December 03, 2019
According to the new research report available with MarketStudyReport.com under the title ‘Global Tungsten Market (By End-Use Application, By End-User Industries, By Region, By Country): Trends, Opportunities and Forecasts (2016-2021) - By End-Use Application (Hard Metals, Mill Products, Steel and Alloys, Chemicals, Others); By End-User Industries (Automotive, Mining, Construction, Oil & Gas, Aerospace & Defense, Medical); By Region (North America, Europe, APAC, ROW); By Country (U.S., Canada, U.K., Germany, China, India, Japan, Brazil, Saudi Arabia)’, the worldwide tungsten market is anticipated to grow with a CAGR of 4.25% during the period of 2016-2021.
Tungsten is a greyish-white metal having radiance and better corrosion resistance properties. Robust growth in tungsten market is mainly driven by increasing demand for downstream tungsten products in diverse end-user sectors such as automotive, energy, aviation, and industrial engineering. Furthermore, excellent strength and high melting point of product enables its application across numerous allied industries, hence propelling the market outlook.
Notably, the study analyzes the competitive landscape of tungsten market using Porter’s Five Force analysis, policy & regulatory landscape, value chain, and SWOT analysis. It also offers a comprehensive insight about the trends, challenges, drivers, and opportunities prevailing in tungsten market.
The worldwide tungsten market is examined on the basis of applications, end-user industries, and regional landscape. Speaking of the application spectrum, the market is fragmented as hard metals, chemical, mill products, steel & other alloys, and others. The hard metals segment is presently dominating the tungsten market, however, mill products segment is presumed to register decent growth over the forecast period, owing to burgeoning construction and electronic industries, claims the study.
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Based on the end-user industries, the market is segmented as mining, construction, medical, oil & gas, automotive, and aerospace & defense. While considering the regional landscape, the global tungsten industry is bifurcated into four regions which are Europe, North America, Asia Pacific, and rest of world. The report cites that Asia Pacific tungsten market is anticipated to register the fastest growth in the upcoming years, on account of economic growth in emerging markets.
The prominent companies operating in tungsten market include Buffalo Tungsten Inc., Sandvik AB, Federal Carbide Company, Kennametal Inc., Toonney Alloy Co. Ltd., Sumitomo Electric Industries Ltd., NAECO LLC., and Nippon Tungsten Co. Ltd.
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