As per a recent industry report put forward by Global Market Insights Inc., Tungsten Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 8.5 billion by 2025 with a projected CAGR of 8% over 2018-2025.
Owing to continuous demand from users across a wide application spectrum, the global tungsten market has proliferated from the critical properties of the metal, like resistance to corrosion and wear as well as flexibility. The metal is quite important in the production of stellites, superalloys and heavy metal alloys which are used to make components of automobiles, aircrafts, gamma and X-ray machines, golf clubs, darts and many others. Rising consumer spending on vehicles, travel and leisure activities along with healthcare services will inadvertently bolster demand for the tungsten industry. Factors like globally increasing consumption of steel and augmented production of aircrafts will drive the expansion of the tungsten market.
Technically, several key areas in an aircraft require the placement of additional weight precisely for providing vibration dampening in various forms, such as static and dynamic balancing of propellers and rotor blades, and also as ballast. The tungsten industry has been a major benefactor of the exponential development in aerospace segment, with tungsten heavy alloys ideally suited for applications in all kinds of aircraft, from small planes and larger jets to helicopters. Though the quality of tungsten metal and its alloys being supplied to the aviation companies is concern, suppliers have put more focus to ensure that manufacturers receive the top quality material, notably evolving the global tungsten market.
Increasing environmental inspections in the tungsten mining hubs in China is likely to hamper the growth of the market. As China possesses more than 80% of the global tungsten reserves, any disruption in its production in the country would affect the product supply across the world. In 2016, ammonium para tungstate (APT) smelting slags were classified as hazardous waste and the Chinese government implemented strict regulations regarding handling and disposal of this slag. Such factors may hinder the product market development in the forecast years.
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The tungsten market has been segmented according to application and end-use. Carbides and metal alloys are the key application segments which are poised to gain by approximately 8% CAGR till 2025. Proliferation of the Asia Pacific automotive and manufacturing sectors has been the chief factor driving both these application segments. Mill products application, which will be majorly driven by the electronics industry, will grow by a slightly lower growth rate in the forecast years.
Aerospace is a key end-use sector in the tungsten market which is likely to gain with a compounded annual growth rate exceeding 7%. Aircraft manufacturing industries in the U.S., Germany, France, and other such developed countries will propel this end-use sector’s growth. Electrical & electronics appliances end-use will grow by a CAGR above 8%. Tungsten products finds usage in manufacturing electrical contacts, filaments, X-ray tubes, heat sinks, bulbs, and many other such components in the electronics industry.
Europe is an important tungsten market accounting for more than one-fifth of the overall industry size in 2017. Steady growth in the regional automotive industry coupled with increasing production of aerospace components in Germany, France, Italy, and UK will provide a major boost for the product market growth.
Key participants in the global tungsten market includes China Minmetals Corporation, W Resource, Specialty Metals Resources SA, H.C. Starck, Wolfram Bergbau-und Hutten, Japan New Metals Company, Soloro, Wolfram Company JSC, and others. Integration is a major strategy used by market participants to strengthen their positions and to increase their profit margins.