Global Industry Analysts Predicts the World Tungsten Market to Reach 141.4 Thousand Metric Tons by 2026

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May 31, 2022, 07:50 ET

SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tungsten - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Industry Analysts Predicts the World Tungsten Market to Reach 141.4 Thousand Metric Tons by 2026

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Edition: 17; Released: May 2022
Executive Pool: 454
Companies: 152 - Players covered include A.L.M.T. Corp.; Allegheny Technologies Inc.; Almonty Industries Inc.; Betek GmbH & Co. KG; Buffalo Tungsten Inc.; China Molybdenum Co., Ltd.; Chongyi Zhangyuan Tungsten Co., Ltd.; Guangdong XiangLu Tungsten Co. Ltd.; H.C. Starck GmbH; IMC Group; Kennametal, Inc.; Nippon Tungsten Co., Ltd.; Plansee Group; QuesTek Innovations LLC; Sandvik Group; Umicore N.V.; WOLFRAM Company JSC; Xiamen Tungsten Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Hardmetals / Cement Carbides; Steels, Superalloys, & Wear-Resistant Alloys; Mill Products; Other Applications); End-Use (Drilling, Boring & Cutting Equipment; Automotive Parts; Aerospace Components; Logging Equipment; Electrical & Electronics Appliances; Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Tungsten estimated at 119.1 Thousand Metric Tons in the year 2022, is projected to reach a revised size of 141.4 Thousand Metric Tons by 2026, growing at a CAGR of 4% over the analysis period. Hardmetals/Cement Carbides, one of the segments analyzed in the report, is projected to grow at a 4.2%, while growth in the Steels, SupeRalloys, & Wear-resistant Alloys segment is readjusted to a revised 3.6% CAGR. The global market for tungsten is anticipated to deliver a subdued performance over the long term, and has experienced notable turbulence in the recent years owing to China's dominance. China has been the leading refined and mine producer of the metal for the past several decades, claiming more than 80% of global mine output in the year 2020. The country commands the major share regarding production of tungsten intermediates tungsten oxide and ammonium paratungstate (APT) along with tungsten carbide and tungsten metal powder. In addition to satiating considerable demand from the domestic cemented carbide tool sector, China exports finished and refined tungsten products to other countries. Considering high influence of China, tungsten prices have witnessed notable turbulence in the recent years. The announcement of a widespread environmental reform program by China that impacted tungsten smelter sites and mining activity significantly interrupted refined and upstream tungsten supply over 2017-2018.

The performance of global tungsten market in 2020 was heavily impacted by the COVID-19 crisis. European APT quotation that peaked in February and maintained the level until April felt the heat following nationwide lockdowns and other stringent restrictions enforced by several governments globally. The COVID-19 pandemic disrupted supply chains and made numerous end-use sectors to suffer heavily, with aerospace and automotive sectors reporting considerable losses. The COVID-19 pandemic made the aerospace sector to face an extremely tough phase, with global deliveries of commercial aircraft declining by 40% over 2019-2020. Despite continuously increasing confirmed cases of COVID-19 across countries due to second and third waves, tungsten prices started recovering during the latter half of 2020. Though the scenario has coerced various governments to re-impose COVID-19 restrictions, global demand for the metal remains uninterrupted owing to consistent manufacturing output and announcement of vaccination programs.

The market is anticipated to face some uncertainty over the coming years as various end-use industries are struggling to attain pre-pandemic levels. Vehicle production remains below the pre-COVID-19 level as well as significantly less than the production peak experienced in 2017. Tungsten demand from the automotive industry is unlikely to touch earlier levels owing to increasing adoption of electric vehicles on the expense of internal combustion engines. The tungsten market is also affected by continuing US-China trade dispute. As the trade deal in January 2020 failed to remove majority of US tariffs imposed on Chinese goods, the situation is affecting various tungsten-based products. Though the new administration in the US is expected to assume a low-tariff approach, it is unlikely to effectively mitigate trade tensions between China and the US.

Tungsten producers in China have continued to face rising production costs and depleted high-grade ores owing to the safety guarantee costs, labor costs, and environmental laws. Thus, the price of ammonium paratungstate (APT) has remained firm in recent months. China's government policy, ore grades, and production levels always provide wider signals about the market price as the country is the largest exporter of tungsten. Additionally, the consumer reference prices for tenders and domestic demand in China support the global tungsten market as the country is one of the largest consumers of tungsten in the world. Global tungsten trade can witness a complete and sudden halt in exports and imports as China's government adopted a zero-tolerance stance concerning the spread of COVID-19, which can be accompanied by the closure of ports. Such a scenario can tighten the spot supply of tungsten and increase the prices. The policy followed by the Chinese government is mainly responsible for the higher prices of tungsten in the US and Europe markets. APT prices in Europe have witnessed a substantial rise in recent years.

In China, reducing demand from downstream users, lower bid prices from major tungsten consumers, and a decline in ingredient costs are the major factors influencing the tungsten market in the last few months. APT prices have declined significantly in recent months after reaching record levels in the latter half of 2021 due to subdued consumption of tungsten by major end-use industries such as aerospace, construction, and automotive sectors. The price rise in the latter half of 2021 has been attributed to the substantial increase in ingredient costs for ammonium sulfide, sulfuric acid, and caustic soda and curbs on power supply in the main tungsten production hub of Ganzhou City.

On the other side, there are certain breathers for the tungsten market such as promising outlook for majority of first-use sectors. While the robust demand for super-alloys and other alloys is anticipated to push overall consumption of alloys and steel, the market is likely to receive a notable impetus from healthy performance of the chemicals industry along with rising demand for semiconductors and consumer electronic products. In addition, decent performance of various segments in the cemented carbides industry is likely to counterbalance dismal demand from the automotive tooling category. The market is anticipated to gain further from commencement of operations at new mining projects. As numerous large-scale mines in Russia and China are nearing their end of useful life, they are indicating the requirement of new mines for ensuring uninterrupted supplies. More

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