Panasqueira Tungsten-Tin Mine Presentation
APPENDIX 8 – GROWING MARKET WITH RISK OF TIGHTENING
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IN KT
TUNGSTEN SUPPLY GAP*
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90
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■Supply
Demand
A ALMONTY
Anticipated demand is forecasted to rise at a Compound Annual Growth
Rate (CAGR) averaging 3.45%. Certain projections indicate a more robust
growth rate of 7-8% per annum.
However, despite the expected alignment between supply and demand
growth, significant production risks pose the greatest threat and could
potentially lead to a supply gap in the future.
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
INCREASING IMPORTANCE OF NON-CHINESE TUNGSTEN
Strong growth is anticipated to persist in the cemented carbides sector,
as well as in super alloys and other alloys
Additionally, there is a rising demand for progressive technologies and
tungsten utilization in the defense sector, all of which are projected to
drive growth in the coming years
On the supply side, it is important to note that the global tungsten
market is becoming increasingly constrained and is expected to
experience a more pronounced deficit in the coming years. Certain
indications of this deficit are already evident in the market
Chinese tungsten supply is forecast to decline, Chinese tungsten reserves
are dwindling and grades are declining though exploration continues
Tungsten from sources outside of China become more valuable due to
different measures taken by the EU & USA
*Source: Merchant Research & Consulting: 2024 World Market Review and Forecast to 2033
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