Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The tungsten market is a vital sector within the global industrial landscape, characterized by its widespread applications in diverse industries such as aerospace, automotive, electronics, mining, and construction. Tungsten, known for its exceptional hardness, high melting point, and resistance to corrosion, is primarily utilized in the form of tungsten carbide, alloys, and compounds. These materials play a crucial role in various applications, ranging from cutting tools and wear-resistant components to electrical contacts and radiation shielding.
One of the key drivers of the tungsten market is the automotive industry, where tungsten carbide is extensively used in the production of cutting and machining tools for manufacturing engine components, transmission parts, and chassis components. Tungsten carbide tools offer superior hardness, wear resistance, and thermal conductivity, enabling precision machining and extended tool life, thereby contributing to higher productivity and cost savings for automotive manufacturers.
Moreover, the aerospace sector represents another major market for tungsten products, particularly in the production of turbine blades, rocket nozzles, and aircraft structural components. Tungsten alloys, such as high-density tungsten heavy alloys (WHA), are valued for their ability to withstand high temperatures, extreme pressures, and corrosive environments encountered in aerospace applications. These materials contribute to the performance, reliability, and safety of aircraft and spacecraft, driving the demand for tungsten in the aerospace industry.
The main opportunity in the tungsten market share is the growth in the mining industry. The mining sector is the key end-user of numerous products. This is because many industries depend on the product supply from the mining industries.
Additionally, the electronics industry relies on tungsten for various critical components, including filaments for incandescent light bulbs, electrical contacts for switches and relays, and electrodes for vacuum tubes and X-ray tubes. Tungsten's high electrical conductivity, thermal stability, and low vapor pressure make it an ideal material for these applications, ensuring reliable performance and longevity in electronic devices and equipment. As the demand for consumer electronics, telecommunications, and semiconductor devices continues to grow, so does the demand for tungsten in the electronics sector.
Furthermore, the mining industry plays a significant role in the tungsten market, as tungsten is primarily extracted from tungsten ores such as wolframite and scheelite. China is the largest producer of tungsten globally, accounting for a significant share of the world's tungsten supply. However, geopolitical factors, environmental regulations, and supply chain disruptions can impact tungsten production and availability, leading to fluctuations in market prices and affecting industries reliant on tungsten materials.
Moreover, the construction sector utilizes tungsten products for various applications, including cutting and drilling tools for excavation and demolition, as well as reinforcing materials for concrete structures. Tungsten carbide inserts and tips are commonly used in construction machinery and equipment, offering superior hardness and wear resistance for demanding applications in the building and infrastructure development projects. As urbanization and infrastructure investments continue to drive construction activities worldwide, the demand for tungsten in the construction sector is expected to remain strong.
In recent years, there has been a growing emphasis on sustainability and resource efficiency in industrial manufacturing, leading to increased interest in recycling and reusing tungsten materials. Recycling tungsten scrap and reclaiming tungsten from end-of-life products offer environmental benefits and contribute to the conservation of finite natural resources. Moreover, technological advancements in tungsten processing and refining techniques are enabling the extraction of tungsten from low-grade ores and secondary sources, further expanding the availability of tungsten resources.
Tungsten Market Highlights:
Global Tungsten Market Overview
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.
COVID-19 Impact Analysis
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.
Tungsten Market Dynamics
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.
Market Drivers
-
Tungsten's application in mining
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.
Market Restraints
-
A growing demand-supply gap is expected to restrain the market growth
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.
Market Opportunities
-
Usage in mining industries
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.
Tungsten Market Segmentation
Form Insights
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.
Product Insights
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.
End-use Industry Insights
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.
Scope of the Tungsten Market Report
Form Outlook
- Foils
- Ribbons
- Wires
- Tubes
Product Outlook
- Carbides
- Tungsten Alloys
- Tungsten Mill Products
- Tungsten Chemicals
End-use Industry Outlook
- Automotive
- Aerospace & Defense
- Electrical & Electronics
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
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
- Tungsten producers
- Raw material suppliers
- Retailers, wholesalers, and distributors
- Governments, associations, and industrial bodies
- Investors and traders
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
