Global Tungsten Concentrate Market - Consumption Growth to Remain Robust amid Rising Demand from Steel and Machinery Sectors

Other Mining And Quarrying October 02, 2018
World - Tungsten - Market Analysis, Forecast, Size, Trends and Insights

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IndexBox has just published a new report "World - Tungsten - Market Analysis, Forecast, Size, Trends and Insights". Here is a summary of the report’s key findings

Global Tungsten Concentrates Consumption Resumed Its Increase

In 2017, the volume of the global tungsten concentrates consumption stood at approx. X tonnes (IndexBox estimates). After a noticeable contraction in 2009, the volume of consumption recovered in the following year and then retained steady upward trend pattern, driven by rising global steel output and consumption. In 2016, however, the market volume declined somewhat due to an overall slowdown of the global economy, a slump in oil drilling projects hampered by low oil prices and the softened growth of Chinese steel industry amid the slowdown of the Chinese economy. In 2017, the tungsten concentrate market bounced back pronouncedly, thanks to rising global economy, infrastructure projects being implemented in China, and improved industrial manufacturing and oil and gas drilling in the U.S. 

In value terms, the global tungsten concentrates market stood at $X in 2017, which was relatively unchanged against the previous year. From 2014-2016, the market value declined sharply, given a downward trend pattern of the prices. Global average prices for tungsten concentrates have been declining gradually from 2014, reflecting the decreasing steel prices, but bounced back slightly in 2017, which could be a sign of market stabilization.

China Remain Top Tungsten Consumer Worldwide

China (X tonnes) dominates in the global tungsten market, accounting for X% of the global figure. China was followed by Viet Nam (X tonnes), Russia (X tonnes), the U.S. (X tonnes), the Netherlands (X tonnes) and Austria (X tonnes), which together comprised a further X%. Moreover, China also remains the largest producer of tungsten. From 2007 to 2017, global tungsten consumption annually grew by a healthy +X%. The highest annual growth rates of tungsten consumption from 2007 to 2017 were recorded in Viet Nam, with +X% growth, the Netherlands, with +X% growth. 

Per capita tungsten consumption in China was estimated at X kg/year, much higher than the global average (X kg/year).

The highest level of tungsten consumption was registered in Austria (X kg/year), and in the Netherlands (X kg/year) and Viet Nam (X kg/year), where per capita grew by an average +X% and +X% per year, respectively.

Global Tungsten Concentrate Market Is Set to Grow Robustly

Tungsten is widely used in metallurgy as a steel component to advance steel characteristics, as well as in various industries which require high durability of machine parts (automotive and aircraft, construction, electronics, machine shops, mining and oil and gas drilling).  Therefore, demand for tungsten and, consequently, tungsten ore would be largely determined by the development of steel industry and other machinery-intensive industries, which will generally be conditioned by the dynamics of the global GDP.

According to the IMF forecast, the growth of the world economy will be about X% in the medium term. The critical impetus for growth is to come from emerging Asian countries, where the industry will develop against the backdrop of the rapid development of the economy and the increase in the income of the population, which create a stable base for the growth of consumption of various goods. Besides, resumed growth of oil production and improving industrial manufacturing in the United States will also contribute to the growth. 

The world steel market has been growing gradually so far with the major input being made by Asian countries, China firstly. China is the world largest steel producer and consumer and thus, the largest tungsten and tungsten ore consumer. Chinese steel production shows stability due to robust domestic demand and slightly weaker exports as compared with the previous years. The US trade restrictions on Chinese steel have led to a further slowdown in Chinese exports, but the local market is sufficiently sustained by domestic demand. The key production drivers are the overall industrial expansion and buildings construction thanks to an ongoing urbanization. City infrastructure expansion and a rapid regional development in China due to capital reallocation from the more developed coast cities are having a very strong impact on the steel industry.

Driven by the global economy growth, which boosts the downstream industries for tungsten, the performance of the market is forecast to retain its upward trend with an anticipated CAGR of +X% for the period from 2017 to 2025, which is expected to bring the market volume to X tonnes by 2025.

