Asia-Pacific: Tungsten Market 2024

Tungsten Market Size in Asia-Pacific

In 2023, the Asia-Pacific tungsten market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2022, and then fell in the following year.

Tungsten Production in Asia-Pacific

In value terms, tungsten production dropped to $X in 2023 estimated in export price. The total production indicated pronounced growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2022, and then shrank in the following year.

Tungsten Exports

Exports in Asia-Pacific

In 2023, overseas shipments of tungsten decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of export peaked at X tons in 2022, and then reduced markedly in the following year.

In value terms, tungsten exports fell significantly to $X in 2023. In general, exports, however, saw a strong expansion. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2022, and then shrank rapidly in the following year.

Exports by Country

China dominates exports structure, resulting at X tons, which was near X% of total exports in 2023. The following exporters - Singapore (X tons), Vietnam (X tons), India (X tons) and Hong Kong SAR (X tons) - together made up X% of total exports.

China was also the fastest-growing in terms of the tungsten exports, with a CAGR of X% from 2012 to 2023. At the same time, Singapore (X%) and Vietnam (X%) displayed positive paces of growth. By contrast, India (X%) and Hong Kong SAR (X%) illustrated a downward trend over the same period. China (X p.p.) and Singapore (X p.p.) significantly strengthened its position in terms of the total exports, while India and Hong Kong SAR saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest tungsten supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

From 2012 to 2023, the average annual growth rate of value in China stood at X%. In the other countries, the average annual rates were as follows: Vietnam (X% per year) and Singapore (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, surging by X% against the previous year. In general, the export price, however, showed a noticeable decrease. The pace of growth appeared the most rapid in 2013 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2023, 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 ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced a decline in the export price figures.

Tungsten Imports

Imports in Asia-Pacific

For the third consecutive year, Asia-Pacific recorded growth in overseas purchases of tungsten, which increased by X% to X tons in 2023. In general, imports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, imports attained the maximum in 2023 and are likely to see gradual growth in the near future.

In value terms, tungsten imports contracted to $X in 2023. Over the period under review, imports posted a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, Taiwan (Chinese) (X tons), Malaysia (X tons) and Japan (X tons) was the main importer of tungsten in Asia-Pacific, achieving X% of total import. It was distantly followed by India (X tons), achieving a X% share of total imports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Taiwan (Chinese) (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Taiwan (Chinese) ($X) and India ($X) were the countries with the highest levels of imports in 2023, together comprising X% of total imports. South Korea and Malaysia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Malaysia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the import price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was South Korea ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform