South-Eastern Asia: Tungsten Market 2024

Tungsten Market Size in South-Eastern Asia

The Southeast Asian tungsten market totaled $X in 2022, rising by 2% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Tungsten Production in South-Eastern Asia

In value terms, tungsten production reached $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 129% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Tungsten Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of tungsten were exported in South-Eastern Asia; waning by -35.4% on the year before. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 828% against the previous year. As a result, the exports reached the peak of X tons, and then fell rapidly in the following year.

In value terms, tungsten exports contracted to $X in 2022. Over the period under review, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 348%. The level of export peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Singapore was the main exporter of tungsten in South-Eastern Asia, with the volume of exports reaching X tons, which was near 73% of total exports in 2022. The Philippines (X tons) ranks second in terms of the total exports with a 13% share, followed by Vietnam (13%).

From 2012 to 2022, average annual rates of growth with regard to tungsten exports from Singapore stood at +41.3%. At the same time, the Philippines (+69.2%) and Vietnam (+15.0%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +69.2% from 2012-2022. From 2012 to 2022, the share of Singapore and the Philippines increased by +34 and +12 percentage points, respectively.

In value terms, Singapore ($X), Vietnam ($X) and the Philippines ($X) were the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

The Philippines, with a CAGR of +27.3%, recorded the highest growth rate of the value of exports, in terms of 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 South-Eastern Asia amounted to $X per ton, rising by 46% against the previous year. Overall, the export price, however, saw a abrupt decline. The pace of growth was the most pronounced in 2016 when the export price increased by 81% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 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 Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.0%), while the other leaders experienced a decline in the export price figures.

Tungsten Imports

Imports in South-Eastern Asia

In 2022, the amount of tungsten imported in South-Eastern Asia skyrocketed to X tons, jumping by 34% compared with 2021 figures. Over the period under review, imports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 85% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, tungsten imports expanded slightly to $X in 2022. Overall, imports, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 59%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Indonesia represented the key importing country with an import of about X tons, which accounted for 40% of total imports. Malaysia (X tons) held the second position in the ranking, followed by Vietnam (X tons) and Lao People's Democratic Republic (X tons). All these countries together held near 52% share of total imports. The following importers - Singapore (X kg), Thailand (X kg) and the Philippines (X kg) - together made up 8.3% of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +12.0%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest tungsten importing markets in South-Eastern Asia were Malaysia ($X), Indonesia ($X) and Vietnam ($X), with a combined 74% share of total imports.

In terms of the main importing countries, Malaysia, with a CAGR of -2.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, reducing by -22% against the previous year. Overall, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 an increase of 45% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

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 Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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