Asia: Tungsten Market 2024

Tungsten Market Size in Asia

In 2023, the Asian 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% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2022, and then shrank in the following year.

Tungsten Production in Asia

In value terms, tungsten production reduced to $X in 2023 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. 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 with an increase of X%. The level of production peaked at $X in 2022, and then shrank in the following year.

Tungsten Exports

Exports in Asia

In 2023, after two years of growth, there was significant decline in shipments abroad of tungsten, when their volume decreased by X% to X tons. In general, exports, however, enjoyed 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 peak figure at X tons in 2022, and then fell significantly in the following year.

In value terms, tungsten exports contracted notably to $X in 2023. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of export peaked at $X in 2022, and then shrank dramatically in the following year.

Exports by Country

China dominates exports structure, accounting for X tons, which was near X% of total exports in 2023. Singapore (X tons), Vietnam (X tons), India (X tons) and Hong Kong SAR (X tons) held a relatively small share 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. While the share of China (X p.p.) and Singapore (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of India (X p.p.) and Hong Kong SAR (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual rate of growth in terms of value in China amounted to 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

In 2023, the export price in Asia amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 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

In 2023, the amount of tungsten imported in Asia was estimated at X tons, increasing by X% on 2022 figures. Overall, imports saw resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, tungsten imports dropped slightly to $X in 2023. In general, imports showed a prominent increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2022, and then dropped modestly in the following year.

Imports by Country

The countries with the highest levels of tungsten imports in 2023 were Taiwan (Chinese) (X tons), Malaysia (X tons) and Japan (X tons), together accounting for X% of total import. It was distantly followed by India (X tons), generating 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 main 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, the largest tungsten importing markets in Asia were Japan ($X), Taiwan (Chinese) ($X) and India ($X), together accounting for X% of total imports. South Korea and Malaysia lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Malaysia, with a CAGR of X%, recorded the highest growth rate of 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

In 2023, the import price in Asia amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum 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