Global Tungsten Market: Introduction
“The global Tungsten Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Tungsten or Wolfram is a grayish-white metal with good corrosion resistance properties. It is used in its alloy form as the pure form of tungsten is expensive and difficult for machining.
Global Tungsten Market: Dynamics
Increasing demand for tungsten in automotive production in developing and developed countries is projected to drive the growth of the global tungsten market. Growing demand for these metals in aerospace production owing to their physical properties is projected to boost the growth of the global tungsten market in the upcoming years.
In the aerospace industry, tungsten is used in manufacturing components such as propellers, rotor blades, fluid control systems, inertial systems, aircraft balance weights, trim weights, and others.
However, the fluctuating price of tungsten is anticipated to hinder the growth of the global tungsten market to a certain extent.
Global Tungsten Market: Segment Analysis
Among the application segments, the carbide segment is projected to contribute a major share in the tungsten market. Growing demand for carbide as boring, cutting, and drilling tools used in various industries is projected to drive the growth of the segment.
The mill products segment is projected to register a steady growth rate in the next few years. Increasing demand for electronic products such as lighting filaments, electrodes, wires, rods, etc. is estimated to support the growth of the segment.
Among the end-use segments, the drilling, boring, and cutting equipment segment is projected to register a lucrative growth rate in the tungsten market. Increasing demand for drilling, boring, and cutting equipment in construction, mining, metalworking, and oil gas industries is projected to drive the growth of the segment. The automotive parts segment is projected to register significant growth in the global market.
Global Tungsten Market: Regional Analysis
Asia Pacific market is estimated to account for a major share of the tungsten market in the next 10 years. Growing demand for tungsten in the automotive industry in economies such as China, India, Japan, and others is projected to boost demand for tungsten in the Asia Pacific. China is a major manufacturer and consumer of tungsten.
Increasing demand for automobiles in the region owing to the rising population and increasing purchase power of individuals is projected to augment the growth of the Asia Pacific market to a certain extent.
The Asia Pacific is estimated to be the major market for tungsten followed by the North American market. The tungsten market in North America is projected to register lucrative growth in the upcoming years. The growth of the North American market is attributed to increasing demand for tungsten in the automotive, aerospace, electrical & electronics, and mining industries.
The rapid growth of the aerospace industry in the region coupled with increasing demand for electronic goods is estimated to drive the growth of the tungsten market in North America. The Europe tungsten market is projected to register a moderate growth rate. Growing demand for tungsten in various applications is projected to support the growth of the Europe tungsten market.
Global Tungsten Market Segmentation:
Segmentation by Application:
- Tungsten Carbide
- Metal Alloys
- Mill Products
Segmentation by End-use:
- Automotive Parts
- Aerospace Components
- Drilling, Boring & Cutting Equipment
- Logging Equipment
- Electrical & Electronics Appliances
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Buffalo Tungsten Inc.
- Mahavir Metal Corporation
- Federal Carbide Company
- H Cross Company
- T&D Materials Manufacturing
- Xiamen Tungsten Co., Ltd.
- China Minmetals Corporation
- Global Tungsten & Powders Corporation
- Midwest Tungsten Service
- Japan New Metals Co., Ltd.
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