United Kingdom: Tungsten Market 2024

Tungsten Market Size in the UK

In 2022, after five years of growth, there was significant decline in the UK tungsten market, when its value decreased by X% to $X. Overall, consumption, however, saw a tangible expansion. Tungsten consumption peaked at $X in 2021, and then fell notably in the following year.

Tungsten Production in the UK

In value terms, tungsten production fell markedly to $X in 2022 estimated in export price. In general, production showed a mild shrinkage. 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 2018; however, from 2019 to 2022, production failed to regain momentum.

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Tungsten Exports

Exports from the UK

In 2022, overseas shipments of tungsten increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a tangible expansion. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, tungsten exports soared to $X in 2022. In general, exports enjoyed a temperate expansion. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for tungsten exports from the UK, accounting for a X% share of total exports. Moreover, tungsten exports to Australia exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Australia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and the United States (X% per year).

In value terms, the largest markets for tungsten exported from the UK were Australia ($X), the United States ($X) and Germany ($X), with a combined X% share of total exports. France, Italy, the Netherlands and Japan lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Japan, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tungsten export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced a decline.

Tungsten Imports

Imports into the UK

After four years of growth, overseas purchases of tungsten decreased by X% to X tons in 2022. In general, imports, however, saw a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped significantly in the following year.

In value terms, tungsten imports shrank remarkably to $X in 2022. Over the period under review, imports continue to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of tungsten to the UK, accounting for a X% share of total imports. Moreover, tungsten imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of tungsten to the UK, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, with an increase of X% against the previous year. In general, the import price, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($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 Netherlands (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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