USD 4.75 Billion
Report ID:
SQMIG15J2054 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
66
|Figures:
75
Global Tungsten Market size was valued at USD 4.75 Billion in 2022 and is poised to grow from USD 5.13 Billion in 2023 to USD 9.50 Billion by 2031, at a CAGR of 8% during the forecast period (2024-2031).
The mining and metals sector includes a vibrant and important segment called the global tungsten market. The goal of the tungsten market is to meet the rising demand for this specialty metal across a variety of sectors, including aerospace, automotive, electronics, construction, and more. Due to its special characteristics, tungsten is useful in manufacturing processes where strength, durability, and heat resistance are crucial. The widespread usage of tungsten in metal alloys is one of the factors boosting the market. Tungsten plays a significant role in the manufacture of alloys that are used to make electronics, automotive, aerospace, and building material components. The tungsten market is expanding because of the rising demand for various end-use industries, particularly in emerging nations. The extraction of tungsten presents additional challenges for the market.
Because of the possible ecological impact, tungsten mining calls for intricate procedures and strict environmental guidelines. The tungsten market nevertheless offers a lot of potential despite these obstacles. The usage of tungsten in renewable energy technologies, including as wind turbines and solar panels, is anticipated to spur market expansion given the growing emphasis on sustainable and energy-efficient solutions. To meet the need for this specialized metal across numerous industries, the global tungsten market is essential. Although market expansion is fueled by reasons like its widespread use in metal alloys, difficulties including low reserves and difficult extraction procedures must be overcome. The market does, however, have bright future possibilities due to opportunities in renewable energy and the rising demand for tungsten carbide.
Global Market Size
USD 4.75 Billion
Largest Segment
Metal Alloys
Fastest Growth
Tungsten Carbide
Growth Rate
8% CAGR
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The global tungsten market is segmented on the basis of application, end use, and region. By product, the market is segmented into metal alloys, tungsten carbide, and mill products. By End Use, the market is segmented into aerospace components, automotive parts, boring & cutting equipment, electrical & electronics appliances, logging equipment, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Tungsten Market Analysis by Application
The largest segment in the tungsten market is metal alloys. Tungsten is a crucial ingredient in the creation of metal alloys due to its extraordinary strength, high melting point, and great corrosion resistance. These alloys are widely used in sectors like aerospace, automotive, electronics, and building. Because they can tolerate extremely high temperatures and provide structural integrity, tungsten alloys are utilized in aerospace for ballast weights, engine parts, and aircraft parts. Tungsten alloys are used in the electronics industry for contacts, electrodes, and high-temperature furnace components, as well as the car industry for balance weights. The longevity of tungsten alloys in uses like cutting and drilling tools assists the construction industry.
Tungsten carbide is the area of the tungsten market that is expanding the fastest. Tungsten and carbon are combined to form the highly hard and wear-resistant substance known as tungsten carbide. Due to its special qualities, it is being used more frequently across a range of sectors. Due to its excellent hardness and durability, tungsten carbide is widely utilised in the manufacturing industry in cutting tools like drills, end mills, and inserts. The demand for tungsten carbide-based tools to increase productivity and precision has been pushed by the expansion of sectors like automotive, aerospace, and energy. Due to its resilience to extreme circumstances and prolonged usage, tungsten carbide is also used in drilling and excavation equipment by the mining and construction sectors.
Tungsten Market Analysis by End-Use
The aerospace sector is expanding steadily as a result of rising air traffic, defense spending, and space exploration initiatives. High-performance materials like tungsten are in greater demand as both commercial and military airplanes and spacecraft become more popular. Moreover, the aerospace industry's continual technological developments, such as the creation of propulsion systems and the next-generation of aircraft, call for new materials with greater performance. Due to its special characteristics, tungsten is a crucial element for satisfying these changing industry demands.
The market for electrical and electronic appliances for tungsten is the one that is expanding the fastest. There is a rising demand for electronic gadgets and appliances in a time when connectivity and technical progress are the driving forces. Due to its superior electrical conductivity and thermal stability, tungsten is widely utilized in electrical contacts, filaments, and other components. Due to these characteristics, it is ideally suited for use in mobile devices, electronic circuitry, light bulbs, and other electrical and electronic products.
