tungsten Market 2024

Tungsten Market Size in Europe

The Europe tungsten market reduced slightly to $X in 2022, waning by -3.3% against the previous year. Over the period under review, consumption continues to indicate a slight shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Tungsten Production in Europe

In value terms, tungsten production fell modestly to $X in 2022 estimated in export price. In general, production showed a slight descent. The pace of growth was the most pronounced in 2018 with an increase of 80%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Tungsten Exports

Exports in Europe

In 2022, the amount of tungsten exported in Europe rose significantly to X tons, surging by 5.5% on the year before. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 138%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tungsten exports surged to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 29%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The UK was the main exporting country with an export of about X tons, which reached 58% of total exports. Belarus (X tons) took the second position in the ranking, followed by the Netherlands (X tons), Luxembourg (X tons) and Switzerland (X tons). All these countries together held near 33% share of total exports. Austria (X tons) and the Czech Republic (X tons) took a relatively small share of total exports.

Exports from the UK increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Luxembourg (+106.8%), Belarus (+93.3%) and the Czech Republic (+25.5%) displayed positive paces of growth. Moreover, Luxembourg emerged as the fastest-growing exporter exported in Europe, with a CAGR of +106.8% from 2012-2022. By contrast, Austria (-4.5%), the Netherlands (-5.6%) and Switzerland (-15.5%) illustrated a downward trend over the same period. While the share of the UK (+24 p.p.), Belarus (+10 p.p.), Luxembourg (+8.3 p.p.), Austria (+3.5 p.p.) and the Czech Republic (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-5.8 p.p.) and Switzerland (-23 p.p.) displayed negative dynamics.

In value terms, the UK ($X) remains the largest tungsten supplier in Europe, comprising 70% of total exports. The second position in the ranking was held by Switzerland ($X), with a 12% share of total exports. It was followed by the Netherlands, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the UK amounted to +4.7%. In the other countries, the average annual rates were as follows: Switzerland (-9.9% per year) and the Netherlands (-2.4% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2022, rising by 12% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 162%. The level of export peaked at $X per ton in 2013; however, from 2014 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 Switzerland ($X per ton), while Luxembourg ($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 Europe

Tungsten imports fell notably to X tons in 2022, which is down by -25.4% compared with the previous year. Overall, imports recorded a noticeable downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 31%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, tungsten imports shrank remarkably to $X in 2022. In general, imports saw a deep setback. The pace of growth appeared the most rapid in 2021 when imports increased by 40%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The UK (X tons) and Russia (X tons) were the main importers of tungsten in 2022, accounting for near 33% and 31% of total imports, respectively. Germany (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by France (4.9%). Spain (X tons), Italy (X tons) and the Netherlands (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Spain (with a CAGR of +18.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Germany ($X) and Russia ($X) were the countries with the highest levels of imports in 2022, together comprising 67% of total imports. France, Spain, Italy and the Netherlands lagged somewhat behind, together comprising a further 22%.

In terms of the main importing countries, Spain, with a CAGR of +26.3%, 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

In 2022, the import price in Europe amounted to $X per ton, rising by 14% against the previous year. In general, the import price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by 15% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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