Republic of Korea: Tungsten Market 2025

Tungsten Market Size in Republic of Korea

The South Korean tungsten market skyrocketed to $X in 2022, with an increase of 19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed prominent growth. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in the immediate term.

Tungsten Exports

Exports from Republic of Korea

In 2022, shipments abroad of tungsten decreased by -62.8% to X kg, falling for the third consecutive year after three years of growth. Overall, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2013 with an increase of 524% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tungsten exports dropped dramatically to $X in 2022. In general, exports showed a deep setback. The pace of growth was the most pronounced in 2018 with an increase of 1,202%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X kg), Vietnam (X kg) and China (X kg) were the main destinations of tungsten exports from South Korea, with a combined 97% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +33.0%), while the other leaders experienced mixed trend patterns.

In value terms, Vietnam ($X) emerged as the key foreign market for tungsten exports from South Korea, comprising 58% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by Indonesia, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam amounted to +28.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-11.9% per year) and Indonesia (0.0% per year).

Export Prices by Country

In 2022, the average tungsten export price amounted to $X per ton, declining by -45.8% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 143% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+703.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tungsten Imports

Imports into Republic of Korea

In 2022, approx. X tons of tungsten were imported into South Korea; picking up by 12% against the year before. In general, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 108%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tungsten imports surged to $X in 2022. Overall, imports saw a remarkable increase. The pace of growth was the most pronounced in 2017 when imports increased by 102%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) was the main supplier of tungsten to South Korea, accounting for a 98% share of total imports. It was followed by Japan (X tons), with a 1.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +19.2%.

In value terms, China ($X) constituted the largest supplier of tungsten to South Korea, comprising 96% of total imports. The second position in the ranking was taken by Japan ($X), with a 3.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +18.5%.

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, with an increase of 16% against the previous year. In general, the import price, however, showed a perceptible shrinkage. The pace of growth was the most pronounced in 2018 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.6%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :