Tungsten Market Research Report - Global Forecast till 2030

Tungsten Market Research Report Information By Form (Foils, Ribbons, Wires, and Tubes), By Product (Carbides, Tungsten Alloys, Tungsten Mill Products, and Tungsten Chemicals), By End-use Industry (Automotive, Aerospace & Defense, Electrical & Electronics), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)‚ÄĒForecast till 2030

ID: MRFR/CnM/5585-HCR | 140 Pages | Author: Priya Nagrale | March 2024         

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Tungsten Market

Tungsten Market is projected to be worth USD 3.9 Billion by 2030, registering a CAGR of 8% during the forecast period (2021 - 2030).

Segmentation
By Form Foils Ribbons Wires Tubes
By Product Carbides Tungsten Alloys Tungsten Mill Products Tungsten Chemicals
By End Use Automotive Aerospace & Defense Electrical & Electronics
Key Players
Companies Profiled   Xiamen tungsten co limited   Buffalo tungsten inc   Federal carbide company   China Minmetals corporation   Global tungsten and powders corporation   Wolfram bergbau-und hutten AG   Tungsten Mining NL   Tejing Tungsten
Drivers
Market Driving Forces   The rapid growth of the automotive sector   Increasing purchasing power of the population
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Global Tungsten Market Overview


The tungsten market is projected to register a CAGR of 8% from 2022 to 2030. Due to its special properties, tungsten can be used in various industrial applications. X-ray tubes, bulb filaments, radiation shielding, super alloys, penetrating projectiles, gas tungsten arc welding, and industrial catalysts are examples of these uses. The tungsten market size is expected to reach approximately USD 3.89 billion by 2030. Some current uses include filaments in light bulbs and cathode ray tubes, electrodes, heating components, and field emitters. Tungsten is typically found in heavy metal alloys like high-speed steel, which are used to produce cutting tools. Additionally, it is utilized to create wear-resistant coatings for so-called super alloys. As tungsten's applications continue to rise, the world market for metal is anticipated to expand. More tempered metals are used in mining, oil & gas, aerospace, automotive, and oil & gas sectors. This is especially true for manufacturing, which uses tougher metals and cemented carbides. Following sintering, tungsten is easily incorporated into the mixture. It is also used more frequently in construction and metal-related applications because of its hardness (9 on the Mohs scale). The factor that drives the  market during the forecast period is the unique nature of tungsten makes it a suitable material for a wide variety of industrial applications. Furthermore, tungsten produces carbides, which are frequently used in drill bits, cutting tools, and other high-strength and high-temperature applications. While the chemical sector uses tungsten salts, sulfides, or oxides to make lubricants, catalysts, etc., pure tungsten is employed in the electronic industry. These main elements will propel the  market's expansion over the coming years.


COVID-19 Impact Analysis


Since COVID-19 started in Wuhan (China) in December 2019, it has spread rapidly worldwide. As far as confirmed cases and reported deaths are concerned, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the most affected countries. Businesses have been shut down, and lockdowns have occurred across several countries as COVID-19 affects different economies and industries. As a result of plant shutdowns and factory closures, the  supply chains have been affected, and manufacturing, delivery schedules, and sales of products have been negatively impacted. It is already apparent that a few businesses may suffer from delays in their product deliveries and a decline in their future sales.


Tungsten Market Dynamics


In the coming years, the  market is expected to grow as end-use industries such as automotive, aerospace, electrical, and electronics grow and wear-resistant materials become increasingly popular. Since tungsten is used in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts, the market has increased. Additionally, tungsten is used to manufacture carbides, which are used as cutting tools, drill bits, and other high-temperature and high-strength applications. The chemical industry uses tungsten salts, sulfides, or oxides to produce lubricants, catalysts, etc., while the electronics industry uses pure tungsten for its electronic applications. As a result, these factors will likely drive market growth during the forecast period.


Market Drivers




  • Tungsten's application in mining




Among the main factors contributing to the growth in market share is its melting nature in the mining industry. The growing demand for cutting tools and precision equipment made from tungsten carbide is a significant factor that boosts the market share. In addition, Tungsten is also used in the electronic industry to enrich growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal. As a result, this factor is calculated as the dominant growth factor during the forecast period.


