The forecast for the import of tungsten ores and concentrates to Canada indicates a significant downward trend from 2024, starting at 591 kilograms and declining to 87.6 kilograms by 2028. This represents a consistent year-on-year decrease, reflecting declining import demand or possible shifts towards alternative materials or suppliers. In 2023, imports stood higher, underpinning the substantial forecasted drop starting from 2024. The compound annual growth rate (CAGR) shows a sharp decrease, illustrating a challenging market for tungsten imports in Canada.
Future trends to watch for include:
- Potential domestic production increases reducing import reliance.
- Changes in global tungsten supply chains affecting import dynamics.
- Technological advancements potentially reducing the requirement for tungsten.
