https://www.fractovia.org/news/tungsten-market-to-grow-significantly-in-the-coming-years-north-america-to-be-major-revenue-contributor-north-america/24440
Tungsten Market to grow significantly in the coming years, North America to be major revenue contributor North America
Author : Ravi Chawat | Published Date : 2021-01-08
Encompassing a wide application spectrum, tungsten market demand is likely to inflate through 2025. Constant product deployment in mining, metalworking, oil & gas, defense, aerospace, automotive, etc. is likely to spur tungsten market growth. Elaborating on the opportunities for the tungsten industry, there will be accelerated efforts to replace older planes to improve the efficiency of fleets and comply with the stringent passenger safety standards. It is noted that out of the total new aircrafts required by 2037, almost 30% would be for the replacement of aging fleet. With aircraft needed to be upgraded in both commercial and defense segments, the need for new and recycled tungsten alloys will propel the overall industry revenues in the next few years. For instance, major airplane manufacturer Boeing had recently secured a US$9.2 contract from the U.S. Air Force to deliver its next fleet of combat training aircraft.
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.
Elaborating on the application range of tungsten, carbide accounts for a major share of the market and is likely to derive gains at a CAGR of around 8% over 2018-2025. Tungsten is highly used in fabrication of carbides, which are utilized as drill bits, cutting tools, and for other use cases due to its high temperature and strength attributes. Expansion of automotive and manufacturing sectors in Asia Pacific is likely to propel growth of carbides and metal alloys application segments. Also, electronics industry is anticipated to proliferate mill product application of these alloys, which will concurrently push the growth of tungsten industry.
Asia Pacific, Europe, and the U.S. are the major tungsten markets in the world. High product demand from China will be a major factor driving the Asia Pacific market. European tungsten market will be chiefly augmented by rising product demand in France, Germany, Russia, Italy and the UK, mostly from the aerospace and automotive industries.
The major players operating in the worldwide tungsten market include Xiamen Tungsten Co. Ltd., China Minmetals Corporation, Chongyi ZhangYuan Tungsten Co. Ltd., Global Tungsten & Powders Corporation, Wolfram Bergbau-und Hutten AG, H.C. Starck GmbH, Guangdong Xianglu Tungsten Co. Ltd., Japan New Metals Co. Ltd., Soloro S.L.U., Specialty Metals Resources SA, Wolfram Company JSC, W Resource PLC, King Island Scheelite, Ltd., Tungsten Mining NL, and Tejing (Vietnam) Tungsten Co. Ltd.
The worldwide tungsten market is poised to accumulate hefty proceeds in the years ahead, owing to the product's commendable application potential across a vast array of industries including automotive, aerospace, mining, defense, metal working and oil & gas, among others.
Tungsten Market report is inclusive of a definite aggressive standpoint that explains a summary of the entire industry and profiles of the major companies in the worldwide market. The tungsten industry report also provides a detailed diagram of the innovations, production analysis, product specification, and product type, taking into consideration, factors such as costs, remuneration, and gross margins.
A report by Global Market Insights, Inc. projects that the worldwide tungsten market share is set to cross $8.5 billion over 2025. Tungsten is widely used in the production of various alloys such as high-speed steel, tool steel, etc. as well as for carbides fabrication, which are often used in several high temperature and high strength-based applications like drill bits and cutting tools.
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