Tungsten Market – Global Industry Analysis and Forecast (2022-2029) by Application, End Use, and Region

Tungsten Market size was valued at US$ 4.76 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 8.0% through 2022 to 2029, reaching nearly US$ 8.81 Bn.
Tungsten Market Overview:
The Global Tungsten market was valued at US$ 4.41 Bn. in 2021, and it is expected to reach US$ 7.56 Bn. by 2029 with a CAGR of 8.0% during the forecast period. Electrodes, heating elements, and field emitters, as well as filaments in light bulbs and cathode ray tubes, are some of the current applications. Tungsten is commonly found in heavy metal alloys like high-speed steel, which are used to make cutting tools. It's also used to make wear-resistant coatings in so-called super alloys.To know about the Research Methodology :- Request Free Sample Report

Though market forecasting through 2029 is based on real output, demand and supply of 2021, 2021 numbers are also estimated on real numbers published by key players as well all important players across the world. Market forecasting till 2029 is done based on past data from 2017 to 2021 with the impact of global lock down on the market in 2021 and 2022.
Tungsten Market Dynamics:
Growing end use industries such as automotive, aerospace and electrical and electronics and increase in the demand of wear resistant materials is expected to drive the global tungsten market. Tungsten is used in electronic and electrical components such as electron emitters, lead-in wires and electrical contacts leading to the increase in the global tungsten market. Tungsten is also used in the fabrication of carbides, which are popularly used as cutting tools, drill bits, and for other such high strength and high temperature applications. Pure tungsten is used in the electronic industry whereas salts, sulfides, or oxides obtained from the product find usage in the chemical industry in manufacturing lubricants, catalysts, etc. These are the major factors that drive the growth of the global market during the forecast period.
Tungsten Market Segment Analysis:
Based on the Application, the market is segmented into Tungsten Carbide, Metal Alloys, and Mill Products. Tungsten Carbide segment is expected to hold the largest market shares of xx% by 2029. Tungsten carbides will continue to account for the largest share of processed tungsten consumption due to their widespread use in replaceable cutting tools and inserts. While tungsten alloys will record the fastest growth stimulated largely by increasing aerospace manufacturing. However, tungsten mill products will demonstrate steady growth, assisted by demand for the metal in a number of other electrical and electronic applications. These are the key factor that drives the growth of the Tungsten Carbide segment in the global market during the forecast period.

Based on the End Use, the market is segmented into Automotive Parts, Aerospace Components, Drilling, Boring & Cutting Equipment, Logging Equipment, and Electrical & Electronics Appliances. The Automotive Parts segment is expected to grow rapidly at a CAGR of 8.0% during the forecast period. Tungsten is employed for different applications in automotive production and assembly. Pure tungsten, its alloys, or carbides are employed in the automotive industry as studs for tires, ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts that see heavy usage or extreme temperatures. These are the key factors that drive the growth of the global market during the forecast period.
Tungsten Market Regional Insights:
Asia Pacific dominates the global tungsten market during the forecast period. Asia Pacific is expected to hold the largest market shares of xx% by 2029. China continues to be the leader in the supply and consumption of tungsten in the global tungsten market due to its vast tungsten reserves and support of the Chinese government to the tungsten product industries. These are the key factors that drive the growth of the Asia Pacific region in the global market during the forecast period.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period. North America contributes to the growing global tungsten market with the increasing construction spending in the region. This is the major factor that drives the growth of the North America region in the global market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Tungsten Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the Global Tungsten Market dynamic, structure by analyzing the market segments and project the Global Tungsten Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Tungsten Market make the report investor’s guide.
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Tungsten Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2021-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 4.76 Bn.


Forecast Period 2021 to 2029 CAGR:
8.0%
Market Size in 2029:
US $ 8.81 Bn.


 Segments Covered:
by Type
•Tungsten Carbide
•Metal Alloys
•Mill Products
•Permanent Magnets
•Nanowires


by Application
• Automotive Parts
• Aerospace Components
• Drilling
• Boring & Cutting Equipment
• Logging Equipment
• Electrical & Electronics Appliances
• Metalworking, Mining, and Petroleum
• Military
• Others


by Form
• Foils
• Ribbons
• Wires
• Tubes
• By Product



Tungsten Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Tungsten Market Key Players
• A.L.M.T. Corp.
• Allegheny Technologies Incorporated
• Almonty Industries Inc.
• Betek GmbH & Co. KG
• Buffalo Tungsten Inc.
• China Minmetals Non-Ferrous Metals Co., Ltd.
• China Molybdenum Co., Ltd.
• Chongyi Zhangyuan Tungsten Co., Ltd
• Guangdong XiangLu Tungsten Co. Ltd.
• H.C. Starck GmbH
• International Metalworking Companies
• Jiangxi Tungsten Holding Group Co., Ltd.
• Kennametal, Inc.
• Nippon Tungsten Co., Ltd.
• Ormonde Mining plc
• Plansee Group
• QuesTek Innovations, LLC
• Sandvik Group
• Umicore N.V.
• Wolf Minerals Limited
• WOLFRAM Company JSC
• Xiamen Tungsten Co., Ltd.

Frequently Asked Questions:

1. Which region has the largest share in Global Tungsten Market?
Ans: North America region held the highest share in 2021.

2. What is the growth rate of Global Tungsten Market?
Ans: The Global Tungsten Market is growing at a CAGR of 8 % during forecasting period 2022-2029.

3. What is scope of the Global Tungsten market report?
Ans: Global Tungsten Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Tungsten market?
Ans: The important key players in the Global Tungsten Market are – A.L.M.T. Corp., Allegheny Technologies Incorporated, Almonty Industries Inc., Betek GmbH & Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co., Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd, Guangdong XiangLu Tungsten Co. Ltd., H.C. Starck GmbH, International Metalworking Companies, Jiangxi Tungsten Holding Group Co., Ltd., Kennametal, Inc., Nippon Tungsten Co., Ltd., Ormonde Mining plc, Plansee Group, QuesTek Innovations, LLC, Sandvik Group, Umicore N.V., Wolf Minerals Limited, WOLFRAM Company JSC, Xiamen Tungsten Co., Ltd., and

5. What is the study period of this market?
Ans: The Global Tungsten Market is studied from 2021 to 2029.