Spain: Tungsten Market 2024

Tungsten Market Size in Spain

In 2023, the Spanish tungsten market decreased by X% to $X, falling for the second year in a row after four years of growth. In general, consumption saw resilient growth. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Tungsten Production in Spain

In value terms, tungsten production contracted slightly to $X in 2023 estimated in export price. In general, production recorded a strong expansion. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Tungsten Exports

Exports from Spain

In 2023, shipments abroad of tungsten increased by X% to X kg, rising for the third year in a row after two years of decline. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, tungsten exports skyrocketed to $X in 2023. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

Exports by Country

Colombia (X kg) was the main destination for tungsten exports from Spain, accounting for a X% share of total exports. Moreover, tungsten exports to Colombia exceeded the volume sent to the second major destination, Portugal (X kg), fourfold. The third position in this ranking was held by Switzerland (X kg), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (X% per year) and Switzerland (X% per year).

In value terms, Colombia ($X) emerged as the key foreign market for tungsten exports from Spain, comprising X% of total exports. The second position in the ranking was held by Portugal ($X), with a X% share of total exports. It was followed by Switzerland, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (X% per year) and Switzerland (X% per year).

Export Prices by Country

In 2023, the average tungsten export price amounted to $X per ton, falling by X% against the previous year. In general, the export price, however, saw a resilient increase. The pace of growth appeared the most rapid in 2020 an increase of X%. The export price peaked at $X per ton in 2022, and then fell rapidly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced mixed trend patterns.

Tungsten Imports

Imports into Spain

In 2023, imports of tungsten into Spain dropped sharply to X tons, declining by X% on the year before. Overall, imports saw a perceptible decrease. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank rapidly in the following year.

In value terms, tungsten imports fell dramatically to $X in 2023. In general, imports showed a mild descent. The most prominent rate of growth was recorded in 2022 when imports increased by X%. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

China (X kg), the UK (X kg) and Germany (X kg) were the main suppliers of tungsten imports to Spain, with a combined X% share of total imports. The Netherlands and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the UK ($X), China ($X) and Germany ($X) appeared to be the largest tungsten suppliers to Spain, with a combined X% share of total imports. The Netherlands and the United States lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, the Netherlands, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average tungsten import price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price, however, showed modest growth. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021; however, from 2022 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Czech Republic (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform