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World Tungsten to 2019

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Date: 31-Jul-2015
No. of pages: 281
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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.

Company Profiles

Profiles for 22 competitors in the global tungsten industry, such as China Minmetals, Global Tungsten & Powders (Plansee), Kennametal, Jiangxi Rare Earth & Rare
Metals, Sandvik & Xiamen Tungsten

Additional Information

This study analyzes the global market for processed tungsten, defined as the tungsten content of metals, chemicals, and compounds that will be utilized in finished tungsten-containing products. The end user of processed tungsten is defined as the manufacturer of a tungsten-containing product, e.g. a cutting insert, radiation shield, or light bulb. Primary (ore and concentrate) and tungsten intermediates production are not covered in the demand figures but rather in a separate mining and processing overview

Historical data for 2004, 2009, and 2014 and forecasts for 2019 and 2024 are provided in metric tons and current US dollars unless otherwise indicated. The term “demand” refers to “sales” or “apparent consumption” (including both merchant and captive consumption) and is defined as shipments (also referred to as “production,” “output,” or “supply”), plus imports, less exports. Tabular details may not add to totals due to independent rounding, and ratios may be rounded for the sake of clarity.

World Tungsten to 2019

Table of Contents

Introduction X

I. Executive Summary 1

II. Market Environment 4
General 4
World Economic Overview 5
Recent Historical Trends 6
World Economic Outlook 7
World Population Outlook 9
Gross Fixed Investment 11
World Manufacturing Outlook 13
World Machinery Overview 16
World Lighting Outlook 18
Technology Trends 20
Functional Competition 22
Pricing Patterns 23
Legal & Regulatory Environment 25

III. World Tungsten Mining & Processing OVERVIEW 29
General 29
Tungsten Reserves by Country 30
Tungsten Mine Production by Country 31
Tungsten Ore & Concentrates International Trade 35
Tungsten Processing 36
Ammonium Paratungstate 37
Tungsten Scrap 38

IV. World Supply & Demand 41
General 41
World Tungsten Demand 42
Demand by Product 45
Cemented Carbides 47
Cutting Tools & Inserts 49
Wear Parts & Other 50
Tungsten Alloys 50
Tool Steels 51
Other 52
Tungsten Mill Products 53
Lighting 54
Other 55
Tungsten Chemicals & Other 55
Catalysts 57
Other 58
Processed Tungsten Shipments 58
International Trade 60

V. North America 63
Overview 63
Supply & Demand 64
Tungsten Applications 67
United States 69
Canada 77
Mexico 82

VI. Western Europe 88
Overview 88
Supply & Demand 89
Tungsten Applications 92
Germany 94
United Kingdom 100
Italy 105
France 111
Sweden 117
Spain 122
Other Western Europe 128

VII. Asia/Pacific 135
Overview 135
Supply & Demand 136
Tungsten Applications 139
China 141
Japan 148
South Korea 154
India 159
Taiwan 165
Other Asia/Pacific 171

VIII. Other Regions 178
Central & South America 178
Supply & Demand 179
Tungsten Applications 181
Brazil 183
Other Central & South America 189
Eastern Europe 194
Supply & Demand 196
Tungsten Applications 198
Russia 199
Other Eastern Europe 205
Africa/Mideast 210
Supply & Demand 212
Tungsten Applications 214

IX. Industry Structure 216
General 216
Industry Composition 217
Market Share 219
Acquisitions & Divestitures 224
Mining & Manufacturing 226
Competitive Strategies 229
Marketing & Distribution 230
Cooperative Agreements 231
Company Profiles 234
ALMT, see Sumitomo Electric Industries Berkshire Hathaway Incorporated 235
BETEK, see INDUS Holding Buffalo Tungsten Incorporated 237
CB-CERATIZIT Luxembourg, see Plansee Holding CERATIZIT, see Plansee Holding China Minmetals Corporation 239
China Molybdenum Company Limited 243
Chongyi Zhangyuan Tungsten Company Limited 245
Eramet SA 246
Erasteel, see Eramet Eurotungstene Powders, see Eramet Federal Carbide Company 248
GESAC, see Xiamen Tungsten Global Tungsten & Powders, see Plansee Holding Guangdong Xianglu Tungsten Company Limited 250
HC Starck GmbH 251
INDUS Holding AG 254
Japan New Metals, see Mitsubishi Materials Jiangxi Rare Earth and Rare Metals Tungsten Group Corporation 255
Jiangxi Tungsten Industry Group, see China Minmetals and Jiangxi Rare Earth and Rare Metals Tungsten Group Jiangxi Yaosheng Tungsten Company Limited 257
Jiujiang Jinlu Hard Alloy, see China Minmetals and Xiamen Tungsten Kennametal Incorporated 259
Metalico Incorporated 262
Mitsubishi Materials Corporation 263
Nanchang Cemented Carbide, see China Minmetals Niagara Refining, see Buffalo Tungsten and Sumitomo Electric Industries Nippon Tungsten Company Limited 265
Noble Group Limited 266
Plansee Holding AG 268
Sandvik AB 272
Sumitomo Electric Industries Limited 275
TaeguTec, see Berkshire Hathaway Tranzact, see Metalico WOLFRAM Company CJSC 278
Xiamen Tungsten Company Limited 279
Zhuzhou Cemented Carbide Group, see China Minmetals Zigong Cemented Carbide, see China MinmetalsOther Companies Mentioned in Study 283

