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The total value of the global tungsten market was $4.48 billion in 2022, and it is expected to increase to $8.87 billion by 2030, a CAGR of 9% between 2023 and 2030.
As an integral part of the metals and mining industry, the global tungsten market is always evolving and expanding. The tungsten market exists to meet the needs of the expanding applications for this niche metal in fields as diverse as aviation, automobiles, electronics, building materials, and more. Because of its exceptional strength, endurance, and heat resistance, tungsten is a crucial component in many industrial processes. Tungsten's widespread application in metal alloys is one element boosting the market. The manufacture of alloys for use in aerospace, automobiles, electronics, and building materials all rely heavily on tungsten as a vital component. The expansion of the tungsten market can be attributed to the rising demand from various application sectors, especially in developing countries. Tungsten's mining and processing can provide difficulties for the industry.
Due to the possible ecological impact, tungsten mining necessitates intricate procedures and strict environmental restrictions. In spite of these difficulties, numerous opportunities exist in the tungsten industry. Tungsten's application in renewable energy technologies like wind turbines and solar panels is likely to boost market expansion as consumers seek for more eco-friendly and cost-effective options. The worldwide tungsten market is vital in supplying this speciality metal to numerous sectors. Its widespread application in metal alloys is a key growth driver, but the industry also faces constraints such as scarcity of reserves and the complexity of extraction methods. However, the market's future is bright thanks to potential in renewable energy and the rising demand for tungsten carbide.
Methodology of Use Analysis
Metal alloys are the main application area for tungsten. Tungsten is an essential element in the creation of metal alloys due to its high strength, high melting point, and great corrosion resistance. Industries as diverse as aerospace engineering, automobile manufacturing, electronics, and building all make use of these alloys. Tungsten alloys' high temperature resistance and structural integrity make them ideal for usage in aerospace applications like aircraft parts, engine components, and ballast weights. Tungsten alloys are used in the automotive industry as balance weights, and in the electronic industry as contacts, electrodes, and high-temperature furnace components. Tungsten alloys are used in drilling and cutting tools because of their long lifespan and reliability in the construction industry.
Tungsten carbide is the most rapidly expanding subset of the tungsten market. Tungsten carbide is an exceedingly hard and wear-resistant substance created by mixing tungsten and carbon. Because of its special qualities, it is being used in more and more applications. Because of its high hardness and durability, tungsten carbide is widely utilized in cutting tools including drills, end mills, and inserts in the industrial sector. Tungsten carbide-based tools are in high demand because of their ability to increase output and precision in rapidly expanding markets like the automotive, aerospace, and energy sectors. Tungsten carbide's resilience makes it a popular choice for drilling and excavation equipment in the mining and construction industries.
Purpose-Driven Analysis
As the need for air travel, defense spending, and space research continues to rise, so does the aerospace industry. Tungsten, like other high-performance materials, is in great demand as the number of planes and satellites in use increases. In addition, next-generation aerospace technologies including aircraft and propulsion systems necessitate the use of high-performance sophisticated materials. Tungsten's exceptional qualities make it a crucial component in satisfying these developing business needs.
Tungsten's fastest-growing market is the electrical and electronics appliance industry. The demand for electronics and home appliances is rising rapidly in today's highly connected and technology world. Tungsten's high electrical conductivity and high thermal stability make it a popular material for use in a wide variety of electrical contacts, filaments, and other components. Because of these qualities, it can be used in a wide variety of electrical and electronic products, including but not limited to light bulbs, electronic circuitry, mobile devices, and more.
Important Developments in the Market
There has been a recent shift in the tungsten industry toward a greater emphasis on circular economy and recycling. Tungsten scrap and waste material recycling helps recover precious tungsten resources while also reducing environmental effect. Key trends moving the market toward a more circular approach include the introduction of cutting-edge recycling technologies and the promotion of sustainable practices in the industry.
