Tungsten Pricing Report ​2024​: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Tungsten Pricing Report ​2024​: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Report Format: PDF+Excel | Report ID: SR112024A23334
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Tungsten Prices December 2023

Category Region Price
Tungsten Metals China 309 USD/MT

In the fourth quarter of 2023, the price of tungsten in China reached 309 USD/MT by December.  

Tungsten Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Tungsten Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of tungsten pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of tungsten price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing tungsten price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Tungsten Price Trend

Tungsten Market Analysis

The global tungsten market size reached 78000 Tons in 2023. By 2032, IMARC Group expects the market to reach 95713.96 Tons, at a projected CAGR of 2.30% during 2023-2032.

  • An increase in the adoption of tungsten in the automotive sector in engine components that require high heat resistance and durability. It is used in balancing weights for tires and crankshafts because of its high density. It is employed in skid plates to provide greater protection than any other metal. The rising need for vehicles among individuals on account of rapid urbanization is catalyzing the demand for tungsten in the automotive sector. People are purchasing vehicles due to their changing lifestyle, along with inflating income levels. CEIC reported that motor vehicle production was 5,851,507.000 units in December 2023 in India.     
  • The increasing utilization of tungsten carbide to create jewelry like rings, which are even relatively harder than metallic tungsten and maintain their gloss and shine for an extended period, further contributes to the market growth.
  • In the medical sector, tungsten is used as the metal in the filament in X-ray tubes because of its very high melting point. High melting point and atomic number and low vapor pressure make it a preferred choice for target material in x-ray tubes.
  • The tungsten demand is further propelled by its utilization in the electronics sector because of its high plasticity, low evaporation rate, high melting point, and high electron emission ability. It is used in the manufacture of various bulb filament such as incandescent lamps and halogen lamps. Tungsten wire can also be used in the manufacture of electronic tubes with direct hot cathode. It finds application in semiconductor devices due to its low resistivity and good thermal stability. It helps in connecting different parts of an integrated circuit. In addition, tungsten electrodes are used in arc welding processes, particularly in gas tungsten arc welding (GTAW), owing to their high melting point and enhanced electrical conductivity. It plays a vital role in electrical contacts and switches where high wear resistance and conductivity are required.

Tungsten News

The report covers the latest developments, updates, and trends impacting the global tungsten market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the tungsten price trend.

Latest developments in the tungsten industry:

  • In 4 December 2023, Sandvik completed the previously announced acquisition of Buffalo Tungsten, Inc. (BTI), a leading US based manufacturer of tungsten metal powder and tungsten carbide powder, primarily operating in North America.
  • In 12 September 2023, Bright Laser Technologies (BLT) unveiled new additive manufacturing (AM) applications in tungsten carbide.  

Product Description

Tungsten, also known as wolfram, is a transitional element that belongs to group VIb of the periodic system, together with molybdenum and chromium. It is a naturally occurring element that is found in the minerals of wolframite and scheelite. It has the highest melting point at 3,410 °C, the highest tensile strength at temperatures of more than 1,650 °C, and the lowest coefficient of linear thermal expansion at 68 °F. It is not oxidized in air at ordinary temperatures and is highly resistant to acids.

In line with this, tungsten does not contain any traces of oxygen and carbon within its chemical composition, which makes it very brittle when put under tremendous stress and force. It is widely used in a wide range of sectors like aerospace and defense, electronics, medical, and energy.       

Regional Coverage

The report provides a detailed analysis of the tungsten market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the tungsten price trend. 

Global Tungsten Price

The report offers a holistic view of the global tungsten pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Tungsten Price

Europe's tungsten pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence tungsten production costs. Additionally, the region's dependency on tungsten imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for tungsten can also be provided for an extensive list of European countries.

Region Countries Covered
Europe Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries.

North America Tungsten Price

In North America, tungsten prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence tungsten supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific data on tungsten prices within the United States and Canada can also be provided.

Region Countries Covered
North America United States and Canada

Middle East and Africa Tungsten Price

The tungsten pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global tungsten supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Region Countries Covered
Middle East & Africa Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries.

Asia Pacific Tungsten Price

In the Asia Pacific region, tungsten pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of tungsten, making the Asia Pacific market a complex environment for price trend analysis.

This analysis can be expanded to include detailed tungsten prices for a comprehensive list of countries within the region.

Region Countries Covered
Asia Pacific China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries.

Latin America Tungsten Price

Latin America's tungsten market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in tungsten prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing tungsten pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Region Countries Covered
Latin America Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries.

Report Coverage

Key Attributes Details
Product Name Tungsten
Report Features Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Price Analysis, and Segment-Wise Assessment.
Currency/Units US$ (Data can also be provided in local currency) or Metric Tons
Region/Countries Covered The current coverage includes analysis at the global and regional levels only. 
Based on your requirements, we can also customize the report and provide specific information for the following countries: 
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* 
North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*

Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*

*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client.
Information Covered for Key Suppliers
  • Company Overview
  • Business Description
  • Recent Trends and Developments
Customization Scope The report can be customized as per the requirements of the customer
Report Price and Purchase Option

Plan A: Monthly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Month
    • Forecast for Next Month
  • Total Deliverables Per Year: 12 (One Per Month)
  • Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year

Plan B: Quarterly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Quarter
    • Forecast for Next Quarter
  • Total Deliverables Per Year: 4 (One Per Quarter)
  • Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year

Plan C: Biannually Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Half
    • Forecast for the Next Half
  • Total Deliverables Per Year: 2 (One Per 6 Months)
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Post-Sale Analyst Support  360-degree analyst support after report delivery
Delivery Format PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) 

Key Benefits for Stakeholders:

  • IMARC’s report presents a detailed analysis of tungsten pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
  • The study examines factors affecting tungsten price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
  • The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
  • IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the tungsten industry.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Tungsten Pricing Report ​2024​: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
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