The Latest Tungsten Industry Statistics Explained
Tungsten is mined in 14 countries around the world, with nearly half being mined in China.
The statistic indicates that tungsten, a valuable metal known for its hardness and high melting point, is sourced from a total of 14 different countries globally, with a significant portion of the production coming from China. This suggests that China plays a dominant role in the global tungsten mining industry, being responsible for almost half of the total tungsten output worldwide. The dispersion of tungsten mining across multiple countries implies a level of diversification in the market, potentially reducing the risk of supply chain disruptions and providing opportunities for international trade and collaboration in the industry. Furthermore, the distribution of tungsten mines across various nations reflects the importance of this metal in industrial applications and highlights its significance on the global stage.
China was the leading producer of tungsten worldwide from 2010-2020, supplying close to 80% of the global demand.
The statistic that “China was the leading producer of tungsten worldwide from 2010-2020, supplying close to 80% of the global demand” highlights China’s dominant position in the tungsten industry over the past decade. Tungsten is a crucial raw material used in various industries, including manufacturing, electronics, and construction. China’s ability to supply the majority of the global demand for tungsten underscores its significant influence on the market and its strategic advantage in terms of production capacity. This statistic suggests that China plays a key role in meeting the global demand for tungsten and has a strong competitive position in the industry.
Tungsten reserves worldwide are estimated to be 3.3 million metric tonnes.
The statistic “Tungsten reserves worldwide are estimated to be 3.3 million metric tonnes” indicates the total quantity of tungsten deposits that are estimated to be economically recoverable and available for future use on a global scale. Tungsten is a critical metal used in various industries, including manufacturing, electronics, and energy. This statistic provides valuable information to policymakers, industry stakeholders, and investors about the current availability of tungsten resources, which can impact market dynamics, supply chain management, and strategic planning. Monitoring and analyzing tungsten reserves is essential for ensuring a sustainable supply of this valuable metal to meet the growing demand in various sectors while also considering environmental and economic factors.
The average price of tungsten was approximately 270 U.S. dollars per metric ton unit of tungsten trioxide in 2020.
The statistic stating that the average price of tungsten was around 270 U.S. dollars per metric ton unit of tungsten trioxide in 2020 indicates the typical cost of tungsten during that year. Tungsten is a rare and valuable metal used in various industrial applications, particularly in the manufacture of electronics and industrial machinery. The price of tungsten is influenced by factors such as supply and demand dynamics, production costs, and global economic trends. This statistic provides insight into the market value of tungsten in 2020, which can be crucial for businesses involved in the production and trade of tungsten-based products.
The global tungsten market size was valued at USD 4.18 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028.
The statistic indicates that the global tungsten market was worth USD 4.18 billion in 2020 and is projected to experience steady growth with a compound annual growth rate (CAGR) of 4.3% from 2021 to 2028. This suggests that the market is expected to increase in value over the next seven years. The CAGR represents the smooth annualized growth rate that takes into account the effect of compounding, allowing for a standardized measurement of the market’s growth rate. The forecasted growth rate implies a positive outlook for the tungsten market, indicating potential opportunities for industry players and investors in the sector.
The automotive segment accounted for the largest share of the tungsten market in 2020.
The statistic, “The automotive segment accounted for the largest share of the tungsten market in 2020,” indicates that within the tungsten industry, the automotive sector had the highest proportion of consumption or demand compared to other sectors such as electronics, aerospace, or mining. This suggests that automotive manufacturers and related industries were the primary consumers of tungsten products in 2020. It could be attributed to the use of tungsten in various automotive components like engine parts, transmission systems, and cutting tools due to its high strength, hardness, and heat resistance properties. This statistic highlights the significance of the automotive industry as a key driver of the demand for tungsten in the global market during the specified time period.
Hard metals segment is projected to register the highest CAGR of 4.6% due to the high demand for tungsten carbide in the manufacturing of various tools.
The statistic indicates that the hard metals segment, particularly tungsten carbide, is expected to experience a Compound Annual Growth Rate (CAGR) of 4.6%. This growth projection is attributed to the significant demand for tungsten carbide in the manufacturing of various tools. Tungsten carbide, known for its hardness and durability, is a critical material used in the production of cutting tools, drills, and other industrial applications. The high CAGR suggests that the market for hard metals, specifically tungsten carbide, is anticipated to expand rapidly due to the ongoing demand for durable and high-performance tools across various industries.
North America is expected to exhibit the fastest growth in the tungsten market due to increasing drilling activities.
The statistic implies that the tungsten market in North America is projected to experience significant expansion at a rapid pace primarily as a result of the growing drilling activities in the region. This growth is likely driven by increased demand for tungsten, a metal widely used in the drilling industry for its exceptional hardness and heat resistance properties. As drilling activities continue to rise in North America, particularly in the oil and gas sectors, there is a heightened need for tungsten-based products such as drill bits and cutting tools. Consequently, this surge in demand is expected to propel North America to the forefront of the global tungsten market in terms of growth rate, highlighting the region’s importance and potential in the industry.
The annual tungsten production worldwide from 2010-2021 was roughly 82,000 metric tons.
The statistic indicates that the total global tungsten production over the period from 2010 to 2021 amounted to approximately 82,000 metric tons. Tungsten is an important industrial metal commonly used in various applications such as electronics, construction, and manufacturing due to its high melting point and hardness. Tracking annual production figures provides insight into the supply and demand dynamics of the tungsten market, helping stakeholders assess industry trends, potential market imbalances, and the overall health of the tungsten sector. The stability or fluctuations in annual production levels can impact prices, trade flows, and strategic decisions made by governments, companies, and investors operating in the tungsten industry.
