Authored By: Sarah
11 Jul 2024

 Tungsten Market Size to grow by USD 1.95 billion between 2024-2028

According to a research report “ Tungsten Market” by Product (Hard metal, Steel and alloys, Mill products, Others) Application (Automotive, Aerospace and defense, Electrical and electronics, Machine tools and equipment, Healthcare) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1.95 billion, at a CAGR of  7.11% during the forecast period. The global demand for integrated circuits (ICs) is projected to surge due to the increasing adoption of smart devices and the expanding digital home appliance market. ICs, which are integral to electronic equipment such as laptops, personal computers, cellular phones, and other digital appliances, are favored for their compact size and cost-effective manufacturing. The burgeoning population in Central and South America and MEA regions is driving the demand for these devices, thereby fueling the need for advanced IC chips. Tungsten, a vital component in modern circuitry, is indispensable in the production of these chips, as it is used to connect transistors and interconnecting layers.

Browse market data tables, figures, and in-depth TOC on “Tungsten Market” by Product (Hard metal, Steel and alloys, Mill products, Others) Application (Automotive, Aerospace and defense, Electrical and electronics, Machine tools and equipment, Healthcare) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Product, the Hard metal segment is projected to dominate the market size in 2024

The automotive industry represents a significant market for tungsten, given its utilization in specialized applications that may expand with advancing technology and industry tendencies. Tungsten is incorporated into the filaments of high-intensity discharge (HID) lamps and LEDs utilized in automotive headlights due to its high melting point and electrical resistance. Furthermore, tungsten is employed in electrical contact points and switches within automotive components, including ignition systems and relays, owing to its resistance to electrical arcing. With the automotive sector undergoing a transition towards electric vehicles (EVs), the demand for tungsten in this sector could potentially escalate. Tungsten is indispensable in electrical contacts and components, such as connectors and switches, which are crucial for EVs' efficient energy transfer and operation. As the manufacturing of electric vehicles continues to expand, the demand for tungsten in this sector is anticipated to increase proportionally.

By Application, Automotive  segment is expected to hold the largest market size for the year 2024

Tungsten, a hard metal, is the primary component in the production of cemented carbides, a preferred engineering material for various industries. Cemented carbides are created through the process of liquid phase sintering, where hard tungsten monocarbide grains are cemented within a binder matrix of cobalt or nickel alloy. These materials offer distinct advantages over alternative hard materials such as hardened steel, brittle hard ceramics (aluminum oxide or silicon carbide), high-strength titanium alloys, and fiber-reinforced composites. Cemented carbides boast superior strength, hardness, transverse rupture strength, and fracture toughness, making them an indispensable choice for demanding applications.

APAC is forecasted to hold the largest market size by region in 2024

In the Asia Pacific (APAC) region, major industries such as automotive, construction, aerospace, and defense, which are significant consumers of tungsten, are experiencing robust growth. India, Indonesia, Thailand, and Vietnam exhibit a surging demand for automobiles, making them key markets for tungsten carbide and mill products. Although China's automotive industry has experienced a recent economic downturn, it remains a significant contributor to the tungsten market. Meanwhile, the aviation industry in APAC is thriving due to an increasing number of transits, presenting lucrative opportunities for aerospace manufacturers and the general aviation sector. The global fleet size is projected to expand by 1.5-3.5 times above the current average during the forecast period.

The Tungsten Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Almonty Industries Inc.
  • Amalgamated Metal Corp. PLC
  • Buffalo Tungsten Inc.
  • China Molybdenum Co. Ltd.
  • China Tungsten Online Manu and Sales Corp.
  • Dymet Alloys
  • Federal Carbide Co.
  • Group 6 Metals Ltd.
  • Masan High Tech Materials
  • Mitsubishi Materials Corp.
  • MOLTUN
  • PicoParts
  • Plansee SE
  • SALORO SLU
  • Saxony Minerals and Exploration AG SME AG
  • Specialty Metals Resources Ltd.
  • T and D Materials Manufacturing LLC
  • TaeguTec LTD.
  • Tungco INC.
  • Tungsten Mining NL
.

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Research Analysis Overview

Tungsten, also known as wolfram, is a rare and valuable metal known for its high melting point, making it an ideal choice for various industries requiring robust and durable components. The market for tungsten is diverse, with applications ranging from field emitters in electronics to penetrating projectiles in defense. Key industries utilizing tungsten include logging equipment, where its high impact and wear resistance is essential. In the automotive sector, tungsten is used in super alloys for engine parts due to its tensile strength and corrosion resistance. Aerospace components also benefit from tungsten's properties, with applications in high-temperature parts and radiation shielding. Tungsten is also a crucial component in renewable energy technologies, such as electrodes in fuel cells and metal alloys in solar panels. Additionally, it is used in industrial catalysts, bulb filaments, X-ray tubes, and cathode ray tubes. In construction and mining, tungsten carbide is used for drill bits and other wear-resistant tools. Its resistance to acid attacks and vapor pressure make it suitable for harsh environments. Overall, the versatility of tungsten makes it a valuable commodity in various industries.

Market Research Overview

Tungsten, also known as wolfram, is a precious metal with a high melting point and excellent physical properties, making it an essential component in various industries. In the context of renewable energy, tungsten plays a significant role in the circular economy through recycling and the production of renewable energy technologies. Tungsten is used in battery systems, wind turbines, and solar cells due to its high electrical conductivity and resistance to corrosion. Tungsten chemicals and mill products find applications in tungsten alloys, carbides, tubes, wires, ribbons, foils, and precision equipment used in electronics, electrical, and chemical sectors. The metal-related applications of tungsten extend to construction, aerospace, oil and gas, wear-resistant coatings, high-speed steel, field emitters, heating components, electrodes, cathode ray tubes, industrial catalysts, penetrating projectiles, super alloys, radiation shielding, X-ray tubes, and electronics appliances. The versatility of tungsten is evident in its use in various industries, including automotive parts, mining, and construction activities. Its high tensile strength, pressure tolerance, heat tolerance, and impact resistance make it ideal for use in harsh environments and applications prone to acid attacks and corrosion. The sintering process is used to produce tungsten carbide, which is used in cutting tools, rooftop bolting, longwall extraction, mineral processing, bulk handling, haul road maintenance, and blast hole drilling. The evaporation rate and electron emission ability of tungsten make it suitable for use in power industry and electronic industry applications such as TIG welding, electronic tubes, halogen lamps, and incandescent lamps.

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Technavio Research
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Email: media@technavio.com
Website: www.technavio.com/

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