Global Tungsten Concentrate Output Accelerated in the Last Year

Global tungsten production amounted to X tonnes in 2017, growing by an average annual growth rate of +X% per year, over the last ten years. Over the last year, production increased by X tonnes (or X%) from the previous year; this level was also X% more than the production level of 2007.

China Took X% of Global Tungsten Production

China remains the largest producer of tungsten in the world, suppling X tonnes in 2017. It was equal to X% of global tungsten production. After a slight decrease of the Chinese output in 2016, it bounced back in 2017, thanks to the improved global economy and strong domestic demand. The other countries with a largest production volumes were Viet Nam (X tonnes), Russia (X tonnes), Canada (X tonnes). Viet Nam experienced a robust increase in tungsten concentrate production over the last decade, while in Russia and Canada, it decreased somewhat against the outset levels.

About X% of the Tungsten Concentrates in the World Are Imported, Compared to X% in 2007

The share of imports in terms of the global tungsten concentrates consumption decreased from X% in 2007 to X% in 2017. This was due to the volume of imports to China, Austria, and Vietnam declined significantly, being replaced by increasing domestic output. In case of China, that was particularly sensitive, as China remains the world largest consumer.

Canada Has Outstepped Russia in Terms of Global Tungsten Concentrate Exports

In 2017, the volume of global exports totaled X tonnes, which was X% less than the highest level of exports observed in 2014. A pronounced decline over the period from 2009 to 2010 was followed by recovery over the next two years; however, after stabilization, it turned downward again in 2015, levelling off through to 2017. In value terms, exports amounted to $X in 2017, remaining relatively stable over the last year, after a decline in 2015. 

Canada (X tonnes), Russia (X tonnes), Mongolia (X tonnes), Bolivia (X tonnes), the U.S. (X tonnes), Rwanda (X tonnes), Malaysia (X tonnes), and Portugal (X tonnes) were the main global suppliers of tungsten with a combined share of X% of global exports. 

From 2007 to 2017, exports from Mongolia with a highest average annual rate of +X% per year, however, the other major suppliers experienced a negative dynamics.  The other countries experienced more modest or even negative paces of growth. While the shares of Mongolia (+X percentage points), Canada (+X percentage points), Bolivia and Portugal (+X percentage points, each) increased, the share of Russia reduced from X% in 2007 to X% in 2017. The shares of the other countries remained relatively stable over the period under review.

The U.S. Remains the Largest Global Importer of Tungsten

The volume of global imports totaled X tonnes or $X in 2017. Imports trend pattern generally mirrored that of exports: these trade flows globally complement each other. 

In 2017, the U.S. (X tonnes), China (X tonnes), the Netherlands (X tonnes), Korea (X tonne), Russia (X tonnes), Austria (X tonnes) and Viet Nam (X tonnes) constituted the leading destination of tungsten imports, comprising X% of global imports. Imports into the Netherlands expanded with a CAGR of +X% per year over the last ten years, while the other countries reduced their imports notably. 

While the shares of the Netherlands (+X percentage points) and the U.S. (+X percentage points) increased, the shares of Viet Nam (-X percentage points), China (-X percentage points) and Austria (-X percentage points) reduced. The shares of the other countries remained relatively stable over the period under review.

Do you want to know more about the global tungsten market? Get the latest trends and insight from our report. It includes a wide range of statistics on

  • tungsten market share
  • tungsten prices
  • tungsten industry
  • tungsten sales
  • tungsten import
  • tungsten export
  • tungsten market forecast
  • tungsten price forecast
  • key tungsten producers

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

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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 2025.

Country coverage: Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries (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) + the largest producing countries.

Data coverage:
• Market volume and value;
• Per Capita consumption;
• Forecast of the market dynamics in the medium term;
• Production, split by region and country;
• Trade (exports and imports);
• Export and import prices;
• Market trends, drivers and restraints;
• Key market players and their profiles.

