Middle East: Tungsten Market 2024

Tungsten Market Size in the Middle East

In 2022, the Middle Eastern tungsten market increased by 7.8% to $X, rising for the third consecutive year after three years of decline. In general, consumption showed a perceptible setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tungsten Production in the Middle East

In value terms, tungsten production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 95% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Tungsten Exports

Exports in the Middle East

Tungsten exports dropped rapidly to X tons in 2022, waning by -23% against the previous year. In general, exports, however, showed temperate growth. The growth pace was the most rapid in 2014 with an increase of 156% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, tungsten exports surged to $X in 2022. Overall, exports, however, posted a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by 113% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Israel represented the main exporter of tungsten in the Middle East, with the volume of exports amounting to X tons, which was approx. 60% of total exports in 2022. The United Arab Emirates (X kg) ranks second in terms of the total exports with a 34% share, followed by Turkey (5.5%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Turkey (with a CAGR of +36.6%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Israel ($X) remains the largest tungsten supplier in the Middle East, comprising 70% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Israel stood at +4.7%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+22.4% per year) and Turkey (+42.4% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, with an increase of 100% against the previous year. In general, the export price enjoyed a temperate expansion. The growth pace was the most rapid in 2015 when the export price increased by 192% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Tungsten Imports

Imports in the Middle East

In 2022, after three years of growth, there was significant decline in supplies from abroad of tungsten, when their volume decreased by -42.2% to X tons. Over the period under review, imports showed a deep setback. The pace of growth appeared the most rapid in 2021 when imports increased by 95%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, tungsten imports declined to $X in 2022. In general, imports showed a abrupt contraction. The growth pace was the most rapid in 2017 when imports increased by 85%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons), Saudi Arabia (X tons) and Israel (X tons) represented the key importer of tungsten in the Middle East, constituting 98% of total import.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +35.7%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest tungsten importing markets in the Middle East were Turkey ($X), Israel ($X) and Saudi Arabia ($X), together comprising 96% of total imports.

Turkey, with a CAGR of +20.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by 54% against the previous year. Over the period under review, the import price, however, recorded a noticeable downturn. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Israel ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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