Report Update Nov 1, 2024

Republic of Korea - Tungsten - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Tungsten Market 2024

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) :

What are the largest markets for tungsten in the world?

The country with the largest volume of tungsten consumption was China, accounting for 86% of total volume. It was followed by Russia, with a 2.5% share of total consumption.

What are the largest producers of tungsten in the world?

China constituted the country with the largest volume of tungsten production, accounting for 88% of total volume. It was followed by Russia, with a 2.4% share of total production.

What are the leading suppliers of tungsten to Republic of Korea?

In value terms, China constituted the largest supplier of tungsten to South Korea, comprising 92% of total imports. The second position in the ranking was occupied by Japan, with a 7.8% share of total imports.

What are the leading importers of tungsten from Republic of Korea?

In value terms, Taiwan Chinese), Japan and Vietnam appeared to be the largest markets for tungsten exported from South Korea worldwide, with a combined 65% share of total exports. These countries were followed by China, the Philippines, Malaysia and Indonesia, which together accounted for a further 26%.

What is the average export price for tungsten in Republic of Korea?

In 2021, the average tungsten export price amounted to $122,142 per ton, which is down by -41.8% against the previous year.

What is the average import price for tungsten in Republic of Korea?

The average tungsten import price stood at $56,321 per ton in 2021, picking up by 2.8% against the previous year.

This report provides an in-depth analysis of the tungsten market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023