The tungsten market size was valued at USD 4.75 Billion in 2023. The tungsten industry is projected to grow from USD 5.13 Billion in 2024 to USD 9.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032). Due to its special properties, tungsten can be used in various industrial applications. X-ray tubes, bulb filaments, radiation shielding, super alloys, penetrating projectiles, gas tungsten arc welding, and industrial catalysts are examples of these uses. Some current uses include filaments in light bulbs and cathode ray tubes, electrodes, heating components, and field emitters. Tungsten is typically found in heavy metal alloys like high-speed steel, which are used to produce cutting tools. Additionally, it is utilized to create wear-resistant coatings for so-called super alloys. As tungsten's applications continue to rise, the world market for metal is anticipated to expand. More tempered metals are used in mining, oil & gas, aerospace, automotive, and oil & gas sectors. This is especially true for manufacturing, which uses tougher metals and cemented carbides. Following sintering, tungsten is easily incorporated into the mixture. It is also used more frequently in construction and metal-related applications because of its hardness (9 on the Mohs scale). The factor that drives the market during the forecast period is the unique nature of tungsten makes it a suitable material for a wide variety of industrial applications. Furthermore, tungsten produces carbides, which are frequently used in drill bits, cutting tools, and other high-strength and high-temperature applications. While the chemical sector uses tungsten salts, sulfides, or oxides to make lubricants, catalysts, etc., pure tungsten is employed in the electronic industry. These main elements will propel the market's expansion over the coming years.
Since COVID-19 started in Wuhan (China) in December 2019, it has spread rapidly worldwide. As far as confirmed cases and reported deaths are concerned, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the most affected countries. Businesses have been shut down, and lockdowns have occurred across several countries as COVID-19 affects different economies and industries. As a result of plant shutdowns and factory closures, the supply chains have been affected, and manufacturing, delivery schedules, and sales of products have been negatively impacted. It is already apparent that a few businesses may suffer from delays in their product deliveries and a decline in their future sales.
In the coming years, the market is expected to grow as end-use industries such as automotive, aerospace, electrical, and electronics grow and wear-resistant materials become increasingly popular. Since tungsten is used in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts, the market has increased. Additionally, tungsten is used to manufacture carbides, which are used as cutting tools, drill bits, and other high-temperature and high-strength applications. The chemical industry uses tungsten salts, sulfides, or oxides to produce lubricants, catalysts, etc., while the electronics industry uses pure tungsten for its electronic applications. As a result, these factors will likely drive market growth during the forecast period.
Among the main factors contributing to the growth in market share is its melting nature in the mining industry. The growing demand for cutting tools and precision equipment made from tungsten carbide is a significant factor that boosts the market share. In addition, Tungsten is also used in the electronic industry to enrich growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal. As a result, this factor is calculated as the dominant growth factor during the forecast period.
The tungsten industry has many restraints that hamper its growth, such as the supply gap caused by the lockdown. Inferior transportation is a major obstacle to the growth of the industry. The lack of raw materials is the main reason for the slow growth. As a result, the growth of the market was restrained.
The melting nature of tungsten makes it an ideal material for the mining industry, which drives its market share growth. Increasing demand for tungsten carbide in cutting tools and precision equipment boosts market share by driving growth. In addition, Tungsten is also used in the electronic industry, which enhances its growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal.
Based on form, the tungsten market segmentation is foils, ribbons, wires, and tubes. The tungsten market growth was prominently high under the foils category in 2021, as stamped and drawn foil is ideal for applications that require high temperatures, including vacuum furnaces, coatings, and electronic and semiconductor components. Tungsten foil is used to construct heat shields, heating elements, and vacuum furnace carriers. Due to their high heat resistance in high-temperature environments, tungsten foils are used in high-temperature environments.
The tungsten market segmentation, based on products, is carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. In 2021, the carbides segment accounted for the largest market share of the market due to the replaceable cutting tools and inserted widely used them. It is expected that tungsten alloys will show the fastest growth, largely due to the growth of aerospace manufacturing. In addition to using tungsten in electrical and electronic equipment, mill products containing the metal will demonstrate steady growth. As a result, the carbide segment in the market is expected to grow in the coming years.
Based on end-use industry, the market is divided into automotive, aerospace & defense, and electrical & electronics. The automotive category dominated the market for Tungsten in 2021. Different applications of tungsten are found in the production and assembly of automobiles. Many automotive parts are made from tungsten or its alloys, including studs for tires, ball joints, brakes, crankshafts in performance vehicles, and other mechanical parts subject to heavy use or extreme temperatures. As a result, the market is expected to grow during the forecast period.
Global Tungsten Market Share, by Region, 2021 (%)
Tungsten Market Overview, by Region
By region, the tungsten market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.
Asia-Pacific
Asia-Pacific dominated the market share in 2021. Despite its vast tungsten reserves and government support of the tungsten products industries, China continues to dominate the market in terms of supply and consumption of tungsten. As a result of these factors, the Asia-Pacific region will dominate the market over the forecast period.
North America
North America will exhibit the highest CAGR during the forecast period. As construction spending in the region rises, the market in North America is expected to grow. The North American region is expected to grow rapidly in the market during the forecast period because of this factor.
Tungsten Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, and China Minmetals corporation dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the tungsten market research include Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation, tungsten and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten.
Form Outlook
Product Outlook
End-use Industry Outlook
Region Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Tungsten Market Forecast & Size:
To identify and estimate the market size for the tungsten market report segmented by form, product, and end-use industry, by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the tungsten market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the tungsten market growth
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
| Report Attribute/Metric | Details |
| Market Size | 2032: USD 9.49 billion |
| CAGR | 8% CAGR (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024 to 2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Product, and End-use |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
| Key Vendors | Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation, tungsten, and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten |
| Key Market Opportunities | Usage in mining industries |
| Key Market Drivers | In the automotive sector, there has been rapid growth. |
Tungsten Market Highlights:
Frequently Asked Questions (FAQ) :
The tungsten market forecast period is 2024 - 2032
The market is expected to register a CAGR of ~8% over the next 10 years, according to tungsten market research.
North America is expected to register the highest CAGR during 2024 - 2032
Asia-Pacific held the largest share in 2023
The market size is expected to be USD 9.49 billion by 2032.
Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation, tungsten, and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten are prominent players for the market.
Tungsten Market is projected to be worth USD 3.9 Billion by 2030, registering a CAGR of 8% during the forecast period (2021 - 2030).
$3.9 Billion
8%
North America
2021-2030
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
