The tungsten market has been segmented according to application and end-use. Carbides and metal alloys are the key application segments which are poised to gain by approximately 8% CAGR till 2025. Proliferation of the Asia Pacific automotive and manufacturing sectors has been the chief factor driving both these application segments. Mill products application, which will be majorly driven by the electronics industry, will grow by a slightly lower growth rate in the forecast years. Tungsten Market will likely surpass USD 8.5 billion by 2025; according to a new research report.
Global tungsten market will be propelled by the product’s extensive usage in a broad range of industries including metal working, mining, oil & gas, aerospace, defense, automotive, etc. The product finds its usage in different forms for a varied array of applications. Tungsten is employed in manufacturing different alloys such as tool steel, high-speed steel, and many more. The product is also used in the fabrication of carbides, which are popularly used as cutting tools, drill bits, and for other such high strength and high temperature applications. Pure tungsten products are used in the electronic industry whereas salts, sulfides, or oxides obtained from the product finds usage in the chemical industry in manufacturing lubricants, catalysts, etc. Since most of the tungsten products finds usage in manufacturing and other related industries, the overall development of the world economy will have a direct effect on the product market.
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Electronics industry is one of the major end-user industries which has witnessed fast developments in the past few years. The global consumer electronics industry will grow in the future and would cross USD 1,500 billion by 2024. This will drive the tungsten market in the coming years as the product is popularly used in the electronics industry in items such as cathode-ray tubes, vacuum tube filaments, and light bulbs due to its high melting point and low vapor pressure. Rising technological advancements have also contributed to the growth in this sector. Innovation in the electronics industry like miniaturization and enhanced PCB technology would further increase product demand in the future.
Increasing environmental inspections in the tungsten mining hubs in China is likely to hamper the growth of the market. As China possesses more than 80% of the global tungsten reserves, any disruption in its production in the country would affect the product supply across the world. In 2016, ammonium para tungstate (APT) smelting slags were classified as hazardous waste and the Chinese government implemented strict regulations regarding handling and disposal of this slag. Such factors may hinder the product market development in the forecast years.
Aerospace is a key end-use sector in the tungsten market which is likely to gain with a compounded annual growth rate exceeding 7%. Aircraft manufacturing industries in the U.S., Germany, France, and other such developed countries will propel this end-use sector’s growth. Electrical & electronics appliances end-use will grow by a CAGR above 8%. Tungsten products finds usage in manufacturing electrical contacts, filaments, X-ray tubes, heat sinks, bulbs, and many other such components in the electronics industry.
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Asia Pacific, Europe, and the U.S. are the major tungsten markets in the world. High product demand from China will be a major factor driving the Asia Pacific market. European tungsten industry will be chiefly augmented by rising product demand in France, Germany, Russia, Italy and the UK, mostly from the aerospace and automotive industries.
W Resource, China Minmetals Corporation, Specialty Metals Resources, Wolfram Bergbau-und Hutten, H.C. Starck, Soloro, Japan New Metals Company, and Wolfram Company are some of the key tungsten market participants.
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