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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
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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. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
1.1 REPORT DESCRIPTION
1.2 RESEARCH METHODOLOGY AND AI PLATFORM
1.3 DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4 GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
2.1 KEY FINDINGS
2.2 MARKET TRENDS

3. MARKET OVERVIEW
Understanding the Current State of The Market And Its Prospects
3.1 MARKET SIZE
3.2 CONSUMPTION BY COUNTRY
3.3 MARKET FORECAST TO 2025

4. MOST PROMISING PRODUCTS
Finding New Products to Diversify Your Business
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
4.1 TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2 BEST-SELLING PRODUCTS
4.3 MOST CONSUMED PRODUCT
4.4 MOST TRADED PRODUCT
4.5 MOST PROFITABLE PRODUCT FOR EXPORT

5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
5.1 TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2 TOP PRODUCING COUNTRIES
5.3 TOP EXPORTING COUNTRIES
5.4 LOW-COST EXPORTING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
6.1 TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2 TOP CONSUMING MARKETS
6.3 UNSATURATED MARKETS
6.4 TOP IMPORTING MARKETS
6.5 MOST PROFITABLE MARKETS

7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
7.1 PRODUCTION VOLUME AND VALUE
7.2 PRODUCTION BY COUNTRY

8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
8.1 IMPORTS FROM 2007–2017
8.2 IMPORTS BY COUNTRY
8.3 IMPORT PRICES BY COUNTRY

9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
9.1 EXPORTS FROM 2007–2017
9.2 EXPORTS BY COUNTRY
9.3 EXPORT PRICES BY COUNTRY

10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION

11. COUNTRY PROFILES
The Largest Markets And Their Profiles
NOTE: THIS CHAPTER IS AVAILABLE ONLY FOR PROFESSIONAL EDITION
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

LIST OF TABLES
Table 1: Key Findings In 2017
Table 2: Market Volume, In Physical Terms, 2007–2017
Table 3: Market Value, 2007–2017
Table 4: Per Capita Consumption, By Country, 2015-2017
Table 5: Production, In Physical Terms, By Country, 2007–2017
Table 6: Imports, In Physical Terms, By Country, 2007–2017
Table 7: Imports, In Value Terms, By Country, 2007–2017
Table 8: Import Prices, By Country Of Destination, 2007–2017
Table 9: Exports, In Physical Terms, By Country, 2007–2017
Table 10: Exports, In Value Terms, By Country, 2007–2017
Table 11: Export Prices, By Country Of Origin, 2007–2017

LIST OF FIGURES
Figure 1: Market Volume, In Physical Terms, 2007–2017
Figure 2: Market Value, 2007–2017
Figure 3: Consumption, By Country, 2017
Figure 4: Market Forecast To 2025
Figure 5: Products: Market Size And Growth, By Type
Figure 6: Products: Average Per Capita Consumption, By Type
Figure 7: Products: Exports And Growth, By Type
Figure 8: Products: Export Prices And Growth, By Type
Figure 9: Production Volume And Growth
Figure 10: Exports And Growth
Figure 11: Export Prices And Growth
Figure 12: Market Size And Growth
Figure 13: Per Capita Consumption
Figure 14: Imports And Growth
Figure 15: Import Prices
Figure 16: Production, In Physical Terms, 2007–2017
Figure 17: Production, In Value Terms, 2007–2017
Figure 18: Production, By Country, 2017
Figure 19: Production, In Physical Terms, By Country, 2007–2017
Figure 20: Imports, In Physical Terms, 2007–2017
Figure 21: Imports, In Value Terms, 2007–2017
Figure 22: Imports, In Physical Terms, By Country, 2017
Figure 23: Imports, In Physical Terms, By Country, 2007–2017
Figure 24: Imports, In Value Terms, By Country, 2007–2017
Figure 25: Import Prices, By Country, 2007–2017
Figure 26: Exports, In Physical Terms, 2007–2017
Figure 27: Exports, In Value Terms, 2007–2017
Figure 28: Exports, In Physical Terms, By Country, 2017
Figure 29: Exports, In Physical Terms, By Country, 2007–2017
Figure 30: Exports, In Value Terms, By Country, 2007–2017
Figure 31: Export Prices, 2007–2017