USD 4.75 Billion
Tungsten Market Size, Share, Growth Analysis, By Application(Metal Alloys, Tungsten Carbide, and Mill Products), By End Use(Aerospace Components, Automotive Parts, Boring & Cutting Equipment, Electrical & Electronics Appliances), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2054 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
66
|Figures:
75
Tungsten Market Insights
Global Tungsten Market size was valued at USD 4.75 Billion in 2022 and is poised to grow from USD 5.13 Billion in 2023 to USD 9.50 Billion by 2031, at a CAGR of 8% during the forecast period (2024-2031).
The mining and metals sector includes a vibrant and important segment called the global tungsten market. The goal of the tungsten market is to meet the rising demand for this specialty metal across a variety of sectors, including aerospace, automotive, electronics, construction, and more. Due to its special characteristics, tungsten is useful in manufacturing processes where strength, durability, and heat resistance are crucial. The widespread usage of tungsten in metal alloys is one of the factors boosting the market. Tungsten plays a significant role in the manufacture of alloys that are used to make electronics, automotive, aerospace, and building material components. The tungsten market is expanding because of the rising demand for various end-use industries, particularly in emerging nations. The extraction of tungsten presents additional challenges for the market.
Because of the possible ecological impact, tungsten mining calls for intricate procedures and strict environmental guidelines. The tungsten market nevertheless offers a lot of potential despite these obstacles. The usage of tungsten in renewable energy technologies, including as wind turbines and solar panels, is anticipated to spur market expansion given the growing emphasis on sustainable and energy-efficient solutions. To meet the need for this specialized metal across numerous industries, the global tungsten market is essential. Although market expansion is fueled by reasons like its widespread use in metal alloys, difficulties including low reserves and difficult extraction procedures must be overcome. The market does, however, have bright future possibilities due to opportunities in renewable energy and the rising demand for tungsten carbide.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Metal Alloys
Fastest Growth
Tungsten Carbide
Growth Rate
8% CAGR
Global Tungsten Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Tungsten Market Segmental Analysis
The global tungsten market is segmented on the basis of application, end use, and region. By product, the market is segmented into metal alloys, tungsten carbide, and mill products. By End Use, the market is segmented into aerospace components, automotive parts, boring & cutting equipment, electrical & electronics appliances, logging equipment, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Tungsten Market Analysis by Application
The largest segment in the tungsten market is metal alloys. Tungsten is a crucial ingredient in the creation of metal alloys due to its extraordinary strength, high melting point, and great corrosion resistance. These alloys are widely used in sectors like aerospace, automotive, electronics, and building. Because they can tolerate extremely high temperatures and provide structural integrity, tungsten alloys are utilized in aerospace for ballast weights, engine parts, and aircraft parts. Tungsten alloys are used in the electronics industry for contacts, electrodes, and high-temperature furnace components, as well as the car industry for balance weights. The longevity of tungsten alloys in uses like cutting and drilling tools assists the construction industry.
Tungsten carbide is the area of the tungsten market that is expanding the fastest. Tungsten and carbon are combined to form the highly hard and wear-resistant substance known as tungsten carbide. Due to its special qualities, it is being used more frequently across a range of sectors. Due to its excellent hardness and durability, tungsten carbide is widely utilised in the manufacturing industry in cutting tools like drills, end mills, and inserts. The demand for tungsten carbide-based tools to increase productivity and precision has been pushed by the expansion of sectors like automotive, aerospace, and energy. Due to its resilience to extreme circumstances and prolonged usage, tungsten carbide is also used in drilling and excavation equipment by the mining and construction sectors.
Tungsten Market Analysis by End-Use
The aerospace sector is expanding steadily as a result of rising air traffic, defense spending, and space exploration initiatives. High-performance materials like tungsten are in greater demand as both commercial and military airplanes and spacecraft become more popular. Moreover, the aerospace industry's continual technological developments, such as the creation of propulsion systems and the next-generation of aircraft, call for new materials with greater performance. Due to its special characteristics, tungsten is a crucial element for satisfying these changing industry demands.