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 World Gross Domestic Product by Region 5
2 World Population by Region 11
3 World Gross Fixed Investment by Region 13
4 World Manufacturing Value Added by Region 16
5 World Machinery Manufacturing Value Added by Region 18

Section III -- World Tungsten Mining & Processing Overview
1 World Tungsten Ore Reserves by Country, 2014 31
2 World Tungsten Mine Production by Country 32
3 World Ammonium Paratungstate Shipments by Region 38
4 World Tungsten Scrap Demand by Region 40

Section IV -- World Supply & Demand
1 World Tungsten Demand by Region 44
2 World Tungsten Demand by Product 46
3 World Tungsten Cemented Carbides Demand by Application & Region 49
4 World Tungsten Alloys Demand by Application & Region 51
5 World Tungsten Mill Products Demand by Application & Region 54
6 World Tungsten Chemicals & Other Demand by Application & Region 57
7 World Tungsten Shipments by Region 60
8 World Tungsten Net Exports by Region 62

Section V -- North America
1 North America: Tungsten Supply & Demand 66
2 North America: Tungsten Demand by Product & Application 69
3 United States: Tungsten Supply & Demand 74
4 United States: Tungsten Demand by Product & Application 76
5 Canada: Tungsten Supply & Demand 80
6 Canada: Tungsten Demand by Product & Application 82
7 Mexico: Tungsten Supply & Demand 85
8 Mexico: Tungsten Demand by Product & Application 87

Section VI -- Western Europe
1 Western Europe: Tungsten Supply & Demand 91
2 Western Europe: Tungsten Demand by Product & Application 94
3 Germany: Tungsten Supply & Demand 98
4 Germany: Tungsten Demand by Product & Application 100
5 United Kingdom: Tungsten Supply & Demand 103
6 United Kingdom: Tungsten Demand by Product & Application 105
7 Italy: Tungsten Supply & Demand 109
8 Italy: Tungsten Demand by Product & Application 111
9 France: Tungsten Supply & Demand 115
10 France: Tungsten Demand by Product & Application 117
11 Sweden: Tungsten Supply & Demand 120
12 Sweden: Tungsten Demand by Product & Application 122
13 Spain: Tungsten Supply & Demand 126
14 Spain: Tungsten Demand by Product & Application 128
15 Other Western Europe: Tungsten Supply & Demand 132
16 Other Western Europe: Tungsten Demand by Product & Application 134

Section VII -- Asia/Pacific
1 Asia/Pacific: Tungsten Supply & Demand 138
2 Asia/Pacific: Tungsten Demand by Product & Application 141
3 China: Tungsten Supply & Demand 146
4 China: Tungsten Demand by Product & Application 148
5 Japan: Tungsten Supply & Demand 152
6 Japan: Tungsten Demand by Product & Application 154
7 South Korea: Tungsten Supply & Demand 157
8 South Korea: Tungsten Demand by Product & Application 159
9 India: Tungsten Supply & Demand 163
10 India: Tungsten Demand by Product & Application 165
11 Taiwan: Tungsten Supply & Demand 169
12 Taiwan: Tungsten Demand by Product & Application 171
13 Other Asia/Pacific: Tungsten Supply & Demand 175
14 Other Asia/Pacific: Tungsten Demand by Product& Application 177

Section VIII -- Other Regions
1 Central & South America: Tungsten Supply & Demand 181
2 Central & South America: Tungsten Demand by Product & Application 183
3 Brazil: Tungsten Supply & Demand 187
4 Brazil: Tungsten Demand by Product & Application 189
5 Other Central & South America: Tungsten Supply & Demand 192
6 Other Central & South America: Tungsten Demand by Product & Application 194
7 Eastern Europe: Tungsten Supply & Demand 197
8 Eastern Europe: Tungsten Demand by Product & Application 199
9 Russia: Tungsten Supply & Demand 203
10 Russia: Tungsten Demand by Product & Application 205
11 Other Eastern Europe: Tungsten Supply & Demand 208
12 Other Eastern Europe: Tungsten Demand by Product & Application 210
13 Africa/Mideast: Tungsten Supply & Demand 213
14 Africa/Mideast: Tungsten Demand by Product & Application 215

Section IX -- Industry Structure
1 Processed Tungsten Sales by Company, 2014 218
2 Selected Acquisitions & Divestitures 225
3 Selected Cooperative Agreements 233

List of Charts

Section II -- Market Environment
1 World Lighting Shipments by Region, 2014 20
2 Historical Tungsten Pricing 25

Section III -- World Tungst en Mining &Processing Overview
1 World Tungsten Ore & Concentrates Net Exports by Region, 2014 36

Section IV -- World Supply & Demand
1 World Tungsten Demand by Region, 2014 45
2 World Tungsten Demand by Product, 2014 47

Section V -- North America
1 North America: Tungsten Demand by Country, 2014 67
2 US National Defense Stockpile Ore & Concentrates Stocks & Sales 73

Section VI -- Western Europe
1 Western Europe: Tungsten Demand by Country, 2014 92

Section VII -- Asia/Pacific
1 Asia/Pacific: Tungsten Demand by Country, 2014 139

Section IX -- Industry Structure
1 World Processed Tungsten Market Share by Company, 2014 219
2 Tungsten Material Flow 228

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