Turkey: Tungsten Market 2025

Tungsten Market Size in Turkey

The Turkish tungsten market skyrocketed to $X in 2022, growing by 52% against the previous year. Overall, consumption enjoyed a remarkable increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Tungsten Production in Turkey

In value terms, tungsten production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2013 when the production volume increased by 23%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Tungsten Exports

Exports from Turkey

Tungsten exports from Turkey contracted significantly to X kg in 2022, waning by -90% compared with the year before. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 469%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted dramatically in the following year.

In value terms, tungsten exports contracted significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 441% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X kg) and Iran (X kg) were the main destinations of tungsten exports from Turkey.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of 0.0%).

In value terms, Russia ($X) emerged as the key foreign market for tungsten exports from Turkey, comprising 82% of total exports. The second position in the ranking was taken by Iran ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Russia was relatively modest.

Export Prices by Country

The average tungsten export price stood at $X per ton in 2022, picking up by 636% against the previous year. In general, the export price saw a notable expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Iran stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (-9.5%).

Tungsten Imports

Imports into Turkey

In 2022, purchases abroad of tungsten decreased by -10.2% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by 426%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, tungsten imports dropped significantly to $X in 2022. Overall, imports, however, posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 287% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of tungsten to Turkey, with a 94% share of total imports. It was followed by Italy (X kg), with a 2% share of total imports. The United States (X kg) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +89.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+26.8% per year) and the United States (+17.3% per year).

In value terms, China ($X) constituted the largest supplier of tungsten to Turkey, comprising 81% of total imports. The second position in the ranking was held by the United States ($X), with an 8.3% share of total imports. It was followed by Italy, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +83.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+28.9% per year) and Italy (+24.7% per year).

Import Prices by Country

The average tungsten import price stood at $X per ton in 2022, with a decrease of -7.4% against the previous year. Overall, the import price recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 when the average import price increased by 25%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($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 United States (+9.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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