Market Restraints




  • A growing demand-supply gap is expected to restrain the market growth




The tungsten industry has many restraints that hamper its growth, such as the supply gap caused by the lockdown. Inferior transportation is a major obstacle to the growth of the industry. The lack of raw materials is the main reason for the slow growth. As a result, the growth of the market was restrained.


Market Opportunities




  • Usage in mining industries




The melting nature of tungsten makes it an ideal material for the mining industry, which drives its market share growth. Increasing demand for tungsten carbide in cutting tools and precision equipment boosts market share by driving growth. In addition, Tungsten is also used in the electronic industry, which enhances its growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal.


Tungsten Market Segmentation


Form Insights


Based on form, the  tungsten market segmentation is foils, ribbons, wires, and tubes. The  tungsten market growth was prominently high under the foils category in 2021, as stamped and drawn foil is ideal for applications that require high temperatures, including vacuum furnaces, coatings, and electronic and semiconductor components. Tungsten foil is used to construct heat shields, heating elements, and vacuum furnace carriers. Due to their high heat resistance in high-temperature environments, tungsten foils are used in high-temperature environments.


Product Insights


The  tungsten market segmentation, based on products, is carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. In 2021, the carbides segment accounted for the largest market share of the  market due to the replaceable cutting tools and inserted widely used them. It is expected that tungsten alloys will show the fastest growth, largely due to the growth of aerospace manufacturing. In addition to using tungsten in electrical and electronic equipment, mill products containing the metal will demonstrate steady growth. As a result, the carbide segment in the  market is expected to grow in the coming years.


End-use Industry Insights


Based on end-use industry, the  market is divided into automotive, aerospace & defense, and electrical & electronics. The automotive category dominated the market for Tungsten in 2021. Different applications of tungsten are found in the production and assembly of automobiles. Many automotive parts are made from tungsten or its alloys, including studs for tires, ball joints, brakes, crankshafts in performance vehicles, and other mechanical parts subject to heavy use or extreme temperatures. As a result, the  market is expected to grow during the forecast period.


Global Tungsten Market Share, by Region, 2021 (%)
Tungsten Market Share, by Region, 2021
Tungsten Market Overview, by Region


By region, the  tungsten market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.


Asia-Pacific


Asia-Pacific dominated the market share in 2021. Despite its vast tungsten reserves and government support of the tungsten products industries, China continues to dominate the market in terms of supply and consumption of tungsten. As a result of these factors, the Asia-Pacific region will dominate the market over the forecast period.


North America


North America will exhibit the highest CAGR during the forecast period. As construction spending in the region rises, the market in North America is expected to grow. The North American region is expected to grow rapidly in the  market during the forecast period because of this factor.


Tungsten Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, and China Minmetals corporation dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.


Prominent players in the  tungsten market research include Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation,  tungsten and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten.


Scope of the Tungsten Market Report


Form Outlook



  • Foils

  • Ribbons

  • Wires

  • Tubes


Product Outlook



  • Carbides

  • Tungsten Alloys

  • Tungsten Mill Products

  • Tungsten Chemicals


End-use Industry Outlook



  • Automotive

  • Aerospace & Defense

  • Electrical & Electronics


Region Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Tungsten Market Forecast & Size:


To identify and estimate the market size for the  tungsten market report segmented by form, product, and end-use industry, by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the  tungsten market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the  tungsten market growth


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Tungsten producers

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • Investors and traders

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 3.89 billion
  CAGR   8% CAGR (2022-2030)
  Base Year    2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Form, Product, and End-use
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation, tungsten, and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten
  Key Market Opportunities   Usage in mining industries
  Key Market Drivers   In the automotive sector, there has been rapid growth.




Frequently Asked Questions (FAQ) :

The  tungsten market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~8% over the next 10 years, according to  tungsten market research.

North America is expected to register the highest CAGR during 2022 - 2030

Asia-Pacific held the largest share in 2021

The market size is expected to be USD 3.89 billion by 2030.

Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation, tungsten, and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten are prominent players for the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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