The market for electrical and electronic appliances for tungsten is the one that is expanding the fastest. There is a rising demand for electronic gadgets and appliances in a time when connectivity and technical progress are the driving forces. Due to its superior electrical conductivity and thermal stability, tungsten is widely utilized in electrical contacts, filaments, and other components. Due to these characteristics, it is ideally suited for use in mobile devices, electronic circuitry, light bulbs, and other electrical and electronic products.
Global Tungsten Market By Application
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Tungsten Market Regional Insights
In 2022, Asia Pacific will be the dominant region in the world market for tungsten. In recent years, the majority of tungsten production and consumption took place in this area. Major contributors to the regional market domination include nations like China, Vietnam, and Russia. Particularly both a producer and consumer, China occupies a large portion of the world market for tungsten. The nation has sizable tungsten reserves and a solid supply network for companies that use tungsten. Large-scale manufacturing and industrial activity, expanding infrastructure, and strong demand from end-use sectors are some of the factors that contribute to Asia Pacific's supremacy in the tungsten industry.
North America is the area of the tungsten market that is expanding the fastest. Recent years have seen a consistent development rate in the region, fueled by things like rising investments in the aerospace and defence industries, technical advancements, and rising demand for goods made of tungsten. Due to the large need for tungsten alloys and other related materials in the American aerospace sector, the US is a significant consumer and importer of tungsten. The emphasis on renewable energy sources and the rising mining and construction industries also help to drive the expansion of the tungsten market in North America.
Global Tungsten Market By Region
- Largest
- Fastest
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Tungsten Market Dynamics
Tungsten Market Drivers
Growing Demand from Industrial Applications
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Due to its special qualities and wide range of uses in various industries, tungsten is in high demand. The increasing demand coming from industries like aerospace, automotive, electronics, and energy is one of the main drivers. Due to its exceptional strength and heat resistance, tungsten is utilized, for instance, in aircraft parts, engine components, and ballast weights in the aerospace sector. In the same way, tungsten is used to balance weights in the car industry. The expanding demand for tungsten in these industries is a result of emerging economies' increased industrialization and infrastructure development.
Renewable Energy and Electric Vehicle (EV) Market Growth
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The demand for tungsten is driven by the global transition to renewable energy sources and the growing uptake of electric vehicles. Solar cells and wind turbines, among other renewable energy sources, utilize tungsten in their many parts. Tungsten is also required for the manufacture of electrical connectors, battery systems, and charging infrastructure in EVs. The market for tungsten is expected to grow thanks to the push for renewable energy sources and the increasing appeal of electric vehicles.
Tungsten Market Restraints
Limited Availability of Tungsten Reserves
- Tungsten is considered a rare element, and the availability of high-grade tungsten deposits is limited. This scarcity poses a restraint on the steady supply of tungsten, leading to fluctuations in prices and potential supply chain disruptions. The reliance on a few major producing countries for tungsten reserves and geopolitical factors can further impact the market's stability and availability.
Environmental and Regulatory Challenges
- Tungsten mining and processing face environmental challenges due to its potential ecological impact. Strict regulations regarding mining practices and waste management can increase operational costs and pose challenges for market players. Compliance with environmental standards and addressing concerns related to sustainable mining practices is crucial for the long-term viability of the tungsten market.
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Tungsten Market Competitive Landscape
The global tungsten market is a highly competitive landscape with the presence of numerous key players vying for market share. These companies engage in strategic initiatives such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their foothold in the market and gain a competitive edge. The competitive landscape is further shaped by strategic collaborations and partnerships. Companies often form alliances to leverage each other's strengths and expand their geographic presence. For instance, joint ventures between global and local players have become increasingly common in the tungsten market, enabling companies to gain access to new markets and resources.
