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World Tungsten Market, Freedonia

  • July 2015
  • 281 pages
  • Freedonia
Report ID: 3156675

Summary

Table of Contents

Global demand to rise 4.2% per annum through 2019

Processed tungsten demand is projected to grow 4.2 percent per year to 146,550 metric tons in 2019. Sales gains will be fueled by solid growth in fixed investment expenditures, especially in construction spending and mining activity. Manufacturing output will also support gains, particularly in the key aerospace, machinery, and metal products sectors.

Asia/Pacific region will dominate demand & output

The Asia/Pacific region, led by China, will continue to dominate both tungsten supply and consumption. In 2019, China alone will account for over two-thirds of demand and three-fifths of output. The country’s heavy influence on the global tungsten market is a combination of its vast tungsten reserves (over one-half of known tungsten deposits in the world) and the Chinese government’s support of the downstream tungsten-containing product industry. India will represent the fastest growing major market for processed tungsten through 2019, fueled by a rapidly expanding manufacturing sector with increasingly advanced technological capabilities.
Other nations that are expected to record above average tungsten sales increases through 2019 include Turkey, Mexico, Brazil, China, and Taiwan, driven in large part by rising output of motor vehicles and other durable goods. The Africa/Mideast region will also record gains above the global average, albeit from a relatively small market base. An acceleration in construction spending will drive growth in North America, while in Western Europe, tungsten processors’ reputation for consistent, high quality products will continue to support sales in the region.

China to remain leading mine producer worldwide

China, in addition to being the largest market for and producer of processed tungsten, was also the largest source of ore and concentrates in 2014, comprising over four-fifths of global tungsten mining output. While the rest of the world will continue to be heavily dependent on Chinese mine production through 2019, a number of factors will lessen China’s importance somewhat. First, scrap recycling is becoming a key source for ammonium paratungstate (APT) manufacture, the primary intermediate for most processed tungsten products. Second, several new mines have recently opened or are expected to begin extraction soon, the most notable of which are the Nui Phao mine in Vietnam (2013) and the Drakelands mine in the UK (expected 2015).

Tungsten alloys to exhibit most rapid growth

Tungsten alloys will record the fastest growth of any major product category, stimulated largely by aerospace manufacturing increases. Cemented carbides will continue to garner by far the largest share of processed tungsten consumption, however, representing over three-fifths of worldwide demand in 2019. Despite shrinking sales in lighting applications, tungsten mill products will nevertheless demonstrate steady growth through 2019, supported by demand for the metal in a number of electrical and electronic appli-cations. Tungsten utilization in chemicals will accelerate over the 2009-2014 period, stimulated by strong growth in chemicals manufacturing activity, where tungsten is used in catalysts.

Study coverage

Details on these and other key findings are contained in the upcoming industry study, World Tungsten, presents historical data (2004, 2009, 2014) plus forecasts for 2019 and 2024 for supply and demand, as well as demand by product and application, in 6 regions and 15 countries worldwide. The study also considers market environment factors, evaluates company market share and profiles 22 competitors in the global tungsten industry.

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