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In 2022, Asia Pacific will be the dominant region in the world market for tungsten. In recent years, the majority of tungsten production and consumption took place in this area. Major contributors to the regional market domination include nations like China, Vietnam, and Russia. Particularly both a producer and consumer, China occupies a large portion of the world market for tungsten. The nation has sizable tungsten reserves and a solid supply network for companies that use tungsten. Large-scale manufacturing and industrial activity, expanding infrastructure, and strong demand from end-use sectors are some of the factors that contribute to Asia Pacific's supremacy in the tungsten industry.
North America is the area of the tungsten market that is expanding the fastest. Recent years have seen a consistent development rate in the region, fueled by things like rising investments in the aerospace and defence industries, technical advancements, and rising demand for goods made of tungsten. Due to the large need for tungsten alloys and other related materials in the American aerospace sector, the US is a significant consumer and importer of tungsten. The emphasis on renewable energy sources and the rising mining and construction industries also help to drive the expansion of the tungsten market in North America.
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Tungsten Market Drivers
Growing Demand from Industrial Applications
Due to its special qualities and wide range of uses in various industries, tungsten is in high demand. The increasing demand coming from industries like aerospace, automotive, electronics, and energy is one of the main drivers. Due to its exceptional strength and heat resistance, tungsten is utilized, for instance, in aircraft parts, engine components, and ballast weights in the aerospace sector. In the same way, tungsten is used to balance weights in the car industry. The expanding demand for tungsten in these industries is a result of emerging economies' increased industrialization and infrastructure development.
Renewable Energy and Electric Vehicle (EV) Market Growth
The demand for tungsten is driven by the global transition to renewable energy sources and the growing uptake of electric vehicles. Solar cells and wind turbines, among other renewable energy sources, utilize tungsten in their many parts. Tungsten is also required for the manufacture of electrical connectors, battery systems, and charging infrastructure in EVs. The market for tungsten is expected to grow thanks to the push for renewable energy sources and the increasing appeal of electric vehicles.
Tungsten Market Restraints
Limited Availability of Tungsten Reserves
Environmental and Regulatory Challenges
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The global tungsten market is a highly competitive landscape with the presence of numerous key players vying for market share. These companies engage in strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their foothold in the market and gain a competitive edge. The competitive landscape is further shaped by strategic collaborations and partnerships. Companies often form alliances to leverage each other's strengths and expand their geographic presence. For instance, joint ventures between global and local players have become increasingly common in the tungsten market, enabling companies to gain access to new markets and resources.
Tungsten Market Top Player’s Company Profiles
Tungsten Market Recent Developments
In March 2024, Golden Metal Resources plc, a mineral exploration and development company focused on tungsten, gold, copper, lithium and silver within Nevada, USA, announced an exploration update on the 100% owned Pilot Mountain project ("Pilot Mountain" or the "Project"). The Company announced that it had completed a strategic fundraise for a total of £750,000.
In September 2023, Bright Laser Technologies (BLT) unveiled new additive manufacturing (AM) applications in tungsten carbide at TCT Asia 2023.
In April 2023, Masan High-Tech Materials Corporation (MHT) and EQ Resources Limited (EQR) signed an MOU to work together in tungsten exploration, mining, assessing new project opportunities, and new product applications.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global tungsten market analysis, tungsten is known for its exceptional properties such as high melting point, hardness, and strength, making it a sought-after material in sectors like aerospace, automotive, electronics, energy, and construction. The market analysis reveals several key aspects influencing the tungsten market. Firstly, the demand for tungsten is driven by the industrial sector, where it is used in the production of metal alloys, tungsten carbide, and various mill products. These applications include manufacturing tools, electrical contacts, heating elements, and heavy machinery parts, among others. The market analysis also highlights the dominant role of Asia Pacific in the global tungsten market. Countries like China, Vietnam, and Russia are major producers and consumers of tungsten. Asia Pacific's dominance is attributed to its large population, rapid industrialization, and infrastructure development. However, the market is witnessing growth in other regions such as North America and Europe due to increasing investments in sectors like aerospace, renewable energy, and electric vehicles. The global tungsten market is a dynamic industry driven by industrial demand and concentrated in regions like Asia Pacific. While facing challenges such as limited reserves and environmental regulations, the market is buoyed by technological advancements and emerging opportunities in renewable energy and electric vehicles. The market's growth prospects remain promising, attracting investments and driving innovation in the tungsten sector.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.75 Billion |
Market size value in 2031 | USD 9.50 Billion |
Growth Rate | 8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Tungsten Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tungsten Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tungsten Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tungsten Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG15J2054