ID: MRFR/CnM/5585-HCR | February 2021 | Region: Global | 140 pages
The Tungsten Market is calculated with the USD of 3.5 billion in 2017, and it is expected to get the growth with a CAGR of around 8% through 2025.
An increase in the usage of tungsten in the industries like automotive, aerospace, defence, electronics, oil and gas, mining etc. are the main reason for the growth of the Tungsten Market.
Tungsten is a heavy metal that melts when heated with the highest melting point among all the metals. This is mostly used in metal alloys to add strength to the metals. The use of tungsten has increased because of its usage in the industries like X-ray tubes, bulb filaments, radiation shielding, superalloys, penetrating projectiles, gas tungsten arc welding are some of the industries which are the main reason for the growth of the tungsten market size.
Due to the outbreak of the pandemic across the world in the year 2020, many governments are trying to reduce the spread of the pandemic. To avoid the spread of the pandemic across the globe many countries have implemented the lockdown. This is to maintain the social distance among the people and also to reduce the cases of the affected patients. In many countries, due to the spread of the pandemic, the growth of the economy has been affected in the very worst manner. But to avoid the spread and to safeguard the people, the government has introduced the vaccine.
As the spread of the pandemic has locked many industries and economic growth. due to the lockdown, the transport and the business were shut down. Due to the unavailability of the transport and the labours the raw materials were available in the high cost. but the sales of the tungsten market has gained demand in the medical field due to the usage of the Xrays and radiation. It is valued that after the post-pandemic it is expected that the growth will be stable in the tungsten market.
The usage of tungsten in the mining industry because of its melting nature is one of the main driving forces for the growth in the tungsten market share. The increase in the growth and the demand in using the tungsten carbide in the cutting tools and the precision equipment is the important factor that boosts the tungsten market share. Additionally, the use of the Tungsten in electronic industry is also one of the factors that enrich the growth.
It is expected that the growth of the tungsten in using it as the metal alloys is one of the main reasons for the growth. This is calculated as the dominating growth factor in the forecast period.
After the pandemic spread once the situation gets normal, people started to get back to their normal life. The main opportunity in the tungsten market share is the growth in the mining industry. The mining sector is the key end-user of numerous products. This is because many industries depend on the product supply from the mining industries.
Due to this, there is an increase in the demand for tungsten carbide because of its usage in the mining industry. By using tungsten in the mining industries are manufacturing the top hammer rock drill bits, roller cutters, downhole hammers, raise boring reamers, longwall shearer picks.
The main restraints which are being faced by the tungsten industry, which hinder the tungsten market growth are the supply gap which is because of the lockdown. The main reason that hinders the growth, is the lack of the supply of the raw materials because of the unavailability of transportation. This caused the restrain in the tungsten market growth.
The increase in the demand for the usage of the tungsten market value is one of the challenges. As the spread of the pandemic has caused the demand for raw materials. Because of the shortage and unavailability of the raw materials, the manufacturing companies are working hard to gain their market by delivering the products on time. Due to the increase in the demand for the products made of the tungsten during the lockdown, the unavailability of the raw materials is one of the challenges which is faced against gaining the tungsten market revenue.
Cumulative growth analysis
The main reason for the growth of the tungsten market revenue is because of the development in many sectors. The growth and development in the mining sector also the increase in the sectors like automotive, electrical and electronics, aerospace and defence has brought an impact on the growth of the tungsten market.
The fuel demand is also an important driving factor for the growth of the tungsten market. It is also calculated that the growth of the tungsten market in the forecasting period is also great.
Value chain analysis
Many primary factors like the growth and demand in the usage of the e-vehicles, fuel efficiency, automotive light-weighting are the main driving force for the growth of the tungsten market. The growth of the transportation sector also brings growth in the tungsten market.
Market segment overview
The Middle East and Africa
The tungsten market has increased with the greater demand in recent days. Because of this, the global manufacturing companies are working to compensate for the demand of the customers. So they are planning to expand their companies to different regions. Via using these extension ideas they can appropriately gain revenue and also they can hold their market position.
The tungsten market is growing in recent days, this is because of the gradual growth and the strategies used by the competitive players. The key players are working with the new methodologies, new tools and also taking smarter decisions to bring the revenue to the tungsten market.
Global Tungsten Market Share, by End-Use, 2017 (%)
North America is the leading shareholder of the tungsten market. This is because of the dominating countries like the US, Canada and Mexico. According to the recent survey, it is found that the US is the largest and leading position in mining with a total contribution of around 11.5% of the total mining activity. The US paves the way for the growth and dominating nature of North America.
The second place is held by Europe, this is because of the driving factor like the growth and development in the automobile industries in Europe. Due to the growth of the Automobile industry, the tungsten market also grows gradually.
The third position is held by the Asia Pacific region, this is because of the growth of a large number of natural resources and also because of the easy labour availability. In the Asia Pacific region, China is considered as the larger shareholding of the tungsten market. It is expected that the growth of the Asia Pacific region will be high during the forecast period.
These are the major key player of the tungsten market, who are working hard for growth in their market value.
|Market Size||2030 : Significant Value|
|CAGR||2030 : Substantial Value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Form, Product, end-use, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Xiamen Tungsten Co., Ltd. (China), Buffalo Tungsten Inc. (US), Federal Carbide Company (US), China Minmetals Corporation (China), Global Tungsten & Powders Corporation (US), Wolfram Bergbau-und Hutten AG (Austria), Tungsten Mining NL (Australia), Tejing Tungsten (Vietnam), Japan New Metals Co., Ltd. (Japan), and Saloro (Spain)|
|Key Market Opportunities||Higher cost associated with environmental compliance|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Automotive, aerospace & defense, and electrical & electronics are some of the major end-use industries of Tungsten.
The automotive segment holds the largest share in the global Tungsten market.
Augmenting demand in the rapidly growing end-use industries, The rapid growth of the automotive sector, Increasing purchasing power of the population.
Asia Pacific holds the largest share in the global Tungsten market, followed by North America and Europe, respectively.
Buffalo Tungsten Inc. (US), Xiamen Tungsten Co., Ltd. (China), Federal Carbide Company (US), Global Tungsten & Powders Corporation (US), China Minmetals Corporation (China), Wolfram Bergbau-und Hutten AG (Austria), Tejing Tungsten (Vietnam), Tungsten Mining NL (Australia), Saloro (Spain), and Japan New Metals Co., Ltd. (Japan), are some of the major players operating in the Tungsten market.