The global market for Tungsten is projected to reach 125 thousand metric tons by 2024, driven by the growing prominence of tungsten-containing super alloys in aircraft parts and components manufacturing, and robust use of tungsten mill products in electrical and electronic products. The use of tungsten carbide in automobile ball joints, brakes, crank shafts etc. is poised to benefit from the stable global automobile production forecasts. With electrical and thermal conductivity and thermal expansion coefficient comparable with silicon, tungsten is evolving to play a vital role in the production of modern microelectronics. Other major factors influencing growth in the market include effervescent developments in electronics and the ensuing demand for tungsten electron emitters and voltage regulators; increase in industrial engineering activity and the ensuing demand for tungsten rod, tungsten sheet and tungsten wire products; much awaited recovery of the mining industry from its prolonged slump and increased demand for high quality tungsten based mining tools valued for benefits such as wear resistance, temperature tolerance and anti-corrosion; and growing replacement of heavy and poisonous lead with tungsten given its higher density than lead and developments in sintering technology that enables casting, molding and fabrication with ease comparable with lead. China represents the largest market worldwide with a rich endowment of tungsten resources. Asia-Pacific (excluding Japan and China) ranks as the fastest growing market with a CAGR of 5.5% over the analysis period driven by strong growth in commercial aviation and the ensuing robust aircraft production activity; rapid industrial development; expanding base of the manufacturing sector; and a robust electronics industry.
Download Free Sample Pages of this report
Company and Industry News & Stories
- Wolf Minerals Shuts the Drakelands Mine as Talks with International Backers Fail to Result in Further Finance
- IFG Signs an Agreement with the State Committee of the Republic of Uzbekistan for Establishing Tungsten Cluster in the City and Become One of the Top-three Global Producers
- Xiamen Tungsten and Fujian Jinxin to Establish Tungsten Smelting Production Base with an Annual Capacity of 10,000t of APT Production Line and Related Supporting Facility in Yanshi
- Ormonde Mining Achieves Major Progress in the Tungsten Project in Spain with Plans to Commission at the Start of December
- Tungsten Mining to Acquire GWR Group’s Hatches Creek Tungsten Project in Australia
Outlook in Key Market Segments
- Through 2024, Hardmetals/Cement Carbides will remain the largest end-use market for Tungsten, followed by Steels, Superalloys, & Wear-Resistant Alloys.
Product Definition & Scope
- Tungsten is a hard and heavy metallic element, grayish-white in color with one of the highest melting points among all metals. Tungsten can be used in its pure metallic form and also as a composite. Use of tungsten as hardmetal tungsten is most popular, and the primary element in this form is WC (Tungsten Monocarbide). Tungsten is primarily used in the production of cemented carbide parts, which are used as cutting and wear-resistant materials in the metalworking, oil and gas drilling, mining, and construction industries. Tungsten metal is used for wires, wear-resistant alloys, super alloys for turbine blades, heavy metal alloys used for armaments, electrodes, chemicals for catalysts and pigments, heat sinks and high-density applications. Tungsten metal can also be used as an alternative for lead in bullets, high temperature lubricants, and inorganic pigments.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Russia and Rest of Europe), China, Asia-Pacific, Latin America, and Rest of World
Market Segmentation & Classification
- End-Use Segments:
- Hardmetals/Cement Carbides, Steels, Superalloys & Wear-Resistant Alloys, Mill Products, and Others
- Allegheny Technologies Incorporated
- Almonty Industries Inc.
- Buffalo Tungsten Inc.
- Guangdong XiangLu Tungsten Co. Ltd.
- International Metalworking Companies (IMC)
- Kennametal, Inc.
- Ormonde Mining plc
- QuesTek Innovations, LLC
How Can You Benefit?
This research project broadly covers analysis of all market trends, drivers, challenges and other macro market scenarios you need to know to improve your strategic planning and remain informed and competitive. The study also provides reliable ready facts and exclusive statistical data insights in addition to expert and highly accurate market size forecasts and projections to help you identify new markets and opportunities for revenue growth and sustainability. The extensive reportage of industry, company and product news and stories together with coverage of all major and niche players provided in the report helps you build a 360 degree perspective on your markets and gain unsurpassed insights needed to devise plans and strategies to maximize business growth.