May 11, 2020
According to the research report titled ‘Tungsten Market Size By Application, By End-use, Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, global tungsten market is predicted to exceed USD 8.5 billion by the year 2025.
Rising adoption of tungsten material in automotive, defense, aerospace, oil & gas, mining and metal working industries is a major factor driving the market growth. The product is used in producing various alloys such as high-speed steel and tool steel. Tungsten is also used in the chemical industry for producing catalysts and lubricants.
The product is widely utilized in electronics industry in items including light bulbs, vacuum tube filaments and cathode-ray tube owing to its high melting point and lower vapor pressure. It is employed in developing carbides, which are extensively used as drill bits and cutting tools in electronic industry. Advancements in electronics industry such as improved PCB technology and miniaturization are stimulating the industry outlook. Howevehttps://www.marketstudyreport.com/request-a-sample/1434130/ r, strict regulations pertaining to handling & disposal of ammonium para tungstate smelting slags, which are hazardous wastes, could hinder the market growth.
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Based on the application spectrum, tungsten carbide and metal alloys segments are presumed to expand with a CAGR of 8% through 2025. Flourishing manufacturing and automotive industries in Asia-Pacific are fueling the product demand.
The tungsten market share from aerospace industry is reckoned to witness a y-o-y growth rate of 7% during 2018-2025. Booming aircraft manufacturing industries in countries such as France, Germany and the U.S. will favor the market outlook. Meanwhile, electrical & electronics appliances segment is expected to record 8% CAGR between 2018 and 2025. The product is widely used in fabricating items such as bulbs, heat sinks, X-ray tubes, filaments and other electrical contacts.
Considering the geographical landscape, tungsten market in Asia-Pacific, U.S. and Europe is slated to experience robust expansion in the forthcoming years. Growing demand for tungsten in China coupled with rising adoption of tungsten material in automotive industries as well as aerospace industries of UK, Italy, Russia, Germany and France are swaying the overall business dynamics.
The major contenders in tungsten market are Wolfram Company, Japan New Metals Co., Saloro, H.C. Starck, Wolfram Bergbau-und Hutten, Specialty Metals Resources, China Minmetals Corp. and W Resources among others.