Global tungsten market is anticipated to surpass US $8.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2025.
Global tungsten market will get boosted by the product’s extensive usage in various industries including mining, metal working, defense, oil and gas, automotive, aerospace, etc. The product finds its usage in different forms for a varied range of applications. Tungsten is employed in manufacturing different composites such as high-speed steel, tool steel and many more. Furthermore, the product is used in fabrication of carbides, which are mainly used as drill bits, cutting tools and for other such high temperature and high strength applications.
Pure tungsten products are utilized in the electronic industry whereas oxides, sulfides and salts obtained from the product find usage in the chemical industry for producing catalysts, lubricants, etc. Since most of the tungsten products find application in manufacturing and other related industries, the overall expansion of world economy will impel the product market.
According to the report, electronics industry is one of the main end-use segment which has recorded rapid developments in the recent years. Global consumer electronics industry is anticipated to be worth more than US $1,500 billion by the year 2024. This will augment tungsten market in the coming years as the product is massively used in electronics industry in items like vacuum tube filaments, light bulbs and cathode-ray tubes owing to its low vapor pressure and high melting point. Growing technological developments have also contributed towards the segmental growth. Advancements in the electronics industry like miniaturization and improved PCB technology would increase the demand of the product over the forecast period.
However, growing environmental inspections at tungsten mining hubs in China are likely to hinder the market growth. Since China holds more than 80% of the global tungsten reserves, any interruption in its production in the region would affect the supply of the product globally. In 2016, APT (Ammonium Para Tungstate) smelting slag was categorized as hazardous waste and the Chinese government employed stringent regulations for its handling and disposal. These factors may hamper the product market development during the projected timeframe.
The global tungsten market is classified on the basis of end-use and application. Metal alloys and carbides application segments are estimated to grow with a CAGR of 8% by the year 2025, owing to the expansion of automotive and manufacturing industries in the Asia Pacific region. Mill products application will be aided by the electronics industry and will register slightly lower growth rate in the projected timeframe.
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Aerospace is an eminent end-use segment in the tungsten market which is likely to grow with a CAGR of 7% over the analysis period, on account of presence of numerous aircraft manufacturing industries in the U.S., France, Germany and other developed countries. Whereas electronics and electrical appliances end-use segment is expected to grow with 8% CAGR. Tungsten products are utilized in manufacturing filaments, electrical contacts, heat sinks, X-ray tubes, bulbs and many other such components in electronics industry.
The U.S., APAC and Europe are the prominent tungsten markets in the world. Increasing product demand from China will be an important factor augmenting APAC market. European tungsten market will be mainly driven by growing product demand from automotive and aerospace industries in Germany, France, UK and Italy..
Some of the prominent companies functioning in tungsten market are China Minmetals Corporation, W Resource, Wolfram Bergbau-und Hutten, Wolfram Company, H.C. Stark, Japan New Metals Company, Specialty Metals Resources, and Soloro among others.