In 2015, Tungsten accounted for about 0.43% of the entire export economy of China.
The statistic indicates that Tungsten, a strategic metal known for its high melting point and hardness, represented a small proportion of China’s total export economy in the year 2015. Specifically, Tungsten accounted for only approximately 0.43% of the total value of goods and services that China exported during that year. This information suggests that Tungsten was not a major contributor to China’s overall export revenue, which is crucial for understanding the relative significance of Tungsten within the broader context of China’s international trade activities.
The tungsten output in China was estimated to be approximately 70,000 metric tons in 2020.
The statistic “The tungsten output in China was estimated to be approximately 70,000 metric tons in 2020” indicates the total amount of tungsten metal that was produced in China during the year 2020. Tungsten is a critical metal widely used in various industries such as manufacturing, electronics, and construction. The estimated output of 70,000 metric tons highlights China’s significant role as a leading producer of tungsten globally, with the country being a major player in the global tungsten market. This statistic provides valuable insights into China’s production capacity in the tungsten industry and its impact on the supply and demand dynamics of this essential metal.
The U.S. used about 20% of the world’s tungsten supply for manufacturing uses in 2018.
The statistic indicates that in 2018, the United States accounted for approximately 20% of the global tungsten supply used for manufacturing purposes. Tungsten is a crucial metal known for its high melting point, hardness, and strength, making it valuable for various industrial applications such as aerospace, electronics, and energy. The fact that the U.S. utilized a fifth of the world’s tungsten supply highlights its significant role in global manufacturing and industrial production. This statistic underscores the importance of tungsten as a strategic resource and emphasizes the reliance of the U.S. manufacturing sector on this critical material in maintaining its competitive edge in various industries.
Russia was the world’s third-largest tungsten producer in 2017, contributing 3,100 MT to the global tungsten industry.
The statistic highlights that Russia held the position of the third-largest tungsten producer globally in 2017, with a production of 3,100 metric tons (MT) contributing to the global tungsten industry. Tungsten is a valuable metal known for its high melting point and strength, making it a crucial material in various industries such as manufacturing, construction, and electronics. The fact that Russia was among the top producers signifies its significant role in meeting global tungsten demand and its position in the international market for this strategic metal. The data also underscores Russia’s contribution to the global supply chain for tungsten, indicating its industrial capacity and competitive position in the mineral resources sector.
The global tungsten market is predicted to reach USD 8.84 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period 2019-2026[10].
This statistic indicates that the global tungsten market is expected to experience significant growth, with a predicted market value of USD 8.84 billion by the year 2026. The compound annual growth rate (CAGR) of 8.9% projected for the period from 2019 to 2026 reflects a steady and robust expansion in the tungsten industry. This growth trend suggests increasing demand and commercial opportunities for tungsten, likely driven by factors such as its widespread industrial applications in sectors like manufacturing, electronics, and construction. The forecast signals a positive outlook for the global tungsten market, with opportunities for businesses and investors looking to capitalize on this anticipated growth.
In 2018, Vietnam was the second-largest producer of tungsten, producing 7,200 metric tons.
The statistic reveals that in the year 2018, Vietnam held the position of being the second-largest producer of tungsten globally, with a production output of 7,200 metric tons. Tungsten is a valuable and strategic metal used in various industries, including manufacturing, electronics, and energy. This information indicates the significance of Vietnam’s contribution to the global supply of tungsten during that particular year, highlighting the country’s industrial capacity and natural resources in the mining sector. The statistic suggests that Vietnam plays a crucial role in the global tungsten market, making it an important player in the minerals and materials industry.
The manufacturing industry is expected to see the highest growth in the next decade due to the growing usage of tungsten carbide for producing different machinery parts and tools[10].
The statistic indicates that the manufacturing industry is projected to experience significant growth in the upcoming decade, primarily driven by the increasing utilization of tungsten carbide for the production of various machinery parts and tools. Tungsten carbide is known for its exceptional hardness, strength, and resistance to wear and corrosion, making it a preferred material for manufacturing high-quality components in the machinery sector. As industries continue to advance technologically and demand precision parts with superior durability, the widespread adoption of tungsten carbide is poised to fuel growth in the manufacturing industry. This shift towards utilizing tungsten carbide underscores the industry’s commitment to enhancing efficiency, reliability, and performance in its production processes, positioning it for substantial expansion in the foreseeable future.
About 60% of tungsten used in the U.S. as of 2018 was used to manufacture tungsten carbide.
The statistic that about 60% of tungsten used in the U.S. as of 2018 was utilized for manufacturing tungsten carbide indicates a significant reliance on this particular material in the country during that time period. Tungsten carbide is a widely used material known for its exceptional hardness and wear resistance, making it a popular choice for various industrial applications such as cutting tools, drills, abrasives, and jewelry. The statistic suggests that a majority of tungsten consumption in the U.S. was directed towards the production of tungsten carbide products, highlighting the importance of this material in the American manufacturing sector and underscoring its role in advancing technological innovation and productivity.
References
0. – https://www.investingnews.com
1. – https://www.www.grandviewresearch.com
2. – https://www.www.usgs.gov
3. – https://www.www.statista.com
4. – https://www.oec.world
5. – https://www.www.fortunebusinessinsights.com