Tungsten Market Top Player’s Company Profiles
- Jiangxi Tungsten Holding Group Co., Ltd. (China)
- Kennametal Inc. (US)
- H.C. Starck Tungsten GmbH (Germany)
- Xiamen Tungsten Co., Ltd. (China)
- Japan New Metals Co., Ltd. (Japan)
- Sandvik AB (Sweden)
- Buffalo Tungsten Inc. (US)
- Wolfram Bergbau und Hütten AG (Austria)
- Plansee Group (Austria)
- Chongyi Zhangyuan Tungsten Co., Ltd. (China)
- China Tungsten & Hightech Materials Co., Ltd. (China)
- Masan Resources Corporation (Vietnam)
- Global Tungsten & Powders Corp. (US)
- Nui Phao Mining Company Limited (Vietnam)
- WOLFRAM Company JSC (Russia)
- Almonty Industries Inc. (Canada)
- Wolf Minerals Limited (UK)
- China Molybdenum Co., Ltd. (China)
Tungsten Market Recent Developments
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In March 2024, Golden Metal Resources plc, a mineral exploration and development company focused on tungsten, gold, copper, lithium and silver within Nevada, USA, announced an exploration update on the 100% owned Pilot Mountain project ("Pilot Mountain" or the "Project"). The Company announced that it had completed a strategic fundraise for a total of £750,000.
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In September 2023, Bright Laser Technologies (BLT) unveiled new additive manufacturing (AM) applications in tungsten carbide at TCT Asia 2023.
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In April 2023, Masan High-Tech Materials Corporation (MHT) and EQ Resources Limited (EQR) signed an MOU to work together in tungsten exploration, mining, assessing new project opportunities, and new product applications.
Tungsten Key Market Trends
- Increasing Focus on Recycling and Circular Economy: The tungsten market is witnessing a growing emphasis on recycling and the development of a circular economy. Recycling tungsten scrap and waste materials not only reduces environmental impact but also helps in recovering valuable tungsten resources. The adoption of advanced recycling technologies and the promotion of sustainable practices in the industry are key trends driving the market towards a more circular approach.
- Technological Advancements and R&D Initiatives: Ongoing technological advancements and research and development initiatives are shaping the tungsten market. Innovations in tungsten production processes, such as advanced refining techniques and the development of new alloys and composites, enhance the performance and expand the application potential of tungsten. R&D efforts also focus on improving tungsten recycling methods and exploring alternative sources to mitigate supply chain risks.
Tungsten Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global tungsten market analysis, tungsten is known for its exceptional properties such as high melting point, hardness, and strength, making it a sought-after material in sectors like aerospace, automotive, electronics, energy, and construction. The market analysis reveals several key aspects influencing the tungsten market. Firstly, the demand for tungsten is driven by the industrial sector, where it is used in the production of metal alloys, tungsten carbide, and various mill products. These applications include manufacturing tools, electrical contacts, heating elements, and heavy machinery parts, among others. The market analysis also highlights the dominant role of Asia Pacific in the global tungsten market. Countries like China, Vietnam, and Russia are major producers and consumers of tungsten. Asia Pacific's dominance is attributed to its large population, rapid industrialization, and infrastructure development. However, the market is witnessing growth in other regions such as North America and Europe due to increasing investments in sectors like aerospace, renewable energy, and electric vehicles. The global tungsten market is a dynamic industry driven by industrial demand and concentrated in regions like Asia Pacific. While facing challenges such as limited reserves and environmental regulations, the market is buoyed by technological advancements and emerging opportunities in renewable energy and electric vehicles. The market's growth prospects remain promising, attracting investments and driving innovation in the tungsten sector.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.75 Billion |
| Market size value in 2031 | USD 9.50 Billion |
| Growth Rate | 8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tungsten Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tungsten Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tungsten Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tungsten Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tungsten Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tungsten Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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