Sweden: Tungsten Market 2024

Tungsten Market Size in Sweden

In 2022, the Swedish tungsten market increased by 9.4% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption showed a pronounced shrinkage. Tungsten consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Tungsten Production in Sweden

In value terms, tungsten production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. Tungsten production peaked in 2022 and is expected to retain growth in the near future.

Tungsten Exports

Exports from Sweden

In 2022, approx. X tons of tungsten were exported from Sweden; with an increase of 2,209% compared with the previous year's figure. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 3,188% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, tungsten exports skyrocketed to $X in 2022. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 2,526% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Turkey (X tons) was the main destination for tungsten exports from Sweden, accounting for a 80% share of total exports. Moreover, tungsten exports to Turkey exceeded the volume sent to the second major destination, the United States (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+1,492.3% per year) and Norway (-11.3% per year).

In value terms, Turkey ($X) emerged as the key foreign market for tungsten exports from Sweden, comprising 80% of total exports. The second position in the ranking was taken by the United States ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+804.4% per year) and Norway (-18.5% per year).

Export Prices by Country

The average tungsten export price stood at $X per ton in 2022, which is down by -44.7% against the previous year. In general, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2016 when the average export price increased by 89% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Norway ($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 Norway (-8.1%).

Tungsten Imports

Imports into Sweden

Tungsten imports into Sweden reduced remarkably to X tons in 2022, with a decrease of -45% on the previous year's figure. Overall, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 80% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, tungsten imports contracted dramatically to $X in 2022. In general, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 116%. Over the period under review, imports hit record highs at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of tungsten to Sweden, accounting for a 88% share of total imports. Moreover, tungsten imports from Japan exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at -10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-17.9% per year) and China (-3.9% per year).

In value terms, Japan ($X) constituted the largest supplier of tungsten to Sweden, comprising 93% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 3.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-4.6% per year) and China (+12.1% per year).

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, surging by 31% against the previous year. Overall, the import price continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 an increase of 141% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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