Technology development and research and development efforts continue to have an impact on the tungsten industry. Tungsten's performance and application potential have both benefited from developments in tungsten production processes, such as cutting-edge refining procedures and the creation of novel alloys and composites. Alternative tungsten sources are being investigated, and existing recycling processes are being enhanced, as part of the research done to reduce supply chain risks.
Report Coverage
Global Tungsten research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tungsten report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tungsten competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tungsten market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tungsten market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tungsten market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
China Minmetals Corporation (China), Guangdong Xianglu Tungsten Co., Ltd. (China), Jiangxi Tungsten Holding Group Co., Ltd. (China), Kennametal Inc. (US), H.C. Starck Tungsten GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Japan New Metals Co., Ltd. (Japan), Sandvik AB (Sweden), Buffalo Tungsten Inc. (US), Wolfram Bergbau und Hütten AG (Austria), Plansee Group (Austria), Chongyi Zhangyuan Tungsten Co., Ltd. (China), China Tungsten & Hightech Materials Co., Ltd. (China), Masan Resources Corporation (Vietnam), Global Tungsten & Powders Corp. (US), Nui Phao Mining Company Limited (Vietnam), WOLFRAM Company JSC (Russia), Almonty Industries Inc. (Canada), Wolf Minerals Limited (UK), China Molybdenum Co., Ltd. (China)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Tungsten market based on the below-mentioned segments:
Global Tungsten market, By Application
Metal Alloys
Tungsten Carbide
Mill Products
Global Tungsten Market, By End User
Aerospace Components
Automotive Parts
Boring & Cutting Equipment
Electrical & Electronics Appliances
Logging Equipment
Others
Global Tungsten market, Regional Analysis
As an integral part of the metals and mining industry, the global tungsten market is always evolving and expanding. The tungsten market exists to meet the needs of the expanding applications for this niche metal in fields as diverse as aviation, automobiles, electronics, building materials, and more. Because of its exceptional strength, endurance, and heat resistance, tungsten is a crucial component in many industrial processes. Tungsten's widespread application in metal alloys is one element boosting the market. The manufacture of alloys for use in aerospace, automobiles, electronics, and building materials all rely heavily on tungsten as a vital component. The expansion of the tungsten market can be attributed to the rising demand from various application sectors, especially in developing countries. Tungsten's mining and processing can provide difficulties for the industry.
Due to the possible ecological impact, tungsten mining necessitates intricate procedures and strict environmental restrictions. In spite of these difficulties, numerous opportunities exist in the tungsten industry. Tungsten's application in renewable energy technologies like wind turbines and solar panels is likely to boost market expansion as consumers seek for more eco-friendly and cost-effective options. The worldwide tungsten market is vital in supplying this speciality metal to numerous sectors. Its widespread application in metal alloys is a key growth driver, but the industry also faces constraints such as scarcity of reserves and the complexity of extraction methods. However, the market's future is bright thanks to potential in renewable energy and the rising demand for tungsten carbide.
Methodology of Use Analysis
Metal alloys are the main application area for tungsten. Tungsten is an essential element in the creation of metal alloys due to its high strength, high melting point, and great corrosion resistance. Industries as diverse as aerospace engineering, automobile manufacturing, electronics, and building all make use of these alloys. Tungsten alloys' high temperature resistance and structural integrity make them ideal for usage in aerospace applications like aircraft parts, engine components, and ballast weights. Tungsten alloys are used in the automotive industry as balance weights, and in the electronic industry as contacts, electrodes, and high-temperature furnace components. Tungsten alloys are used in drilling and cutting tools because of their long lifespan and reliability in the construction industry.
Tungsten carbide is the most rapidly expanding subset of the tungsten market. Tungsten carbide is an exceedingly hard and wear-resistant substance created by mixing tungsten and carbon. Because of its special qualities, it is being used in more and more applications. Because of its high hardness and durability, tungsten carbide is widely utilized in cutting tools including drills, end mills, and inserts in the industrial sector. Tungsten carbide-based tools are in high demand because of their ability to increase output and precision in rapidly expanding markets like the automotive, aerospace, and energy sectors. Tungsten carbide's resilience makes it a popular choice for drilling and excavation equipment in the mining and construction industries.
