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Report World - Tungsten - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

World - Tungsten - Market Analysis, Forecast, Size, Trends and Insights

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Global Tungsten Market 2024

Tungsten Market Size

In 2022, after two years of growth, there was decline in the global tungsten market, when its value decreased by less than 0.1% to $X. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the global market failed to regain momentum.

Tungsten Production

In value terms, tungsten production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt setback. The pace of growth was the most pronounced in 2016 with an increase of 413%. As a result, production reached the peak level of $X. From 2017 to 2022, global production growth remained at a lower figure.

Tungsten Exports

Exports

For the third consecutive year, the global market recorded growth in shipments abroad of tungsten, which increased by 8.6% to X tons in 2022. Overall, exports, however, recorded a mild descent. The most prominent rate of growth was recorded in 2016 when exports increased by 17% against the previous year. Over the period under review, the global exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, tungsten exports surged to $X in 2022. In general, exports enjoyed a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 70%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China dominates exports structure, accounting for X tons, which was near 64% of total exports in 2022. Singapore (X tons) ranks second in terms of the total exports with a 7.8% share, followed by India (6.7%) and Canada (5.8%). The following exporters - the UK (X tons) and the United States (X tons) - together made up 6.2% of total exports.

China was also the fastest-growing in terms of the tungsten exports, with a CAGR of +52.6% from 2012 to 2022. At the same time, Singapore (+41.3%), Canada (+21.2%), India (+17.4%) and the UK (+4.9%) displayed positive paces of growth. By contrast, the United States (-30.6%) illustrated a downward trend over the same period. While the share of China (+64 p.p.), Singapore (+7.6 p.p.), India (+5.5 p.p.), Canada (+5 p.p.) and the UK (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-78.4 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest tungsten supplier worldwide, comprising 58% of global exports. The second position in the ranking was taken by the UK ($X), with an 11% share of global exports. It was followed by Singapore, with a 4.6% share.

In China, tungsten exports increased at an average annual rate of +45.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the UK (+4.7% per year) and Singapore (+21.6% per year).

Export Prices by Country

In 2022, the average tungsten export price amounted to $X per ton, picking up by 16% against the previous year. Over the period under review, the export price recorded a strong increase. The growth pace was the most rapid in 2017 an increase of 73% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the UK ($X per ton), while India ($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 (+32.4%), while the other global leaders experienced a decline in the export price figures.

Tungsten Imports

Imports

In 2022, after four years of growth, there was significant decline in supplies from abroad of tungsten, when their volume decreased by -10.6% to X tons. In general, imports, however, enjoyed a prominent increase. The growth pace was the most rapid in 2021 when imports increased by 56%. As a result, imports reached the peak of X tons, and then dropped in the following year.

In value terms, tungsten imports rose remarkably to $X in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 38% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Taiwan (Chinese) (X tons) and Japan (X tons) represented roughly 66% of total imports in 2022. The United States (X tons) ranks next in terms of the total imports with a 9% share, followed by South Korea (4.6%). The following importers - the UK (X tons), Russia (X tons), India (X tons), Australia (X tons) and Germany (X tons) - together made up 13% of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +46.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest tungsten importing markets worldwide were Japan ($X), Taiwan (Chinese) ($X) and the United States ($X), with a combined 62% share of global imports.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +22.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, with an increase of 26% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible downturn. 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 failed to regain momentum.

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 Germany ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.6%), while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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.
The country with the largest volume of tungsten production was China, comprising approx. 88% of total volume. It was followed by Russia, with a 2.4% share of total production.
In value terms, China remains the largest tungsten supplier worldwide, comprising 67% of global exports. The second position in the ranking was occupied by the United States, with a 5.3% share of global exports.
In value terms, Japan constitutes the largest market for imported tungsten worldwide, comprising 40% of global imports. The second position in the ranking was occupied by the United States, with an 8.9% share of global imports. It was followed by South Korea, with an 8.2% share.
In 2021, the average tungsten export price amounted to $43,544 per ton, rising by 41% against the previous year.
The average tungsten import price stood at $41,304 per ton in 2021, surging by 9.5% against the previous year.

This report provides an in-depth analysis of the global tungsten market. 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:

    Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

    + the largest producing countries

    Data coverage:

    • Global market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Global production, split by region and country
    • Global trade (exports and imports)
    • 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
    • Find deeper insights into current market developments
    • 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:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    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. 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. 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. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. CONSUMPTION BY COUNTRY
      3. MARKET FORECAST TO 2030

    4. 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. 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. 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. 7. GLOBAL PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 8. GLOBAL IMPORTS

      The Largest Importers on The Market and How They Succeed

      1. IMPORTS FROM 2012–2023
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. GLOBAL EXPORTS

      The Largest Exporters on The Market and How They Succeed

      1. EXPORTS FROM 2012–2023
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • United States
      • China
      • Japan
      • Germany
      • United Kingdom
      • France
      • Brazil
      • Italy
      • Russian Federation
      • India
      • Canada
      • Australia
      • Republic of Korea
      • Spain
      • Mexico
      • Indonesia
      • Netherlands
      • Turkey
      • Saudi Arabia
      • Switzerland
      • Sweden
      • Nigeria
      • Poland
      • Belgium
      • Argentina
      • Norway
      • Austria
      • Thailand
      • United Arab Emirates
      • Colombia
      • Denmark
      • South Africa
      • Malaysia
      • Israel
      • Singapore
      • Egypt
      • Philippines
      • Finland
      • Chile
      • Ireland
      • Pakistan
      • Greece
      • Portugal
      • Kazakhstan
      • Algeria
      • Czech Republic
      • Qatar
      • Peru
      • Romania
      • Vietnam

    12. 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, By Country, 2018–2023
      5. Production, In Physical Terms, By Country, 2012–2023
      6. Imports, In Physical Terms, By Country, 2012–2023
      7. Imports, In Value Terms, By Country, 2012–2023
      8. Import Prices, By Country Of Destination, 2012–2023
      9. Exports, In Physical Terms, By Country, 2012–2023
      10. Exports, In Value Terms, By Country, 2012–2023
      11. Export Prices, By Country Of Origin, 2012–2023

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2023
      2. Market Value, 2012–2023
      3. Consumption, By Country, 2023
      4. Market Volume Forecast to 2030
      5. Market Value Forecast to 2030
      6. Products: Market Size And Growth, By Type
      7. Products: Average Per Capita Consumption, By Type
      8. Products: Exports And Growth, By Type
      9. Products: Export Prices And Growth, By Type
      10. Production Volume And Growth
      11. Exports And Growth
      12. Export Prices And Growth
      13. Market Size And Growth
      14. Per Capita Consumption
      15. Imports And Growth
      16. Import Prices
      17. Production, In Physical Terms, 2012–2023
      18. Production, In Value Terms, 2012–2023
      19. Production, By Country, 2023
      20. Production, In Physical Terms, By Country, 2012–2023
      21. Imports, In Physical Terms, 2012–2023
      22. Imports, In Value Terms, 2012–2023
      23. Imports, In Physical Terms, By Country, 2023
      24. Imports, In Physical Terms, By Country, 2012–2023
      25. Imports, In Value Terms, By Country, 2012–2023
      26. Import Prices, By Country, 2012–2023
      27. Exports, In Physical Terms, 2012–2023
      28. Exports, In Value Terms, 2012–2023
      29. Exports, In Physical Terms, By Country, 2023
      30. Exports, In Physical Terms, By Country, 2012–2023
      31. Exports, In Value Terms, By Country, 2012–2023
      32. Export Prices, 2012–2023

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