Latest News- Tungsten Market: Hard metal is expected to lead the Product segment during 2025-2029

The Tungsten Market is being driven by Wide use of tungsten in integrated circuits

The Tungsten Market is expected to grow at a CAGR of 7.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2607.2 million. The global tungsten market is experiencing significant growth due to the increasing demand for miniaturized and lightweight electronic components in various industries, particularly in aerospace. This trend is driven by the shift towards Integrated Circuits (ICs) and advances in semiconductor technology. Tungsten, an advanced material, is extensively used in the manufacturing of Three-Dimensional (3D) ICs due to its properties that enable the production of small electro-mechanical components. In 3D circuit integration technology, ICs are vertically stacked via dense 3D electrical interconnections, which are primarily made with tungsten plugs. These plugs enhance latency, power consumption, and memory bandwidth, making them indispensable in Complementary Metal-Oxide Semiconductors (CMOS). The consumer electronics sector, with its focus on miniaturization, is expected to fuel the demand for tungsten, thereby propelling the market's expansion during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Hard metal
  • Steel and alloys
  • Mill products
  • Others
• Application
  • Automotive
  • Aerospace and defense
  • Electrical and electronics
  • Machine tools and equipment
  • Healthcare
• Geography
  • APAC
    • China
    • India
    • Japan
    • Vietnam
  • Europe
  • North America
    • Canada
    • US
  • Middle East and Africa
    • South Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Wide use of tungsten in integrated circuits
• Increasing demand for tungsten carbide from automotive industry
• Vast reserves of tungsten ores in China

However, the market also witnesses some limitations, which are as follows:

• Stringent environmental and safety regulations
• Recent economic slowdown in China
• Fluctuations in tungsten and tungsten product prices

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Market Scope in Tungsten Market Research Report

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Research Analysis Overview

Tungsten, known for its high melting point and exceptional physical properties, is a critical metal in various industries. Its vapor pressure and tensile strength make it ideal for use in construction activities and high-impact applications. Tungsten carbide's wear and corrosion resistance protect against acid attacks and extreme conditions in industries like mining, drilling, and manufacturing. Tungsten is also used in X-ray tubes, bulb filaments, and radiation shielding due to its ability to withstand high temperatures and radiation. Super alloys, cathode ray tubes, electrodes, and metal alloys also benefit from tungsten's properties. In addition, tungsten is used in aerospace components, automotive parts, logging equipment, renewable energy technologies, mill products, and industrial catalysts due to its high melting point, wear resistance, and other desirable characteristics. Tungsten's unique properties also make it suitable for use in penetrating projectiles, field emitters, and various other applications.

Market Research Overview

The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and other diversified mining operations. Notable metals of interest are tungsten and its alloys, including tungsten carbide, utilized for their exceptional properties such as high vapor pressure, tensile strength, corrosion resistance, wear resistance, and impact resistance, particularly in construction activities and blast hole drilling. Companies in this sector generate substantial revenue through the production or extraction of these valuable resources.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/