Purpose-Driven Analysis
As the need for air travel, defense spending, and space research continues to rise, so does the aerospace industry. Tungsten, like other high-performance materials, is in great demand as the number of planes and satellites in use increases. In addition, next-generation aerospace technologies including aircraft and propulsion systems necessitate the use of high-performance sophisticated materials. Tungsten's exceptional qualities make it a crucial component in satisfying these developing business needs.
Tungsten's fastest-growing market is the electrical and electronics appliance industry. The demand for electronics and home appliances is rising rapidly in today's highly connected and technology world. Tungsten's high electrical conductivity and high thermal stability make it a popular material for use in a wide variety of electrical contacts, filaments, and other components. Because of these qualities, it can be used in a wide variety of electrical and electronic products, including but not limited to light bulbs, electronic circuitry, mobile devices, and more.
Important Developments in the Market
There has been a recent shift in the tungsten industry toward a greater emphasis on circular economy and recycling. Tungsten scrap and waste material recycling helps recover precious tungsten resources while also reducing environmental effect. Key trends moving the market toward a more circular approach include the introduction of cutting-edge recycling technologies and the promotion of sustainable practices in the industry.
Technology development and research and development efforts continue to have an impact on the tungsten industry. Tungsten's performance and application potential have both benefited from developments in tungsten production processes, such as cutting-edge refining procedures and the creation of novel alloys and composites. Alternative tungsten sources are being investigated, and existing recycling processes are being enhanced, as part of the research done to reduce supply chain risks.
Report Coverage
Global Tungsten research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tungsten report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tungsten competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tungsten market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | China Minmetals Corporation (China), Guangdong Xianglu Tungsten Co., Ltd. (China), Jiangxi Tungsten Holding Group Co., Ltd. (China), Kennametal Inc. (US), H.C. Starck Tungsten GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Japan New Metals Co., Ltd. (Japan), Sandvik AB (Sweden), Buffalo Tungsten Inc. (US), Wolfram Bergbau und Hütten AG (Austria), Plansee Group (Austria), Chongyi Zhangyuan Tungsten Co., Ltd. (China), China Tungsten & Hightech Materials Co., Ltd. (China), Masan Resources Corporation (Vietnam), Global Tungsten & Powders Corp. (US), Nui Phao Mining Company Limited (Vietnam), WOLFRAM Company JSC (Russia), Almonty Industries Inc. (Canada), Wolf Minerals Limited (UK), China Molybdenum Co., Ltd. (China) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Tungsten Market from 2021 to 2030.
- Market Forecast for Tungsten Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Tungsten competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Tungsten
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tungsten market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tungsten market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
China Minmetals Corporation (China), Guangdong Xianglu Tungsten Co., Ltd. (China), Jiangxi Tungsten Holding Group Co., Ltd. (China), Kennametal Inc. (US), H.C. Starck Tungsten GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Japan New Metals Co., Ltd. (Japan), Sandvik AB (Sweden), Buffalo Tungsten Inc. (US), Wolfram Bergbau und Hütten AG (Austria), Plansee Group (Austria), Chongyi Zhangyuan Tungsten Co., Ltd. (China), China Tungsten & Hightech Materials Co., Ltd. (China), Masan Resources Corporation (Vietnam), Global Tungsten & Powders Corp. (US), Nui Phao Mining Company Limited (Vietnam), WOLFRAM Company JSC (Russia), Almonty Industries Inc. (Canada), Wolf Minerals Limited (UK), China Molybdenum Co., Ltd. (China)
Primary Target Market
- Market Players of Tungsten
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Tungsten market based on the below-mentioned segments:
Global Tungsten market, By Application
Metal Alloys
Tungsten Carbide
Mill Products
Global Tungsten Market, By End User
Aerospace Components
Automotive Parts
Boring & Cutting Equipment
Electrical & Electronics Appliances
Logging Equipment
Others
Global Tungsten market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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